South Korean Trade Minister Yeo Han-koo Shares Industrial Policies at OECD Meeting

SEOUL, June 5 (Yonhap) -- Trade Minister Yeo Han-koo shared South Korea's industrial policies at a meeting of ministers from member nations of the Organization for Economic Cooperation and Development (OECD) and discussed pending trade issues with major economies, Yeo's office said Friday.

Yeo participated in the OECD Ministerial Council Meeting held in Paris from Wednesday to Thursday (local time) on behalf of South Korea, one of the vice chairs of the meeting, leading discussions on ways to promote economic growth, trade and investment, according to the Ministry of Trade, Industry and Resources.

During the event, Yeo presented South Korea's major industrial policies, including the artificial intelligence transformation of the manufacturing sector aimed at driving productivity innovation, transition into clean energy amid the growing importance of energy security and balanced regional growth.

He also called for major economies' efforts to balance their trade and industrial policies so the latter do not interfere with the principles of open market and fair trade, reflecting on the recent rise of global trade protectionism, according to the ministry.

On the sidelines of the OECD meeting, Seoul's top trade official held bilateral talks with officials from the United States, Europe, Latin America and international organizations to discuss challenges facing Korean companies overseas and ways to expand industrial and trade cooperation.

In a meeting with U.S. Trade Representative (USTR) Jamieson Greer, Yeo discussed pending trade issues between the two countries, including Washington's recent announcement of its investigation into imports related to forced labor.

To Maros Sefcovic, commissioner for trade and economic security at the European Commission, Yeo addressed Seoul's concerns over the European Union's (EU) planned implementation of stronger steel safeguard measures, calling for "favorable" treatment to Korean firms.

The Korean minister discussed France's electric vehicle subsidy scheme and other pending trade issues in a meeting with Nicolas Forissier, the French minister responsible for foreign trade and economic attractiveness, while addressing concerns over Britain's steel tariff hike and other import control measures in a meeting with his British counterpart, Chris Bryant, according to the ministry.

He also met with trade officials from Argentina and Brazil to explore deeper trade ties between South Korea and the Latin American region.

Additionally, Yeo attended the unofficial World Trade Organization (WTO) trade ministers' meeting this week to discuss ways to reform the WTO's governance, the ministry said.