Trade minister discusses IPEF with acting U.S. ambassador

Acting U.S. ambassador in Seoul Christopher Del Corso with Korean Trade Minister Yeo Han-koo at the Korea Chamber of Commerce and Industry in Seoul Tuesday. [MINISTRY OF TRADE, INDUSTRY AND ENERGY]

Korea's trade minister met with the acting U.S. ambassador to discuss Korea’s possible joining of a multilateral trade pact and restrictions on imports of Korean steel.

According to the Trade Ministry, the meeting Tuesday between Yeo Han-koo and Christopher Del Corso was requested by the U.S. as Russia's war on Ukraine and lockdowns in China create supply bottlenecks and push up commodity prices and inflation.

Trade Minister Yeo said Korea supported the U.S.-led Indo-Pacific Economic Framework (IPEF) trade pact and expressed Korea's interest in joining it.

Yeo stressed the importance of cooperation on trade as the global economy recovers from the Covid-19 pandemic.

He noted that the government in December created a task force to study the IPEF, which includes government officials specializing in industry, trade and energy. Later, it was expanded to include academics and experts from the private sector including members of the Korea International Trade Industry, Korea Chamber of Commerce and Industry, Korea Internet Corporations Association, Korea Semiconductor Industry Association, Korea Automobile Manufacturers Association, Korea Institute for International Economic Policy and Korea Institute of Energy Research.

Yeo also asked the U.S. to relax steel import restrictions to the level of other U.S. trade partners such as the EU, Japan and U.K.

The U.S. lifted Section 232 tariffs on EU steel and aluminum last year, which went into effect this year.

Under Section 232 of the Trade Expansion Act of 1962, a 25 percent tariff was imposed on EU steel imports and 10 percent on aluminum.

Those tariffs on steel and aluminum from Japan were lifted starting this month.

U.S. restrictions on U.K steel will be lifted in June.

The Korean steel industry has been heavily affected by the steel restrictions implemented in2018.

Korea exported 3.54 million tons of steel to the U.S. in 2017, which fell to 2.68 million tons last year, a 24 percent reduction.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]