Yeo made these remarks during the 56th Trade Promotion Committee meeting held at the Seoul Chamber of Commerce and Industry, attended by relevant government departments. He emphasized the importance of close cooperation between the government and industry to proactively respond to these challenges.
The meeting addressed several key topics, including the current trends in World Trade Organization (WTO) discussions and future responses, the status of European Union (EU) steel measures and response plans, updates on recent trade agreement negotiations, and plans for consultations related to Section 301 of the Trade Act with the United States.
Participants analyzed the domestic impacts following the failure to reach an agreement on the extension of the e-commerce moratorium and the TRIPS moratorium during the recent 14th WTO Ministerial Conference (MC-14) and General Council meetings. The e-commerce moratorium maintains a duty-free practice for electronic transmissions, while the TRIPS moratorium postpones disputes regarding non-violation situations under intellectual property agreements.
Previously, Yeo had discussed the moratorium extension at the WTO MC-14 held in Cameroon from March 26 to 30. However, due to opposition from some member countries, the agreement was not finalized. The Ministry expressed regret over the failure to extend the moratorium during the WTO General Council meeting held in Geneva on June 6-7.
The government plans to collaborate with like-minded countries to push for the moratorium extension and actively participate in discussions on WTO reforms.
Additionally, the meeting reviewed recent developments regarding the EU's steel measures and discussed cooperation plans. It also assessed the progress of major trade agreements, including the Korea-India Comprehensive Economic Partnership Agreement (CEPA) and the Korea-Mongolia CEPA, aiming to achieve results within the year. Furthermore, updates were shared regarding the ongoing Section 301 investigation by the U.S. Trade Representative (USTR).
Yeo stated, "We will actively take on a leadership role that matches our country's status, which has grown through free trade, in the discussions on restoring the WTO and multilateral systems. We will do our utmost to secure a stable trade environment for our companies and maximize national interests by utilizing various channels, including the WTO, trade agreements, and bilateral consultations."
* This article has been translated by AI.
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