South Korea has reached a consensus with the EU on European steel quotas

South Korea has made progress in negotiations with the EU regarding European steel tariff quotas, which could harm the country’s exporters. This was stated by Industry Minister Kim Jung-kwan, according to The Korea Times.

“South Korea’s current quota stands at around 2.58 million tonnes, and we have reached a consensus that it will not be reduced by the full 46 per cent,” he told reporters.

The minister declined to specify the exact volumes in question. Kim also noted that the country is not offering the EU anything concrete in return.

“We have pointed out that (this measure) violates the free trade agreement and emphasised that Seoul may also take retaliatory measures,” he said.

Furthermore, Kim added that South Korea would introduce measures to support domestic steel producers following the final approval of the EU quotas.

As noted by the Korean media, the EU is the second-largest export market for South Korean steel producers. Last year, the bloc accounted for 3.24 million tonnes of the total 28.25 million tonnes of steel products exported.

It should be recalled that the free trade agreement between the UK and India will come into force on 15 July this year — the Indian side has stated that its concerns regarding future UK protective measures on steel have been taken into account. The Indian government has stated that 85 per cent of these exports will not be affected, and that the goods covered by the measures will have market access through quotas and other mechanisms.