The Korea International Trade Association announced Tuesday that it has kick-started its 10th annual Korea Grand Sourcing Fair, a two-day overseas marketing fair, as part of its weeklong hosting of trade-related events in celebration of the upcoming 54th anniversary of Trade Day on Dec. 5.

The fair was launched as a means for global industry representatives to source innovative Korean products and form international partnerships, said the association. Some 140 companies from 26 countries are participating in this year’s event. 

Called “Trade Week,” KITA’s events will be held through Dec. 6 at Coex in Seoul. They are designed to promote free and fair trade and bolster confidence in the Korean trade industry.

In cooperation with the Ministry of Trade, Industry and Energy, the week’s festivities will feature events such as a trade workers overseas job fair and a debate session regarding the future of Korean trade in the era of the “fourth industrial revolution.”

According to the trade association, roughly 200 representatives from the local trade community, as well as foreign buyers, are participating in Trade Week.

“I hope that the event will be an opportunity for us to increase the notoriety of our trading partners who have led the Korean economy and will further spread the importance of free trade,” said Kim Young-joo, the newly elected chairman of KITA, in a statement.

“KITA will work together with its 70,000 members to find ways to jointly capitalize on the vitality of our economies and seek ways to cooperate prosperously with trade partners through the expansion of global free trade agreements,” Kim continued.

Despite slumps in domestic and foreign trade this year, KITA members surpassed $500 billion in exports as of Nov. 17, the trade association added. By February, trade is expected to reach $1 trillion for the first time in three years.

By Julie Jackson (juliejackson@heraldcorp.com)