Ottawa: Trade Minister Yeo Han-koo held talks with his Canadian counterpart Thursday to deliver concerns over Ottawa's plan to implement stronger safeguard measures for its steel industry, which could affect exports of South Korean products, officials said. In a virtual meeting with Canadian Trade Minister Maninder Sidhu, Yeo expressed "grave" concerns over Canada's decision to implement such measures starting on Dec. 26 and asked for favorable treatment for Korean steel products considering the countries long-standing trade ties, according to the Ministry of Trade, Industry and Resources.
According to Yonhap News Agency, Canada recently announced its plan to reduce the current tariff rate quotas (TRQs) for steel imports to protect its steel industry amid global oversupply. Under the plan, Canada's steel TRQs for countries with a free trade agreement (FTA), including South Korea, will be decreased from 100 percent to 75 percent of 2024 levels.
The ministry said Yeo has pointed out that Canada's steel TRQs constitute a violation of the free trade system under the World Trade Organization and also infringes on the FTA between the two countries.