Seoul: Top trade officials from South Korea and Britain convened on Monday to address a variety of bilateral trade issues, focusing on Britain's steel safeguard measures and its newly introduced subsidy scheme for electric vehicles (EVs), as reported by Seoul's trade ministry. Korean Trade Minister Yeo Han-koo met with his British counterpart, Douglas Alexander, in Seoul to share perspectives on these matters and to explore avenues for enhancing economic cooperation between the two nations amidst recent global trade shifts.
According to Yonhap News Agency, Yeo aimed to discuss concerns from Korean firms regarding Britain's stricter trade caps on steel imports, which were enforced in July. The discussions also covered Britain's new subsidy initiative for EVs. Additionally, Yeo sought support from the British government for Korean companies in light of the anticipated implementation of Britain's Carbon Border Adjustment Mechanism in 2027. This mechanism will impose an additional charge on carbon-intensive goods imported into Britain, with Yeo emphasizing the importance of providing companies with an adequate transitional period to adjust to the impending policy.
Further, Yeo and Alexander deliberated on methods to enhance economic cooperation, leveraging the bilateral free trade agreement (FTA) initiated in 2011. The two countries have been engaged in discussions to refine their FTA and fortify collaboration in supply chains. Under this agreement, South Korea and Britain exchanged goods valued at US$11.21 billion in 2024. Britain has emerged as the third-largest European investor in Seoul, underscoring the significance of these trade discussions.