Yeo Han-koo: 'Government Will Support Improved Export Conditions for Petrochemicals Facing High Trade Pressure'

[Financial News] On the 9th, Yeo Han-koo, Trade Negotiations Minister at the Ministry of Trade, Industry and Energy, held a roundtable with major petrochemical companies at the Korea Chemical Industry Association (KCIA) in Jongno-gu, Seoul. The meeting addressed current trade issues such as import regulations and non-tariff barriers surrounding petrochemical products, and discussed possible responses.
Minister Yeo stated, "The petrochemical industry is undergoing internal restructuring while facing increasing external trade pressure. The government will actively listen to the industry's concerns and support improvements in export conditions, market diversification, and the securing of future competitiveness."
This roundtable was organized to review trade challenges facing the industry, including declining profitability due to global oversupply, anti-dumping and countervailing duties being pursued by major countries, and stricter certification and environmental standards. It also aimed to explore ways for trade policy to help reduce the industry's burden during the domestic restructuring of the petrochemical sector.
The Ministry of Trade, Industry and Energy and industry representatives agreed to strengthen joint public-private response systems, such as bilateral consultations, sending official letters, and participating in public hearings, to address investigations into import regulations on petrochemical products. They also decided to systematically identify and analyze major countries' non-tariff barriers using the National Trade Estimate Report (NTE Report), and to strongly urge improvements from counterpart countries based on accumulated data.
Furthermore, during negotiations for Free Trade Agreements (FTAs) with emerging countries such as the People's Republic of Bangladesh and the Islamic Republic of Pakistan, the government plans to actively demand the elimination of tariffs by product category to maximize the benefits for domestic industries.
Minister Yeo also shared the results of his visit to Brussels, Belgium, from the 1st to the 3rd of this month, where he discussed key trade issues such as steel, batteries, and the Carbon Border Adjustment Mechanism (CBAM) with the European Union (EU) Commission and Parliament. He explained that, as Korea is actively pursuing facility adjustments and a transition to low-carbon operations, he conveyed Korea's position that the EU should recognize Korea as a top-priority partner even if new measures are introduced.
jhyuk@fnnews.com Kim Jun-hyuk Reporter