KOTRA to Provide Consulting Assistance to Small Enterprises in Response to Fresh US Tariffs
The Korea Trade-Investment Promotion Agency (KOTRA) has launched a comprehensive consulting program for small and medium-sized businesses (SMEs) in South Korea, aimed at providing additional resources and assistance in the context of the new South Korea-US trade deal.
As of Friday (US time), the on-site consulting programs began operation with customs and trade experts stationed at consulting desks at KOTRA's headquarters in Seoul. These experts will offer one-on-one consulting to help SMEs develop effective strategies to address the challenges posed by the tariffs.
Under the agreement, Washington began imposing 15 percent tariffs on South Korean goods, a reduction from the initially proposed 25 percent. Recognizing the potential impact on SMEs, KOTRA has recommended several specific trade strategies to adapt to the new trade deal.
One of these strategies involves consulting services and tailored support. KOTRA's experts will assist SMEs in formulating strategies on tariff impact, origin criteria, and alternative market entry. In addition, KOTRA organizes briefing sessions with customs authorities to provide SMEs with up-to-date information on US customs policies, tariff classifications, and country of origin rules.
Another strategy focuses on market expansion and buyer matching. KOTRA encourages SMEs to focus on the US as a primary export market, addressing challenges in finding new buyers, facilitating buyer visits, and overseas certifications. KOTRA leverages its overseas buyer network, big data demand analysis, and digital marketing to connect SMEs with overseas buyers and increase purchase and contract success.
Furthermore, KOTRA supports technology commercialization linkage, offering SMEs assistance throughout product development, certification, prototype production, and marketing, to strengthen competitiveness in global markets.
In addition to these strategies, KOTRA operates a cross-government consultation window for trade measures called "Custom Response 119," offering ongoing support and advice to SMEs as tariff policies evolve.
In summary, KOTRA's recommended trade strategies combine expert consulting, educational briefings, digital marketing for buyer connections, technology commercialization support, and coordinated government assistance to help SMEs navigate tariff challenges and seize export opportunities under the new Korea-US trade deal.
Since the launch of the program, KOTRA's separate hotline has provided 6,023 consulting sessions. KOTRA plans to offer on-site consulting programs to exporters in 12 major regions nationwide through September. KOTRA President Kang Kyung-sung stated that with the confirmed 15 percent reciprocal tariff rate, it has become necessary for exporters to develop comprehensive countermeasures.
The on-site consulting programs are an additional service offered by KOTRA to assist exporters in navigating the new South Korea-US trade deal. They are part of KOTRA's ongoing efforts to support small and medium-sized businesses in South Korea. The program aims to help businesses develop trade strategies following the recent South Korea-US trade deal.
Small and medium-sized businesses (SMEs) in South Korea can now seek expert advice on finance and business matters through KOTRA's on-site consulting programs. These programs, which began operation at KOTRA's headquarters in Seoul, aim to help SMEs develop effective strategies to address the challenges and opportunities posed by the new South Korea-US trade deal. In particular, KOTRA's experts will offer one-on-one consulting on tariff impact, origin criteria, alternative market entry, and US customs policies.
