Brussels: South Korea's vice trade minister is set to visit Belgium to discuss the European Union's (EU) plan to impose stronger safeguard measures on steel imports, his office said Tuesday. During the two-day stay from Tuesday, Vice Trade Minister Park Jong-won will meet with officials from the European Commission to address concerns that the EU's new steel protection plan could heighten uncertainties in global trade, according to the Ministry of Trade, Industry and Resources.

According to Yonhap News Agency, last week, the European Commission announced plans to reduce tariff-free quotas on foreign steel by 47 percent and to hike tariffs on imports exceeding the quota from the current 25 percent to 50 percent, citing the need to protect the EU steel industry. The proposal is expected to replace the EU's current steel safeguard measures, which are set to expire in June 2026.

The ministry said Park will stress that South Korea has a free trade agreement (FTA) with the EU and is a "trusted" partner that can work together to address the global steel oversupply issue. The Seoul government will also consult the matter with the EU through various channels, such as the Korea-EU trade committee, the ministry added.