Yonhap reported that South Korean government has asked the European Union to reconsider its safeguard measures against South Korean steel products, as these measures could hurt bilateral trade. During a virtual meeting of the South Korea-EU trade remedy task force, Seoul's Ministry of Trade, Industry and Energy said that the measure has negatively affected bilateral trade, as well as free and multilateral trade. They said “We asked the EU to reconsider steel safeguard measures and to increase the quota on South Korean galvanized steel sheets.” South Korean companies' investments and production plans in Europe could be affected by difficulties in securing stable steel supplies in the region due to Russia's invasion of Ukraine.”The EU has assessed a 25% duty on 26 kinds of South Korean steel products above its quotas since July 2018, which will remain in effect through June 2024 following a three-year extension last year.
Yonhap reported that South Korean government has asked the European Union to reconsider its safeguard measures against South Korean steel products, as these measures could hurt bilateral trade. During a virtual meeting of the South Korea-EU trade remedy task force, Seoul's Ministry of Trade, Industry and Energy said that the measure has negatively affected bilateral trade, as well as free and multilateral trade. They said “We asked the EU to reconsider steel safeguard measures and to increase the quota on South Korean galvanized steel sheets.” South Korean companies' investments and production plans in Europe could be affected by difficulties in securing stable steel supplies in the region due to Russia's invasion of Ukraine.”The EU has assessed a 25% duty on 26 kinds of South Korean steel products above its quotas since July 2018, which will remain in effect through June 2024 following a three-year extension last year.
