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South Korea Submits Response to U.S. Section 301 Probe, Cites Market Principles and Anti-Forced Labor Efforts
🇰🇷 South Korea /Economy & Trade

South Korea Submits Response to U.S. Section 301 Probe, Cites Market Principles and Anti-Forced Labor Efforts

From Dong-A Ilbo · (5h ago) Korean

Translated from Korean, summarized and contextualized by DistantNews.

TLDR

  • The South Korean government submitted its official response to the U.S. Trade Representative's Section 301 investigation.
  • Seoul argued that its industrial structure is based on market economy principles and that it is eradicating forced labor according to international conventions.
  • The government emphasized that punitive measures like tariffs are unnecessary.

The South Korean government has firmly asserted its position in response to the U.S. Trade Representative's Section 301 investigation, submitting a detailed official opinion that underscores the nation's commitment to fair trade practices. In its submission, Seoul meticulously explained that its industrial framework operates strictly within the principles of a market economy, directly countering any suggestions of state-driven overproduction. This is a crucial distinction for Korea, a nation that has built its economic success on innovation and competitive markets, not on artificial state intervention.

The government explained that Korea has an industrial structure based on market economy principles and is eradicating forced labor in accordance with international conventions, emphasizing that measures such as tariffs are unnecessary.

— South Korean GovernmentSummarizing the core arguments presented in the official response to the USTR's investigation.

Furthermore, the government explicitly addressed the issue of forced labor, affirming that South Korea is actively working to eradicate such practices in full compliance with international conventions, including those set forth by the International Labour Organization (ILO). This point is particularly important, as it highlights Korea's dedication to upholding global labor standards and refutes any allegations that might tarnish its reputation as a responsible global economic player. The emphasis on domestic legal frameworks and institutional support for corporate restructuring in key industries like petrochemicals and steel further demonstrates a proactive and compliant approach.

The government explained that Korea's industrial structure is based on market economy principles, and therefore it is far from the state-led overproduction that the USTR is concerned about.

— South Korean GovernmentAddressing the issue of overproduction, asserting that Korea's economy is market-driven.

From Seoul's perspective, the U.S. investigation, particularly its timing following a U.S. Supreme Court ruling, appears to be an attempt to reintroduce retaliatory tariffs. The Korean government's comprehensive response aims to preemptively counter such measures by providing clear, factual evidence of its adherence to international norms and market principles. The upcoming public hearing is another opportunity for Korea to present its case directly, reinforcing its stance that punitive actions are unwarranted and would be detrimental to the mutually beneficial trade relationship between the two nations. This is not just about trade policy; it's about defending the integrity of Korea's economic system on the international stage.

Regarding forced labor issues, it stated that forced labor is being eradicated in accordance with International Labor Organization (ILO) conventions and domestic laws.

— South Korean GovernmentReaffirming South Korea's commitment to eliminating forced labor based on international and domestic legal frameworks.
DistantNews Editorial

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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