Chey Tae-won to Industry Minister: "Too Early to Call U.S. Deal Final... Needs Attention to Detail"

Sohn Kyung-shik: "Frequent Dialogue Needed to Resolve Business Issues"... Industry Minister: "Full Efforts to Minimize Tariff Impact"

"Labor Union Act and Commercial Act Must Not Burden Businesses"... 'Corporate Environment Team' to be Established

Minister Kim Jung-kwan and Chairman Chey Tae-won in conversation (Seoul=Yonhap News) Reporter Seo Myeong-gon - Minister of Trade, Industry and Energy Kim Jung-kwan and Korea Chamber of Commerce and Industry Chairman Chey Tae-won are walking and talking at the KCCI headquarters in Jung-gu, Seoul, on the 4th. 2025.8.4 seephoto@yna.co.kr

(Sejong/Seoul=) Reporters Cha Dae-woon, Kang Tae-woo, and Kim Bo-kyung = Kim Jung-kwan, Minister of Trade, Industry and Energy, met with Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won and Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik on the 4th to express gratitude for the business sector's support during the U.S.-Korea tariff negotiations and to discuss ways for the government and businesses to cooperate in minimizing future tariff impacts.

Minister Kim first visited the KCCI in Seoul this afternoon to meet with Chairman Chey. This was their first meeting since Minister Kim took office last month.

At the meeting, Chairman Chey told Minister Kim, "Many were worried about the tariff issue, and I am relieved that it was resolved well. However, it is still premature to consider the negotiations fully concluded."

He further requested, "I hope you will pay attention to the finer details and align our industrial strategy and trade environment—from the current U.S. tariff issue to broader matters—to create a new industrial map and environment."

Minister Kim subsequently met with Chairman Sohn at the KEF.

Chairman Sohn stated, "As the domestic and international business environment is challenging, I hope we can maintain frequent dialogue and close cooperation to resolve pending management issues."

According to the KEF, while Chairman Sohn did not specifically mention the more stringent amendments to the Commercial Act and the Labor Union Act (the 'Yellow Envelope Act') currently being debated in the National Assembly, he emphasized that the business community and the government must join forces to overcome the current crisis.

In his first meeting with high-ranking business leaders since the U.S.-Korea tariff deal was reached on the 30th of last month, Minister Kim discussed follow-up measures to the tariff response and economic issues such as the amendments to the Labor Union Act and the Commercial Act, agreeing to communicate actively to ensure that the voices of businesses are fully reflected.

Minister Kim first expressed his gratitude to the business community for their full support, which enabled the conclusion of the U.S.-Korea tariff agreement under the principle of maximizing national interest, despite the tight deadlines and difficult negotiating conditions.

"I believe we have mitigated one area of uncertainty that was a major hurdle for our companies, but this feels like just the beginning," Minister Kim said. "In medical terms, the surgery has just finished, and there are still various issues to address. It is important that we overcome these challenges together and ensure we are not harmed when such events occur."

He emphasized, "As much of the uncertainty in the external trade environment has been resolved, we will provide full support to ensure our companies can secure their position in the global market, including the U.S., while minimizing the impact of these tariffs."

Minister Kim Jung-kwan meeting with KEF Chairman Sohn Kyung-shik [Yonhap News File Photo]

Regarding the amendments to the Labor Union Act and the Commercial Act, which the business sector has expressed strong concerns about, Minister Kim noted, "While they may be a burden to companies in the short term, they could serve as an opportunity to establish reasonable labor-management relations and restore confidence in the capital market in the long term." However, he added, "They must not impose an undue burden on corporate management that would hinder our companies' competitiveness or job creation."

Minister Kim stated that even if the two bills pass the National Assembly, there remains a six-month implementation preparation period for the Labor Union Act and a one-year period for the Commercial Act. He promised to communicate with the industry and seek reasonable alternatives during the follow-up legislative process and deliberations, such as the task force (TF) for easing economic penalties, to minimize the burden on companies.

To this end, Minister Kim announced that the Ministry of Trade, Industry and Energy will establish and operate a 'Corporate Environment Team' dedicated to responding to issues concerning the business sector.

Meanwhile, regarding the persistent safety accidents in industrial sites, Minister Kim emphasized that "preventing safety disasters is far more beneficial to corporate activities in the mid-to-long term." He added that since punishment and damages alone have limitations, the government will reorganize relevant systems and institutions to encourage companies to voluntarily increase investment in safety. Yonhap News