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Trump Trade War - South Korea to call on EU to ease trade barriers on steel

Steel News - Published on Wed, 10 Apr 2019

Image Source: Korea Herald
Korea Herald reported that South Korea is slated to call on the European Union to ease trade barriers on some Korean products during its meeting with the EU, as its trade deficit with the EU remains high, according to the government. The eighth meeting on the Korea-EU free trade deal, attended by Trade Minister Yoo Myung-hee and EU Trade Commissioner Cecilia Malmstrom, will be held in Seoul. During the meeting, the Korean side plans to ask for the improvement of export conditions for Korean firms in the areas of steel, automobiles, pharmaceuticals and samgyetang, or Korean ginseng chicken soup. For automobiles, it will request the easing of the EU’s approval process for Korean automakers.

The EU currently streamlines the approval process if Korea exports less than 1,000 passenger cars. The Korean government will request that the EU apply the same rules to commercial vehicles, which have not entered the market yet.

As for steel, the Korean government will request the expansion of quotas, as the EU recently imposed safeguard measures on imported steel.

During the meeting, the two sides will evaluate their bilateral trade deal, discuss trade issues and work out a joint response to growing protectionism.

The trade volume of Korea and the EU stood at USD 120 billion last year, up 30 percent from 2011 when the trade deal took effect, according to the government. Korea’s trade deficit with the EU stood at USD 4.6 billion last year.

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Posted By : Ratan Singh on Wed, 10 Apr 2019
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