Seoul: The trade ministry announced Tuesday plans to issue regular reports on foreign trade barriers starting next year, aiming to better respond to international policies that negatively impact South Korean companies. The Ministry of Trade, Industry and Resources introduced the initiative during a public-private conference focused on trade barrier response, attended by government officials and business associations from multiple sectors, including battery, steel, and biopharmaceuticals.

According to Yonhap News Agency, the proposed report is expected to resemble the National Trade Estimate (NTE) Report on Foreign Trade Barriers, which is issued annually by the office of the U.S. Trade Representative (USTR). This move follows a trade agreement reached late last month between Seoul and Washington, where both nations committed to addressing various trade barriers, including those mentioned in the NTE report, such as Seoul's regulations on digital services and automobile imports.

The ministry plans to develop a database cataloging foreign trade barriers that obstruct Korean companies' international operations. This database will be used to analyze the impact of these barriers and assist in creating a more favorable business climate for domestic industries. Trade Minister Yeo Han-koo emphasized the necessity of maintaining a proactive trade policy due to the evolving global trade environment, despite the recent conclusion of trade negotiations with the U.S.