Unified export record issuance and sector-specific joint review system to ease burden on businesses

Kang Gam-chan, director general for trade and investment at the Ministry of Trade, Industry and Energy [The Herald Business DB]
Kang Gam-chan, director general for trade and investment at the Ministry of Trade, Industry and Energy [The Herald Business DB]

Six institutions, including the Korea International Trade Association, will link their service export record management systems and build an AI-powered joint review framework by sector to make it easier for companies to verify their export performance.

According to the Ministry of Trade, Industry and Energy, KITA, the Korea Creative Content Agency, Korea Trade Insurance Corporation, the Korea AI and Software Industry Association, the Korea Shipowners' Association and the Korea Tourism Association will sign an MOU Tuesday at Trade Tower in Gangnam-gu, Seoul, to establish a cooperative framework for service trade based on a next-generation trade platform.

The six organizations plan to connect their service export record issuance channels through the next-generation trade platform KITA is developing, and to build an AI-based joint review system by sector so companies can verify their export records more easily and accurately.

They also plan to overhaul the export record classification system to reflect sector-specific characteristics — such as those of the content and software industries — and to link performance data with export support programs such as trade insurance, strengthening the foundation for managing and utilizing service export records.

The importance of service exports has grown in recent years on the back of hallyu and the global popularity of K-content, but issuance agencies for export performance certificates remain fragmented by sector, and information sharing across agencies has been inadequate.

As a result, companies have faced the burden of submitting separate supporting documents each time they apply for export support programs.

The ministry said it expects the MOU to significantly ease that burden by strengthening information sharing among the agencies.

"As we approach the era of $1 trillion in exports, it is important to broaden our base beyond goods exports such as semiconductors to service sectors including content and software," said Kang Gam-chan, director general for trade and investment at the Ministry of Trade, Industry and Energy. "We will continue to upgrade our trade infrastructure so that service exporters can conveniently verify their export records and use them to access a range of support programs, including trade finance."


oskymoon@heraldcorp.com