South Korea and Japan recently conducted their first regular dialogue on steel industry cooperation in five years. The meeting aimed to facilitate technology exchanges and collaborative responses to the emerging net-zero market trend, signaling a thaw in diplomatic relations between the two nations.The 20th Korea-Japan Steel Dialogue took place in Tokyo, bringing together working-level officials from both governments and steelmaker associations. This meeting is part of a series of bilateral economic and industry discussions, with the previous encounter occurring in November 2018.During the dialogue, participants assessed the global steel market and explored avenues for enhancing cooperation in carbon-related regulations, such as the European Union's Carbon Border Adjustment Mechanism (CBAM). The CBAM proposes import charges on various items, including steel, based on their carbon emissions. It is set to take full effect in 2026, following a transition period beginning in October 2023.The two sides also delved into technology exchanges for low-emission steel products and discussed strategies to strengthen their steel trade. Given evolving market circumstances and the rise of trade protectionism, bilateral cooperation in the steel industry has become increasingly vital. Both parties expressed their commitment to continued collaboration.The Ministry of Trade, Industry, and Energy emphasized the significance of steel industry cooperation amidst changing market dynamics. With a shared understanding of the challenges ahead, South Korea and Japan reaffirmed their determination to work together in the face of shifting trade landscapes and growing demand for environmentally sustainable practices.
South Korea and Japan recently conducted their first regular dialogue on steel industry cooperation in five years. The meeting aimed to facilitate technology exchanges and collaborative responses to the emerging net-zero market trend, signaling a thaw in diplomatic relations between the two nations.The 20th Korea-Japan Steel Dialogue took place in Tokyo, bringing together working-level officials from both governments and steelmaker associations. This meeting is part of a series of bilateral economic and industry discussions, with the previous encounter occurring in November 2018.During the dialogue, participants assessed the global steel market and explored avenues for enhancing cooperation in carbon-related regulations, such as the European Union's Carbon Border Adjustment Mechanism (CBAM). The CBAM proposes import charges on various items, including steel, based on their carbon emissions. It is set to take full effect in 2026, following a transition period beginning in October 2023.The two sides also delved into technology exchanges for low-emission steel products and discussed strategies to strengthen their steel trade. Given evolving market circumstances and the rise of trade protectionism, bilateral cooperation in the steel industry has become increasingly vital. Both parties expressed their commitment to continued collaboration.The Ministry of Trade, Industry, and Energy emphasized the significance of steel industry cooperation amidst changing market dynamics. With a shared understanding of the challenges ahead, South Korea and Japan reaffirmed their determination to work together in the face of shifting trade landscapes and growing demand for environmentally sustainable practices.
