During his meeting on Friday with the Ugo Astuto, the EU’s Ambassador to Korea, Minister Yeo requested that the new safeguard measures under preparation by the EU provide Korea with the maximum achievable quota.
According to a statement released by the South Korean Ministry of Trade, Industry and Energy, Yeo detailed Seoul’s concerns regarding the plan. The new safeguard regime—expected to take effect in June 2026—aims to significantly narrow existing quota allocations. Earlier this year, the European Commission stated that it plans to decrease duty-free import quotas by 47%, while increasing tariff rates applied to quota exceedance from 25% to 50%, in an effort to protect the EU steel industry from external competition.
Korean steel sector under double pressure
Minister Yeo emphasized that the proposed plan would impose additional pressure on Korea’s steel industry, which is already struggling due to global oversupply and the United States’ 50% tariff. He stated that maintaining current market conditions as much as possible is essential for Korean producers to remain competitive in the EU market, calling on Brussels to support companies in securing “maximum quota” levels.
Emphasis on “economically aligned partners”
The Ministry noted that Yeo highlighted the importance of deepening economic cooperation between Korea and the European Union amid rising global trade uncertainties. Yeo stated that the two sides act as “economically aligned partners” in many areas.
Digital trade cooperation to continue
Another key topic of the meeting was the bilateral digital trade agreement signed in March. Korea and the EU agreed to maintain close communication to advance digital trade under the terms of the agreement.
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