SEOUL, July 23 (Xinhua) -- A multilateral trade cooperation would be needed to fight against protectionism, which does damage to emerging economies heavily depending on global trade for growth, a South Korean expert said Monday.
Emerging economies were feared to be damaged harshly amid trade tensions, Han Jae-jin, senior research fellow at Hyundai Research Institute, said in an interview with Xinhua.
South Korea's economy was forecast to be hit hard especially in exports of intermediary goods to major economies, Han noted.
The United States triggered a global trade conflict by levying heavy tariffs on imports recklessly from major economies.
It was feared to reduce global trade and slump recovery around the world as the tariff imposition encourages foreign governments to retaliate against U.S. companies.
"Multilateral cooperation is necessary to break down the trade protectionism," said Han.
Han forecast that South Korea would closely cooperate with China through the Regional Comprehensive Economic Partnership (RCEP) negotiations and develop the New Southern Policy, advocated by South Korean President Moon Jae-in to increase cooperation with Southeast Asian nations.
South Korea signed the Korea-Central America free trade agreement (FTA), involving five Central American countries, in February. The pact among multiple partners was forecast to take effect by the end of this year.
Han expected South Korea to strengthen multilateral trade cooperation with emerging economies as well as partners, with which the country already signed FTAs.
The RCEP is a multilateral free trade deal involving the 10-member Association of Southeast Asian Nations and six other countries - China, India, Japan, South Korea, Australia and New Zealand.
The negotiations for the RCEP, launched in November 2012, have advanced in areas including liberalization of goods and services as well as the rules on country of origin.
