South Korean Trade Minister Yeo Han-koo met with the EU ambassador to Korea on Friday, calling on the bloc to grant the maximum import quota for Korean steel under its new safeguard plan, according to Yeo’s office.
During talks with Ugo Astuto, Yeo raised Seoul’s concerns regarding the EU’s new steel safeguard plan and urged the bloc to allow Korean companies the maximum quota.
Earlier this year, the European Commission unveiled plans to cut tariff-free quotas on imported steel by 47% and double tariffs on imports exceeding the quota from 25% to 50%, citing the need to safeguard the domestic steel industry.
In response, Yeo urged, “As a partner in the 14-year-old Korea-EU Free Trade Agreement (FTA), South Korea requires differentiated consideration compared to non-FTA countries. It is necessary to allocate quotas that can maintain existing trade levels.”
Set to take effect in June 2026, the proposal replacing the EU’s existing steel safeguard measures is expected to weigh heavily on Korea’s steel industry, which is already grappling with global oversupply and a 50% tariff imposed by the United States.
Yeo also conveyed the views of Korean firms regarding the EU’s efforts to tighten cosmetics packaging rules, urging the need for ongoing dialogue on the issue.
The ministry stated that the trade minister emphasized the importance of closer Korea-EU cooperation amid rising global trade uncertainties, describing the two as ‘like-minded’ economies. It added that both sides also agreed to maintain close dialogue to advance collaboration in digital trade under the bilateral agreement signed in March.
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