Together, Whatever the Weather? Europe-South Korea Cooperation, the Global System and Economic Security

If I can begin, maybe, Minister, with turning to you, actually, and looking a bit at the current state of geopolitics, or if we want to be a bit more precise, geoeconomics and how that affects the global trading system.

You yourself, as we've already said, have a long experience dealing with issues related to trade and industry.

And I would really, really like to hear your take, first of all, on how you assess the current state of the global trading system, especially given that the Republic of Korea and Europe have really benefited from the global trading system so far? And how do you see within that shift in the global trading system, U.S.-China competition? And I guess the trend that we can all see in front of us, which is growing protectionism in trade.

Please.

Thank you, Daniel.

It's a pleasure to join you and Ramon.

And thank you for inviting me to Strip GSBs.

I would describe the global trading system today as under serious strain, but still remarkably resilient.

We see more tariffs, more industrial subsidies, more export controls, and much greater government intervention in markets.

But at the same time, global trade has not collapsed.

In fact, trade continues to grow, particularly in areas related to AI and advanced technologies.

So I do not think globalization is simply ending.

The logic of globalization is changing.

U.S.-China relations are a good example.

Politically and strategically, the two countries are competing very seriously, but their markets and supply chains have been connected for decades.

Those existing economic relationships have not simply disappeared.

Companies are still straight.

Capital still moves, supply chains still cross borders.

At the same time, something different is happening in future technologies.

In AI, advanced semiconductors and other critical technologies, both the United States and China are trying to build more independent and secure ecosystems.

Yet, significant commercial and financial links between the two economies remain.

Export control is expanding, governments are investing heavily in domestic capacity, and companies are being encouraged to reorganize some of their supply chains.

This creates a major challenge for the global economy.

AI itself is built on a highly international supply chain.

Tips may be designed in one country, manufactured in another, produced with equipment from another, packaged somewhere else, and finally installed in data centers around the world.