Latest news with #KimYoung-tae
Time of India
24-05-2025
- Business
- Time of India
Global Trade Wars: Adapting Transport Industry in Uncertain Times, ET Infra
Advt Advt Intensifying trade uncertainties, including tariff wars , have a great impact on the global transport industry , which has no choice but to "adapt" to the changed situation, the chief of the inter-organisational transport body said."(The global trade war) has an impact on what kind of goods we transport, causing big shifts in items transported from one country to another," said Kim Young-tae, Secretary General of the International Transport Forum (ITF), in a group media interview at the 2025 ITF Summit in the eastern German city of Leipzig."We have no choice but to adapt to different situations in the global environment as we are transporting goods and people," Kim said, explaining that tariffs affect the supply and demand of goods for trade, such as automobiles, reports Yonhap news said geopolitical tensions can also disrupt and restructure maritime trade routes , referring to years-long tensions in the Red Sea, one of the world's most vital waterways in the Middle Donald Trump administration slapped hefty "reciprocal" tariffs on its trading partners, including 25 per cent duties for South Korea, in early April, only to pause them for 90 days. Washington has also imposed sectoral tariffs, including 25 per cent levies on all steel and automobile to a report from global maritime consultancy Drewry, these US trade policies are forecast to lead to a 1 per cent drop in global container shipping volume in 2025."We are attentively monitoring the situation ... and taking into account the trade and climate change issues to make projections on the growth of the transport industry," he annual ITF summit was set to wrap up its three-day run Friday after global transport leaders from more than 80 countries across the world, including South Korea and the Unites States, gathered to discuss measures to boost transport resilience to global the summit, South Korean Transport Minister Park Sang-woo shared South Korea's efforts to promote the use of public transportation and the transition to electric vehicles (EVs) for reducing carbon emissions, according to Park's about how the private transport sector can incorporate AI into their businesses amid differences by country in terms of standards on "safe" and "responsible" use of the technology, Kim said the ITF's policy recommendation may serve as a guideline on the international community's direction on the matter.
Hans India
24-05-2025
- Automotive
- Hans India
Global transport industry sees big shifts from rise of trade protectionism
Seoul: Intensifying trade uncertainties, including tariff wars, have a great impact on the global transport industry, which has no choice but to "adapt" to the changed situation, the chief of the inter-organisational transport body said. "(The global trade war) has an impact on what kind of goods we transport, causing big shifts in items transported from one country to another," said Kim Young-tae, Secretary General of the International Transport Forum (ITF), in a group media interview at the 2025 ITF Summit in the eastern German city of Leipzig. "We have no choice but to adapt to different situations in the global environment as we are transporting goods and people," Kim said, explaining that tariffs affect the supply and demand of goods for trade, such as automobiles, reports Yonhap news agency. Kim said geopolitical tensions can also disrupt and restructure maritime trade routes, referring to years-long tensions in the Red Sea, one of the world's most vital waterways in the Middle East. The Donald Trump administration slapped hefty "reciprocal" tariffs on its trading partners, including 25 percent duties for South Korea, in early April, only to pause them for 90 days. Washington has also imposed sectoral tariffs, including 25 percent levies on all steel and automobile imports. According to a report from global maritime consultancy Drewry, these U.S. trade policies are forecast to lead to a 1 percent drop in global container shipping volume in 2025. "We are attentively monitoring the situation ... and taking into account the trade and climate change issues to make projections on the growth of the transport industry," he added. The annual ITF summit was set to wrap up its three-day run Friday after global transport leaders from more than 80 countries across the world, including South Korea and the Unites States, gathered to discuss measures to boost transport resilience to global shocks. In the summit, South Korean Transport Minister Park Sang-woo shared South Korea's efforts to promote the use of public transportation and the transition to electric vehicles (EVs) for reducing carbon emissions, according to Park's office. Asked about how the private transport sector can incorporate AI into their businesses amid differences by country in terms of standards on "safe" and "responsible" use of the technology, Kim said the ITF's policy recommendation may serve as a guideline on the international community's direction on the matter.
Korea Herald
22-05-2025
- Business
- Korea Herald
Global transport leaders warn of rising risks from US tariffs at ITF 2025
Maritime transport accounts for 75% of trade, vulnerable to tariff wars: ITF chief LEIPZIG, Germany ― Global transport executives voiced concerns over escalating trade wars, particularly driven by tariff measures imposed by the US, and their impact on maritime transport at the International Transport Forum 2025's annual summit in Leipzig, Germany. 'The transport links that connect the world are under pressure and governments face enormous tasks to protect transport infrastructure against increasing disruptions,' said Kim Young-tae, secretary-general of the International Transport Forum, during a press conference at the Congress Center Leipzig on Wednesday. '(One of their challenges is the global industries') more connected, and therefore more vulnerable, supply chains. Maritime transport moves around 75 percent of global cargo, and these disruptions can have an immediate impact.' Kim highlighted the Red Sea crisis, which has effectively forced vessels to abandon their most efficient sea routes, leading to a surge in international freight rates. 'We know that we're passing through very difficult moments, including the tariff issues, geopolitical tensions and (ongoing challenges) since the COVID-19 pandemic in 2020,' Kim noted. 'I think that's why the platform like the ITF should play (a role as) a very efficient and productive gathering of different views from different actors from the world.' Kim urged many countries to join the ITF to enhance diversity and strengthen collaboration on key agendas, noting that out of the 69 member countries, 44 are from Europe. Claudia Stutz, state secretary of the Ministry of Transport of Germany, also expressed concerns on the ongoing trade dispute, saying, 'For Germany, our focus has shifted significantly due to the global crisis and geopolitical tensions. Economic security and supply (chain) and the protection of critical infrastructure have taken center stage. … Increasing the resilience of transport change is a key objective of German transport and infrastructure policy.' Germany, which primarily exports automobiles, pharmaceuticals, machinery and electrical equipment to the US, is among the European countries most affected by the tariff policies initiated by US President Donald Trump. According to the Leibniz Institute for Economic Research at the University of Munich, Germany is expected to incur losses of 290 billion euros ($329 billion) in the next four years due to the "reciprocal tariffs" from the US. Under Chile's presidency this year, the annual ITF summit has been running from Tuesday to Friday, drawing approximately 1,253 participants, including 57 ministerial-level delegations, along with representatives from international organizations and businesses. Founded in 2006, the ITF at the Organization for Economic Cooperation and Development is the largest annual gathering of transport ministers in Leipzig, serving as a platform to address global transport issues and policies. South Korea joined the European Conference of Ministers of Transport, the predecessor of the ITF, in 2000.
Korea Herald
21-05-2025
- Business
- Korea Herald
OECD transport ministers gather to discuss transport resilience amid global trade uncertainties, climate change
Top transport officials from member nations of the Organization for Economic Cooperation and Development, including South Korea, gathered in Germany on Wednesday to discuss measures to improve the resilience of the transport sector amid challenges involving global trade tensions and climate change. The three-day 2025 International Transport Forum Summit kicked off in the eastern German city of Leipzig under the theme "Transport Resilience to Global Shocks," bringing together some 1,200 officials from more than 80 countries, including the United States, Germany and Chile. This year's event will focus on the international community's efforts to respond to supply chain disruptions affecting the transport sector, from maritime to aviation transport, and tackle environmental and security challenges. A special ministers' roundtable session was also scheduled for discussions on joint efforts to support the swift recovery of Ukraine's transport sector, devastated by its ongoing war with Russia. "Today, certainty has given way to uncertainty and transport links, connecting the world, are under pressure," ITF Secretary General Kim Young-tae said during a press conference at the Congress Center Leipzig. Maritime transport moves around 75 percent of global cargo, but global supply chains are becoming "more vulnerable" as they have become "more connected," Kim said. There are also increasing threats of cyber attacks as many countries are investing heavily in digitizing their transport sectors, Kim added. Threats involving climate change are also serious, Kim explained, noting that climate risks could disrupt the operations of some 40 percent of ports worldwide. Asked about the impact of the recent rise of trade protectionism, led by the US Donald Trump administration, Kim said the transport sector is passing through a "very difficult moment" due to tariff issues and other geopolitical tensions and is "definitely seeing impact." According to a report from global maritime consultancy Drewry, US trade policies will likely lead to a 1 percent drop in global container shipping volume in 2025. "That's why platforms like the ITF should play a very efficient and productive role in gathering different views from different actors in the world," Kim said. Meanwhile, South Korean Transport Minister Park Sang-woo was set to attend the ministers' roundtable on transport and climate change at the ITF summit to share the country's policies aimed at promoting the use of public transportation. Park was also scheduled to hold talks with infrastructure officials from Poland and Ukraine to discuss expanding cooperation on Ukraine reconstruction efforts and a broader range of industrial collaboration in smart city and transport infrastructure projects. (Yonhap)
