Korea's Trade Minister Urges EU to Maintain Steel Quotas

Contributing sentiments towards policy:

57% : " This bilateral meeting took place as the EU unveiled its plan last week to introduce a new TRQ system to replace the existing steel safeguard measures.
57% : This meeting was attended by 28 member countries, including Korea, the United States, the European Union (EU), and Japan, as well as ministerial-level representatives from five countries such as Indonesia and Malaysia.
54% : " According to the Ministry of Trade, Industry and Energy, Yeo said, "The EU recently announced a proposal to replace its existing steel safeguard measures (emergency import restrictions) with a new Tariff Rate Quota (TRQ) system.
51% : Yeo Han-koo highlights Korea-EU FTA partnership, urges differentiated treatment amid EU's 47% quota cut proposal Yeo Han-koo, Trade Minister of the Ministry of Trade, Industry and Energy (MOTIE), who visited South Africa to attend the G20 Trade and Investment Ministers' Meeting, requested during a meeting with Maroš Šefčovič, European Union (EU) Commissioner for Trade and Economic Security, on the 10th (local time) that "it is necessary to allocate steel quotas that can maintain existing trade levels.
50% : The draft proposal released by the EU includes content that further raises steel import barriers, such as a 47% reduction in duty-free quota volumes and an increase in tariff rates applied to volumes exceeding the quota (from 25% to 50%).
50% : " He also emphasized, "Korea is a trusted partner collaborating with the EU in forums such as the Global Forum on Steel Excess Capacity (GFSEC) to address the issue of steel supply overcapacity.
49% : Both sides should work towards a friendly solution to ensure this measure does not negatively impact the free and fair trade order between Korea and the EU.
49% : They expressed concerns about the impact of China's supply overcapacity, U.S. steel tariffs, and the EU's recent proposal to reduce steel quotas (TRQ) on efforts to stabilize the steel market, employment, and carbon reduction.
46% : In response, Yeo urged, "As a partner in the 14-year-old Korea-EU Free Trade Agreement (FTA), Korea requires differentiated consideration compared to non-FTA countries.
39% : Accordingly, the representatives agreed that non-market policies are exacerbating overcapacity and adopted a ministerial joint declaration focusing on key elements such as ▷collecting and sharing information on non-market policies and practices and ▷finalizing core elements of a framework for joint response by 2026.

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