Ministry of Trade, Industry and Energy Discusses 'Trade Remedy Rules' Including Tariff Adjustments with Four Major Countries

The Trade Commission of the Ministry of Trade, Industry and Energy announced on the 3rd that it will discuss trade remedy issues with four countries?Canada, Australia, India, and the United Kingdom?in Geneva, Switzerland.

Trade remedies are systems that protect domestic industries through measures such as tariff adjustments when there is damage or a threat of damage to domestic industries caused by dumped imports or foreign government subsidies.

The Trade Commission arranged this meeting in conjunction with the Trade Remedy Agency Heads Meeting to be held in Geneva on the 4th and 5th (local time). After discussions with Canada and Australia on the day, the Trade Commission plans to hold talks with India and the United Kingdom on the 4th.

In the meeting with Canada, both countries, which support free trade, agreed on the need to comply with international norms and to maintain a fair and cautious stance even when trade remedy measures are necessary.

During the meeting with Australia, the Trade Commission emphasized partnerships in promising fields such as digital and green sectors and proposed continuing cooperative relations between trade remedy agencies. With the United Kingdom, they aim to foster cooperation with the newly established Trade Remedy Authority after Brexit, and with India, they plan to convey the difficulties faced by Korean companies regarding ongoing import regulations and request a fair investigation.

Moon Dong-min, Standing Commissioner of the Trade Commission, stated, "Through individual contacts with countries that have many import regulations against Korea, we plan to review mutual regulations in the future and propose holding bilateral consultation channels where investigators can practically exchange the latest investigation techniques and systems."

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