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South Korea Urges Global Action Against Rising Trade Barriers at WTO Meet

South Korea has called on the international community to jointly address the spread of trade restrictive measures by major economies during a WTO General Council meeting in Geneva. Director General Kwon Hye-jin urged member nations to avoid protectionist policies like tariff hikes, warning they could create a vicious cycle of retaliation. She also held bilateral meetings with Britain, Japan, and Turkey to discuss EU and UK steel safeguard measures. Additionally, South Korea and the EU launched a special joint committee to tackle emerging trade and economic issues, including supply chain restructuring and trade protectionism.

Key Points: S. Korea Calls for Joint WTO Response to Trade Restrictions

  • South Korea calls for joint global response to trade restrictions
  • Kwon Hye-jin warns of retaliatory trade measure cycles
  • Bilateral talks held with Britain, Japan, Turkey on steel safeguards
  • Korea-EU committee established to address trade and economic issues
2 min read

S. Korea calls for global community to respond to spread of trade restrictions at WTO meet

South Korea urges global community to counter trade protectionism at WTO meeting, warning of retaliatory cycles affecting steel and other industries.

"Amid the spread of global trade protectionism, we actively raised the issue of tariff-rate quotas affecting South Korea's steel industry - Kwon Hye-jin"

Seoul, May 7

South Korea has called on the international community to jointly respond to the recent spread of trade restrictive measures by major economies in a high-level meeting of World Trade Organization member nations, the trade ministry said on Thursday.

Kwon Hye-jin, director general for trade negotiations at the Ministry of Trade, Industry and Resources, attended the WTO's General Council meeting held for two days beginning Wednesday (local time) in Geneva, as the chief representative of South Korea, according to her office, reports Yonhap news agency.

In the meeting, Kwan urged WTO member countries to refrain from imposing trade protectionist measures, such as tariff hikes and import restrictions, saying such moves can create a "vicious cycle" of retaliatory trade measures among countries, the ministry said.

She claimed global trade issues, such as the oversupply of steel and other goods, should be addressed in a way that finds fundamental solutions, it added.

The ministry said Kwon also held bilateral meetings with representatives from Britain, Japan, Turkey and other nations to discuss the steel safeguard measures recently adopted by the European Union and Britain, as well as other pending trade issues.

"Amid the spread of global trade protectionism, we actively raised the issue of tariff-rate quotas affecting South Korea's steel industry through both multilateral and bilateral channels," Kwon said in a press release, vowing Seoul's continued role in the international community's efforts to restore the WTO-based multilateral trading system.

Meanwhile, South Korea and the European Union established a special joint committee to discuss emerging trade and economic issues, including the EU's push for industrial regulations, Seoul's trade ministry said.

The Korea-EU Specialized Committee on Emerging Trade and Economic Issues held its inaugural meeting in Seoul, jointly led by South Korean Vice Trade Minister Park Jung-sung and the EU's director general for trade and economic security, Sabine Weyand.

The vice trade ministerial committee was newly established to help the two sides jointly respond to recent shifts in the global trade environment, including global supply chain restructuring and the rise of trade protectionism, according to the Ministry of Trade, Industry and Resources.

- IANS

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Reader Comments

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Shreya B
India has been saying this for years na? Trade protectionism is like a pandemic for global economy. But look at US and EU, they keep doing what they want. Meanwhile our steel exports also suffer. Seoul should partner more with Delhi on this issue.
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Michael C
Honestly, I get why countries protect their industries, but the global trading system works when everyone plays fair. The EU's steel safeguard measures seem especially hypocritical given their free trade rhetoric. Good on Korea for calling this out at WTO.
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Rohit L
भाई, WTO has lost its teeth. Every big economy does what it wants - look at US Inflation Reduction Act, EU's carbon border tax. Small countries like Korea and India just have to adjust. But I appreciate Seoul's stand, at least someone is raising a voice. 👍
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Aman W
It's rich coming from Korea when they themselves have been accused of dumping steel and semiconductors in the past. But still, their call for multilateralism is better than the current chaos of bilateral deals and unilateral tariffs. At least someone is talking sense at WTO.
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Swati Y
The Korea-EU committee on emerging trade issues sounds promising actually. Supply chain restructuring and industrial regulations need coordination, not confrontation. India should also explore such bilateral mechanisms, especially with EU and UK for our steel and pharma exports.
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Thomas Y (sorry, Laura Z)

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