Yeo Han-koo warns middle powers risk marginalization in a US-China-led order and urges business and government to reshape trade and investment ties
Yeo Han-koo, Minister for Trade Negotiations at the Ministry of Trade, Industry and Energy, delivers a keynote address on April 22 at the “Korea-Japan New Economic Cooperation Seminar in an Era of Polycrisis,” co-hosted by the Federation of Korean Industries (FKI) and Keidanren, at the Keidanren (Japan Business Federation) Hall in Tokyo, Japan. (Photo provided by FKI)
On April 22, Yeo Han-koo, Minister for Trade of the Ministry of Trade, Industry and Energy, proposed ‘middle power’ as a keyword for Korea-Japan cooperation, suggesting that strategic industries such as supply chains, energy, and artificial intelligence (AI) should be the starting point for collaboration.
In his keynote speech at the ‘Seminar on New Korea-Japan Economic Cooperation in an Era of Complex Crises,’ held at the Keidanren Kaikan in Tokyo, Minister Yeo stated, “Korea and Japan are representative beneficiaries of the free trade and World Trade Organization (WTO)-centered multilateral system, but it is difficult for the international order to return to its past state,” adding, “Joint responses are necessary amidst the complex crises.”
He then quoted a remark made by Canadian Prime Minister Mark Carney at the Davos Forum last January, who said, “If middle powers do not participate in rule-making, they become the menu at the table,” and diagnosed that middle powers are “at a crossroads of strategic choice.” Carney’s remark was a warning against the marginalization of middle powers in a global order being reorganized around the US and China.
Citing the 1950 ‘Schuman Declaration’ and the European Coal and Steel Community (ECSC), considered the starting point of European integration, as examples, Minister Yeo emphasized, “Just as France and Germany started with cooperation in strategic industries, leading to European integration, the same approach is possible for Korea and Japan.”
As specific areas for cooperation, he proposed supply chain stabilization, new and renewable energy such as hydrogen, and artificial intelligence (AI) norms and standards. He said, “Korea and Japan have economies and manufacturing competitiveness ranking among the world’s top,” and “As core high-tech industries are concentrated in both countries, combining our strengths will further enhance our global competitiveness.”
He continued, “Amid the global complex crises, the strategic interests of Korea and Japan are increasingly aligning,” and urged, “The business communities and governments must work together to redefine the trade and investment framework.”
The seminar, co-hosted by the Federation of Korean Industries (FKI) and the Japan Business Federation (Keidanren), was attended by about 100 figures from the Korean and Japanese business communities, including Jeong Chul, President of the Korea Economic Research Institute, and Masakazu Kubota, Vice Chairman of Keidanren. The Korea Economic Research Institute, an affiliate of the FKI, plans to publish a policy proposal report on Korea-Japan economic cooperation next month based on these discussions.
Jung Suk-yee
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