S. Korea's Trade Minister Meets EU Delegation Over Protectionist Concerns

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.