President Lee strongly requests favorable consideration for EU duty-free steel quota

South Korean President Lee Jae Myung has strongly urged the European Union to grant favorable consideration for South Korea's duty-free steel quota, according to the presidential office. The request was made during a summit with EU leaders in Brussels on June 10.

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strongly requested favorable consideration for South Korea's duty-free steel quota

Kim Yong-beom, Senior Presidential Secretary for Economic Affairs, stated that trade officials from both sides have been intensively negotiating the quota volume. He expressed optimism that the negotiations would yield favorable results compared to other countries, especially given the limited time before the EU's new tariff rate quota (TRQ) system takes effect on July 1. Under the new system, the EU plans to halve the duty-free import quota and impose a 50% tariff on imports exceeding the allocated volume.

President Lee highlighted the importance of the South Korea-EU relationship during the summit and requested the EU's attention to ensure that Korean steel companies do not face unreasonable disadvantages. He emphasized the potential for broad impacts on industrial cooperation and supply chain stability, advocating for a relationship commensurate with a reciprocal economic partnership.

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One could assess that the rallying of the People Power Party’s base in the final stages of the election has been partially reflected in the evaluation of the administration’s performance.

In response, the EU side stated that they would give maximum consideration to South Korea as a partner nation that shares common values. The negotiations were challenging due to the tight timeframe, but the high-level engagement provided a significant opportunity to address the issue.

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common values