Deputy Prime Minister and Finance Minister Yoo Il-ho says the government will seek to make South Korea a leading country in terms of overcoming trade protectionism and neoisolationism.
 
Yoo made the remark on Thursday when he chaired a meeting of economy-related ministers in Seoul.
 
He said the government will seek to reject all types of protectionism through bilateral and multilateral summits as well as high-level ministerial meetings.
 
Yoo said that trade protectionism and neoisolationist policies are emerging as new risk factors for the global economy in the wake of Britain's decision to leave the EU, advanced countries’ monetary policies and the process of the U.S.' presidential election.
 
He cited survey results showing that two out of three South Korean exporting firms feel trade protectionism as the U.S. and India are moving to slap antidumping duties on South Korean steel and chemical products.
 
Yoo said South Korea has achieved remarkable economic growth based on an outward-looking economic development strategy.