Seoul: Trade Minister Yeo Han-koo met with the European Union's (EU) ambassador to South Korea on Friday, urging the economic bloc to provide the largest possible import quota for Korean steel products under its new steel safeguard plan, Yeo's office reported.
According to Yonhap News Agency, in the meeting with EU Ambassador Ugo Astuto, Yeo expressed Seoul's concerns over the EU's new steel protection plan. He called on the EU to help Korean companies secure the maximum quota, as highlighted by the Ministry of Trade, Industry and Resources.
Earlier this year, the European Commission announced its plans to reduce tariff-free quotas on foreign steel by 47 percent and increase tariffs on imports that exceed the quota from the current 25 percent to 50 percent. This proposal is intended to protect the EU steel industry and is expected to replace the current steel safeguard measures in June 2026. Such measures could heavily impact the Korean steel industry, which is already dealing with global oversupply and a 50 percent tariff imposed by the United States.
Yeo also conveyed the opinions of Korean companies regarding the EU's initiative to strengthen regulations on cosmetics packaging, advocating for continued dialogue on the matter.
The ministry mentioned that the trade minister emphasized the importance of deeper cooperation between Korea and the EU amidst increasing global trade uncertainties, noting that they are "like-minded" economies.
Additionally, both parties agreed to maintain close communication to enhance cooperation in digital trade, as per the bilateral digital trade agreement signed in March, the ministry stated.