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South Korea to Seek Review of Steel Safeguard Duty in EU-The 21st China(Guangzhou)Int'l Stainless Steel Industry Exhibition
3/2/2020 - Stainless Steel Exhibition |
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Yonhap reported that South Korea plans to ask the European Union to review a safeguard measure against Korean-made steel products that went into effect last year. Ministry of Trade, Industry and Energy said “During the four-day meeting, set to kick off in Seoul on Tuesday, the two sides will discuss a variety of trade issues and review progress under their bilateral FTA, which went into effect in July 2011.”
In particular, Seoul plans to raise the issue of the latest safeguard measure implemented by Brussels on imported steel.
The EU has been charging a 25 percent duty on imported steel products in excess of its quotas since February 2019. The tariff will continue until June next year. The decision by the EU came amid concerns that protectionism by the United States may induce steelmakers to look to the European market as an alternative.
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