Government Accelerates Expansion of Trade Network... All-Out Response to WTO Reform and EU Steel Regulations

56th Trade Promotion Committee

Discussion on Response to the Failure of E-Commerce Tariff Moratorium Extension

Review of Response to U.S. Trade Act Section 301

Yeo Han-gu, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy, is giving an opening speech at the 56th Trade Promotion Committee held on the 18th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Ministry of Trade, Industry and Energy.

The government has decided to accelerate the expansion of trade agreements and discussions to restore the multilateral trading system in response to the weakening of the World Trade Organization (WTO) and the strengthening of protectionism among major countries. In particular, the government will strengthen its response to major external trade issues, such as the European Union's new steel import regulations and measures under Section 301 of the U.S. Trade Act. At the same time, it will actively work to expand its trade network, including negotiations with India and Mongolia.

On the 18th, the Ministry of Trade, Industry and Energy held the 56th Trade Promotion Committee at the Korea Chamber of Commerce and Industry in Seoul, presided over by Yeohan Goo, Director General of Trade Negotiations. The committee discussed recent trends and response strategies regarding the WTO, plans to respond to the EU's new steel measures, the status of major trade agreements, and plans for consultations related to Section 301 of the U.S. Trade Act.

First, the government reviewed the domestic impact following the failure to reach an agreement on extending the e-commerce and TRIPS (Trade-Related Aspects of Intellectual Property Rights) moratoriums at the 14th WTO Ministerial Conference (MC-14) held in March and at the General Council earlier this month. The e-commerce moratorium maintains the practice of not imposing tariffs on electronically transmitted goods such as digital content and software. The TRIPS moratorium involves suspending 'non-violation complaints' and 'situation complaints' under the intellectual property agreement.

The Ministry announced that it will continue to pursue the extension of the two moratoriums in cooperation with countries sharing similar positions. Furthermore, it will actively participate in discussions to restore the rules-based multilateral trading system, which has been shaken by deadlocks in multilateral negotiations and the suspension of the WTO Appellate Body.

Regarding the EU's new steel import regulations, the Ministry reviewed recent developments and discussed response strategies and plans for consultations with the EU to minimize damage to the domestic steel industry. The EU is planning to implement tariff and import quota (TRQ) adjustments on certain steel items starting in July.

The government will also work to expand its trade network to diversify export markets. It reviewed the status of the Korea-India CEPA improvement negotiations and the Korea-Mongolia CEPA negotiations, with the goal of accelerating talks and achieving results within this year.

Additionally, the government plans to participate in the Green Economy Agreement (GEPA) being promoted by Singapore, New Zealand, and Chile. It will promptly proceed with the necessary domestic procedures to strengthen trade and investment cooperation in the green economy sector.

The government also shared recent developments related to Section 301 of the U.S. Trade Act and future plans for consultations with the United States. It plans to respond to the relevant procedures based on a cooperation system between ministries and industries.

Director General Goo emphasized, "In the process of discussions on restoring the WTO and the multilateral system, we will actively fulfill our leadership role in line with our country's status as a nation that has grown through free trade. We will make every effort to secure a stable trade environment and maximize national interests by utilizing various channels, including the WTO, trade agreements, and bilateral consultations."

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