221 Trade Remedy Measures Against Korea... Government Holds Commercial Attach? Meeting

Director Kim Jong-il of the New Economic Order Strategy Office Presides... 16 Diplomatic Missions' Commercial Attaches Attend
Discussion on Measures to Prevent Damage to Our Companies' Interests

[Sejong=Asia Economy Reporter Kwon Haeyoung] Amid the global intensification of protectionist trade measures due to COVID-19, it has been revealed that South Korea is currently subject to 221 trade remedy measures imposed by a total of 27 countries.

The Ministry of Trade, Industry and Energy announced on the 24th that it held a "Trade Remedy Officers Meeting" chaired by Kim Jeong-il, Director of the New Trade Order Strategy Office. At the meeting, attended by trade officers from 16 missions, measures to prevent damage to Korean companies' interests caused by unfair trade remedy actions such as anti-dumping, countervailing duties, and safeguards by other countries were discussed.

As of this month, South Korea is subject to 221 trade remedy measures from 27 countries. Since the establishment of the World Trade Organization (WTO), 464 anti-dumping and 31 countervailing duty measures have been imposed.

By industry, steel and metals accounted for the largest number with 103 cases, followed by chemicals (49 cases), plastics and rubber (22 cases), textiles (15 cases), and electronics and electrical equipment (8 cases). By type of measure, anti-dumping accounted for 167 cases, making up 75.6%, followed by countervailing duties with 10 cases (4.5%) and safeguards with 44 cases (19.9%). The Ministry explained that while trade remedy measures were previously used mainly by developed countries, recently developing countries have actively utilized them as well, and the targeted products have expanded from those produced by large corporations to those produced by small and medium-sized enterprises.

Kim Jeong-il, Director of the New Trade Order Strategy Office at the Ministry of Trade, Industry and Energy, stated, "Foreign trade remedy measures are directly linked to corporate competitiveness, and once included as a target of such measures, the impact accumulates. Especially with the ongoing COVID-19 pandemic, intensified US-China trade conflicts, and delays in restoring the WTO multilateral system, an increase in the use of trade remedy measures by countries is expected. Therefore, both headquarters and overseas offices must closely monitor and cooperate to minimize damage to our companies."

The Ministry held this trade remedy officers meeting to review overseas trends related to trade remedies and discuss coordinated response strategies between headquarters and overseas offices. Trade remedy officers will also closely monitor local trends and plan joint responses with companies. The Ministry has supported Korean companies' responses to foreign trade remedy measures through public-private cooperation and assistance for small and medium-sized enterprises in dealing with import regulations. Additionally, it has actively pursued bilateral consultations and submission of opinions to foreign trade remedy authorities to lift or ease trade remedy measures.

An official from the Ministry stated, "We will strengthen our response capabilities through organic cooperation between headquarters and trade officers stationed overseas, using this trade remedy officers meeting as an opportunity. We will continue to make efforts to prevent damage to the interests of our companies."