Gov`t doubles efforts to cope with trade pressure

Amid expectations of escalating trade pressure from the United States, China and other nations, the government is hastening to formulate countermeasures.

On Thursday morning, the government held a meeting of high-level officials from the ministries of Finance and Economy, Foreign Affairs and Trade, Commerce, Industry and Energy, Agriculture, and Information and Communication at Seoul`s Palace Hotel.

On the U.S. government`s position that Seoul`s acquisition of Hyundai Electronics Industries corporate debt infringes on the World Trade Organization (WTO) subsidy restriction pact, the government said there was a difference of opinion between the two nations and that efforts would be made to avoid violating the terms of the agreement.

On U.S. concerns over intellectual property rights, the officials said further efforts would be made to punish the illegal copying of U.S. software and protect the rights of domestic software products.

China lodged complaints of unbalanced trade between the two nations and the Korean government plans to boost imports to resolve the imbalance. The Chinese government said the trade deficit with Korea was over US$10 billion.

The government forecast trade pressure to grow as the U.S., which recorded its highest-ever trade deficit last year, as well as China and Europe make stronger demands. A government-private sector joint trade meeting will be held every two weeks.

Yonhap