S. Korea's Trade Minister Meets EU Delegation Over Protectionist Concerns
En resumen
South Korea's Trade Minister Yeo Han-koo met with the EU Parliament's Korean Peninsula delegation to address concerns over EU's protectionist trade measures affecting steel, automotives, batteries, and more, seeking resolution and discussing expanded supply chain cooperation.
Resumen generado por IA
Por qué importa
The EU has been implementing various protectionist measures to strengthen its domestic industries.
SEOUL, May 28 (Yonhap) -- Trade Minister Yeo Han-koo met with the delegation for relations with the Korean Peninsula from the European Parliament on Thursday to address concerns over the European Union's (EU) trade protectionist measures, including stronger steel safeguards and a bill aimed at promoting made in EU products, Yeo's office said.
In his meeting with the delegation in Seoul, Yeo raised the issue with the EU's protectionist measures affecting various industries, from steel and automotives to batteries, and asked for the European Parliament's efforts to resolve such issues, according to the Ministry of Trade, Industry and Resources.
The issues include Europe's plan to implement a new steel tariff rate quota system, which is stronger than the current steel safeguard system, starting in July, and the EU's Industrial Accelerator Act aimed at strengthening the industrial capacity of EU countries by giving benefits to made in EU products and introducing stronger regulations on foreign investments.
The ministry said Yeo also discussed ways to expand supply chain cooperation between South Korea and the EU amid volatility in global supply chains.
Qué observar
Perspectiva de IA — posibilidades, no hechos
Increased trade tensions between South Korea and the EU
Probable · En semanas
Preguntas abiertas
- Outcome of the meeting
- Specific measures South Korea will take in response
