Seoul: Trade Minister Yeo Han-koo announced that he has requested India to increase its naphtha exports to South Korea. The request comes as disruptions in naphtha supplies from the Middle East continue to challenge South Korea's industrial sectors.

According to Yonhap News Agency, Yeo made this request during a meeting with Indian Trade Minister Piyush Goyal at the World Trade Organization (WTO) ministerial conference in Cameroon. Naphtha is a key industrial material for South Korea, accounting for around 20 to 21 percent of the country's imports from India. The South Korean government plans to initiate working-level consultations with India to advance these discussions.

South Korea depends heavily on imported naphtha, with approximately 70 percent sourced from the Middle East. Last year, the country imported around 26.84 million tons, primarily from the United Arab Emirates, followed by Algeria, Qatar, Kuwait, and India, according to the Korea International Trade Association. During the WTO conference, Yeo also engaged with U.S. Trade Representative Jamieson Greer to address non-tariff trade barriers between the two nations.

Yeo stated that both countries reached a consensus to collaborate closely on stabilizing and enhancing digital trade and e-commerce. Regarding the upcoming USTR annual report on foreign trade barriers, Yeo expressed confidence, emphasizing continued communication with Washington to resolve potential issues and protect national interests. He mentioned that the postponed joint free trade agreement committee meeting between the U.S. and South Korea is expected to convene soon, with progress being made on non-tariff barrier issues.

Additionally, the Korean trade chief conducted bilateral meetings with representatives from approximately 20 economies, including the European Union, Britain, Canada, Singapore, and Mexico.