An Economic and Commerce Expert lecture that was orgnanized by the departments of the international studies was given by Yang Eun-young, the head of the Trade Cooperation department in KOTRA on May 18 through ZOOM.
KOTRA, Korea Trade-Investment Promotion Agency is a semi-government organization established in 1962. KOTRA is composed of six headquarters, 127 foreign organizations in 84 countries, and 12 province organizations.
The main activities of KOTRA are supporting newly exporting companies, fostering global partnership, creating new opportunities, discovering new business areas, providing market information, and infrastructural support to strengthen global competitiveness.
Recent changes in Commerce ; the Next Normal
These days, as the Next Normal age is coming, when people will have to become accustomed to new things, there have been various initiatives to meet these changes. The reorganization of the GVC (Global Value Chain) strategy is a representative example. Global enterprises had made many factories in China, produced products using cheap labor and spread them to the global market through developed transportation and communications.
However, after Covid-19, reshoring and nearshoring have emerged. In the case of the U.S., they moved their factories to Mexico, and Asian countries are starting to use china+1 strategies to move factories to Vietnam, not China.
To be a commerce expert in this era
The lecturer suggested five qualities necessary to be a commerce expert. People who want to be a commerce expert have a foreign language ability, the ability to analyze data and numerical values, reading newspapers or books and note-taking.
She told us that in the case of commerce business, many issues or issues and themes never before have appeared, so they also have to study every day about issues related to commerce such as GVC, tariff, countervailing duties that are trade import duties imposed under World Trade Organization (WTO) rules to neutralize the negative effects of subsidies, and Border Carbon Adjustment surveillance that is a measure to impose tariffs on products produced in countries where carbon emissions are higher than EU. She said that important point for KOTRA employees is to be good at patience, and thinking about wise solutions. She finished the lecture mentioning, “We have to make efforts to be a person who is impossible to replace.”