Trade Minister Meets USTR Representative at G20, Requests Respect for 15% Tariff Agreement

Trade Minister Meets USTR Representative at G20, Requests Respect for 15% Tariff Agreement

Park Jeong-seong, Head of Trade Negotiations at the Ministry of Trade, Industry and Energy, attended the G20 Trade Ministers' Meeting held in Milwaukee, Wisconsin, USA, and emphasized international cooperation to address global overproduction and stabilize supply chains.

According to the Ministry of Industry on the 2nd, Director Park actively presented the Korean government's position by participating in discussions across four sessions during the two-day meeting from the 30th of last month: ▲ weaponization of food ▲ structural overproduction ▲ reform of Most Favored Nation (MFN) treatment ▲ elimination of forced labor in global supply chains.

Regarding the issue of steel oversupply, he particularly emphasized, "It is important to adhere to basic principles such as companies' voluntary restructuring and trade remedy measures based on World Trade Organization (WTO) rules," adding, "It should not lead to excessive protection beyond international norms."

Taking advantage of this multilateral meeting, Director Park held bilateral talks with major countries including the United States, China, the European Union (EU), the United Kingdom, Japan, India, Türkiye, Australia, Indonesia, Saudi Arabia, and Brazil to discuss trade issues.

Director Park met with Jamieson Greer, Representative of the Office of the United States Trade Representative (USTR), and requested respect for the 15% tariff agreement. As the first project for investment in the US has been announced, they agreed to coordinate a specific schedule for the Korea-US joint committee.

With Maroš Šefčovič, EU Commissioner for Trade and Economic Security, Director Park discussed legislative trends of the EU's Industrial Acceleration Act (IAA) and measures to resolve uncertainties for domestic companies.

During a meeting with Jonathan Reynolds, UK Secretary of State for Business, Innovation, Science and Trade, Director Park expressed gratitude for the UK's exemption of regional sanctions related to Korea's import of Russian liquefied natural gas (LNG).

Furthermore, cooperation on critical minerals and energy supply chains was solidified with China, Australia, and Indonesia, and expansion of economic partnerships, including Free Trade Agreements (FTAs), was discussed with emerging countries such as Saudi Arabia and Brazil.