New head of trade lobby group warns against possibility of U.S. trade protectionism

The new head of the Korea International Trade Association (KITA) on Tuesday urged South Korean industries to stay vigilant against the growing possibility of trade protectionism by the United States against South Korean exports. "The possibility of the U.S. expanding import regulations against us (South Korea) has been increasing, especially considering the recent increase in our exports to America," KITA Chairman Yoon Jin-shik said in his inaugural speech as the head of the association at a general meeting in Seoul. KITA held a general meeting in Seoul and passed a resolution to appoint the former industry minister to succeed former Chairman Koo Ja-yeol. Yoon assessed that South Korea's export environment was "deteriorating significantly" due to "major countries, such as the U.S., pursuing industry policies centered around national interests and strengthening protectionist trade measures." He said KITA will take steps to minimize the risks by expanding and strengthening overseas branch organizations, in cluding its office in Washington, in order to prepare for such possible trends in advance. Yoon is a seasoned former economic bureaucrat who previously also served as director general of international finance at the finance ministry, presidential secretary for economic affairs and the head of the Korea Customs Service. Source: Yonhap News Agency