South Korean Industry Minister: Positive consensus reached with the EU on tariff-free steel import quotas

Golden Ten Data reported on June 23 that, according to Yonhap News Agency, Korean Minister of Trade, Industry and Energy, Ahn Duk-geun, stated on the 22nd that a positive consensus was reached during consultations with the European Union regarding tariff quotas on Korean steel. Reportedly, beginning July 1, the EU will implement new regulations, reducing the annual tariff-free steel import quota from the current 33.82 million tonnes by 46% to 18.35 million tonnes, and increasing the tariff rate for imported steel exceeding the quota from the current 25% to 50%. In response, the Korean government has been in continuous negotiations with the EU to maximize its duty-free steel import quota. Ahn Duk-geun indicated that Korea's current tariff-free quota is about 2.58 million tonnes, and the EU has promised that even if the import quota for Korean steel is reduced, the decrease will not reach 46%, though no specific figure was mentioned. Asked whether the Korean side has made concessions, Ahn Duk-geun replied that no significant concessions were made, and emphasized strongly that the EU’s move violates the free trade agreement, and that Korea could also take retaliatory measures.