0
South Korean President Lee Jae-myung exchanges greetings with António Costa and Ursula von der Leyen after a joint press statement at the European Council headquarters in Brussels, Belgium, on the 10th (local time). / Yonhap News Agency.

President Lee Jae-myung requested that the European Union (EU) pay special attention to ensuring South Korean companies do not suffer unfair disadvantages regarding the EU's tariff-rate quotas (TRQ) for steel during the South Korea-EU summit.

The Blue House announced that the EU responded to President Lee's request by vowing to give it "maximum consideration."

Kim Yong-bum, the Blue House Senior Secretary for Policy, held a briefing at the press center in Rome, Italy, on the 11th (local time) to share the outcomes of the South Korea-EU summit. He assessed, "This South Korea-EU summit served as an unparalleled opportunity to raise this issue at the highest level."

To protect its domestic steel industry, the EU will nearly halve its tariff-free steel import quota from the current 35 million tons annually to 18.3 million tons, effective from the first of next month. Furthermore, a new tariff standard will be applied to import volumes exceeding this quota, doubling the current 25% tariff to 50%.

In response, major steel-exporting nations, including South Korea, are conducting negotiations to secure the largest possible shares of the tariff-free quota.

Senior Secretary Kim conveyed, "During the summit, President Lee strongly requested favorable consideration for South Korea, a free trade agreement (FTA) partner and strategic partner, regarding the issue of securing the steel tariff-rate quota (TRQ)."

He explained, "The competitiveness of South Korea's flagship industries, such as automobiles, shipbuilding, and construction, is supported by our steel industry. If the steel industry shakes, it is bound to have a chain effect," adding, "Consequently, the government has been staging an all-out response to ensure we receive fair treatment as an FTA partner with the EU."

Senior Secretary Kim also noted, "Intensive negotiations on the quota volumes have been underway between the South Korean Minister for Trade and the EU Commissioner for Trade, making substantial progress," stating, "Although it cannot be disclosed yet, we anticipate a favorable outcome compared to other nations."

In this context, Senior Secretary Kim said, "President Lee explained the significance of the steel issue to bilateral relations through the summit with the EU, requesting the best possible consideration to prevent South Korean companies from facing disadvantages. The EU side responded that since Korea is a nation sharing common values and a strategically critical partner, they will give it maximum consideration."

Discussions on pursuing complementary cooperation in the semiconductor sector also took place during the South Korea-EU summit.

Senior Secretary Kim shared, "As South Korea specializes in manufacturing and the EU specializes in equipment research and development (R&D), both sides agreed to engage in close joint research."

He added, "The EU evaluated South Korea's rapid production of high-quality products as highly innovative," further noting, "They stressed that South Korea is an irreplaceable nation and emphasized that South Korea's assistance is vital for the development of the European defense industry."

                                                                                                          Hong Seon-mi