South Korea has emphasized the need for a collective response from the international community to combat the increasing trade restrictive measures imposed by major economies. At a high-level meeting of World Trade Organization (WTO) member nations, Kwon Hye-jin, the director general for trade negotiations at the Ministry of Trade, Industry and Resources, represented South Korea. She highlighted the dangers of trade protectionist actions like tariff hikes and import limitations, warning about the potential escalation of retaliatory measures among countries.
During the WTO’s General Council meeting in Geneva, Kwon urged member countries to avoid resorting to trade protectionism and instead focus on finding comprehensive solutions to global trade challenges, particularly the issue of oversupply in sectors like steel. Additionally, she engaged in bilateral discussions with representatives from countries such as Britain, Japan, and Turkey to address concerns related to steel safeguard measures recently implemented by the European Union and Britain, as well as other ongoing trade matters.
In response to the growing trend of global trade protectionism, South Korea actively raised concerns about tariff-rate quotas affecting its steel industry through various diplomatic channels. Kwon expressed Seoul’s commitment to playing a proactive role in supporting the international community’s efforts to uphold the multilateral trading system based on the WTO framework. Meanwhile, South Korea and the European Union have established a joint committee to address emerging trade and economic issues, focusing on areas like industrial regulations and the impact of trade protectionism on global supply chains.
