Yoo Myung-hee Holds Video Conference with EU Trade Commissioner... Proposes Establishment of 'Digital Strategy Dialogue'

Discussion on COVID-19 Response and Trade Issues
Urging Support for International Standardization of the K-Quarantine Model
Calling for the Reduction of Non-Tariff Barriers in Steel and Others

Yoo Myung-hee, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy (center) / Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Kim Bo-kyung] Yoo Myung-hee, the Chief Negotiator for Trade of the Ministry of Trade, Industry and Energy, proposed the establishment of a 'Korea-EU Digital Strategy Dialogue' to the European Union (EU) on the 7th. This measure reflects the accelerated digital transformation on both sides amid the growing attention to the untact (contactless) economy.

On the same day, Chief Negotiator Yoo held a video conference with Phil Hogan, EU Commissioner for Trade, to discuss cooperation measures in response to the novel coronavirus disease (COVID-19) and trade issues between the two sides.

Yoo emphasized the need to focus on harmonizing thorough quarantine measures and the maintenance of socio-economic activities in each country to overcome COVID-19 at an early stage.

He stated, "We plan to establish the 'K-Quarantine Model' to share the experience and knowledge accumulated during the COVID-19 response process with the international community and propose it to the International Organization for Standardization," requesting active support from the EU.

Considering the accelerated digital transformation on both sides amid the growing attention to the untact economy, Chief Negotiator Yoo proposed the establishment of a tentative 'Korea-EU Digital Strategy Dialogue' to discuss the establishment of digital economy standards and norms.

He added, "Recently, Korea amended the three data-related laws to further strengthen the balance between personal information protection and data utilization," urging the EU to "swiftly complete the adequacy decision on the Personal Data Protection Act (GDPR)."

The GDPR adequacy decision is a procedure in which the EU reviews the adequacy of the personal data protection level of the counterpart country. Upon final approval, it allows the transfer of EU personal data to Korea without separate procedures such as standard contracts.

Additionally, Chief Negotiator Yoo requested the EU's interest and cooperation regarding the 'Joint Ministerial Declaration' adopted on the 1st by Korea along with Singapore, Canada, Australia, and New Zealand to facilitate the flow of goods and services and the movement of essential personnel amid COVID-19.

He expressed hope that this would serve as a foundation for promoting trade and investment between the two sides even during the COVID-19 crisis and urged joint efforts to ease non-tariff barriers.

He also conveyed concerns about the global spread of protectionism due to the EU's steel safeguard measures and requested that, considering the WTO Safeguards Agreement’s gradual liberalization, the trade-restrictive effects be minimized through careful review.

Chief Negotiator Yoo added, "I hope that the results discussed today will develop into substantial achievements at the upcoming 9th Korea-EU FTA Trade Committee."

This content was produced with the assistance of AI translation services.