On Monday, the Ministry of Trade, Industry and Energy held a joint public-private sector meeting to review steel protectionist measures implemented by the United States, European Union (EU), and Canada. The meeting took place at the Korea Iron & Steel Association’s conference room in Seoul, chaired by Yeo Han-koo, the head of the Office of International Trade and Investment.
The gathering aimed to assess the impact of these steel safeguard measures on South Korean industries and to formulate appropriate response strategies.
The government plans to maintain ongoing discussions with the U.S. to explore ways of reducing tariff burdens on steel, aluminum, and related derivative products.
In response to the EU’s implementation of steel tariff-rate quotas (TRQ), South Korea will swiftly pursue discussions at various levels, from working-level talks to high-level meetings. These will be conducted through multiple official and unofficial bilateral channels, including the Korea-EU Free Trade Agreement (FTA). Key forums for these discussions will include the Korea-EU Goods Trade Implementation Committee and the Korea-EU Trade Ministers’ Meeting.
Regarding Canada, South Korea will utilize platforms such as the Goods Trade Committee to express its concerns and request measures to minimize industry damage, including the potential withdrawal of TRQ measures.
On the domestic front, the Ministry plans to implement its Steel Industry Advancement Plan without delay. This includes regulating unfair import practices in Korea, expanding tailored financial support and consulting services for affected companies, and bolstering the overall competitiveness of the steel industry.
Yeo emphasized the importance of close cooperation between the government and industry, especially as global steel protectionism intensifies. He pledged active efforts to minimize the negative impacts of steel trade barriers in the U.S., EU, and Canada on South Korean companies.