Economic policy makers in Korea are on high alert amid concerns that trade protectionism, which is the economic policy restraining trade between countries, is on the increase globally, with Korean exporters worrying that demand for their products will drop as a result of the UK’s recent decision to leave the European Union (EU), according to the Korea Herald.
It was recently found in a World Trade Organization study that the G20 economies had introduced 145 protectionist measures in the seven months leading up to mid-May, 2016, which is shown to be the highest since 2009.
In a meeting with members of the US Chamber of Commerce, Yoo Il-ho, Finance Minister for Korea, said: “Protectionism will not do any good to us.”
Korean trade officials are also concerned with the possibility that the US may shift to a protectionist policy after the presidential election in November, 2016.
PTI previously reported that the UK had decided to leave the EU in a near 52%-48% split, with David Cameron, Prime Minister for the UK, set to step down in October, 2016.
This follows news that Nigel Farage, leader of the UK Independence Party (UKIP) and politician who campaigned heavily for the UK to leave the EU, has stepped down as leader of UKIP.
Shipping leaders previously expressed concerns over what could happen to London’s future role as a leading centre for shipping insurance, brokering and finance.
It was also argued that leaving the EU could harm port operators due to 40% of overall shipping traffic coming into the UK being with EU countries.