The Ministry of Trade, Industry, and Resources has established a joint task force with private industries to address the United States’ trade inquiries regarding South Korea’s structural excess capacity and forced labor issues. The U.S. Trade Representative initiated investigations into various economies, including South Korea, focusing on unfair trade practices related to excess capacity and forced labor under the 1974 Trade Act. The task force, led by the ministry, includes officials from relevant authorities, private industries, and trade experts to handle the inquiries and associated procedures.
Trade Minister Yeo Han-koo expressed concerns during a recent trade strategy meeting, suggesting that the U.S. Trade Representative’s actions aim to reinstate trade measures previously imposed by Washington. The South Korean government plans to respond cautiously, anticipating potential additional trade investigations by the USTR. The investigations, conducted under Section 301 of the Trade Act, cover multiple economies, with a focus on banning goods produced with forced labor.
Amid the investigations, efforts are being made to maintain the U.S.-South Korea trade agreement’s general framework. The government is committed to collaborating closely to ensure that outcomes remain competitive compared to other major players. The ongoing probe will assess countries’ actions in prohibiting the import of goods manufactured through forced labor, with South Korea, China, Japan, India, and other nations under scrutiny for compliance.
