Seoul: South Korea and the European Union (EU) have launched a special joint committee to address emerging trade and economic issues, including the EU's initiative for industrial regulations, as disclosed by Seoul's trade ministry. The Korea-EU Specialized Committee on Emerging Trade and Economic Issues convened for its inaugural meeting in Seoul, co-chaired by South Korean Vice Trade Minister Park Jung-sung and Sabine Weyand, the EU's director general for trade and economic security.

According to Yonhap News Agency, the newly formed vice trade ministerial committee aims to facilitate a collaborative response to recent changes in the global trade landscape, such as the restructuring of global supply chains and the increase in trade protectionism. During Tuesday's meeting, Park and Weyand discussed current trade issues affecting both parties, focusing on critical minerals, supply chains, and advanced technologies.

The leaders recognized the importance of strengthening collaboration in critical minerals, given the lack of production infrastructure for such materials in both South Korea and the EU. They also agreed to consider a joint approach to the ongoing Mideast crisis, emphasizing their shared economic interests.

In response to the EU's recent efforts to implement industrial regulations, Park expressed Seoul's approval of the EU's decision, reflected in the final draft of its Industrial Accelerator Act, to offer equal treatment to products from countries with free trade agreements with the EU. However, he urged additional measures to address lingering uncertainties in the legislation, which have been raised by the South Korean government and businesses.

The ministry highlighted Seoul's position that the EU's move to curtail tariff-free quotas on foreign steel should align with the free trade principles of the World Trade Organization (WTO) and should not unduly limit Korean companies' market access in Europe.