Market Update: Korea, EU launch special joint committee on emerging trade issues – Full Analysis

Vice Trade Minister Park Jung-sung is seen in this file photo taken on May 1, 2025. [YONHAP]

 
Korea and the European Union established on Tuesday a special joint committee to discuss emerging trade and economic issues, including the EU’s push for industrial regulations, Seoul’s Ministry of Trade, Industry and Resources said.
 
The Korea-EU specialized committee on emerging trade and economic issues held its inaugural meeting in Seoul, jointly led by Korean Vice Trade Minister Park Jung-sung and Sabine Weyand, the EU’s director general for trade and economic security.
 
 
The vice trade ministerial committee was newly established to help the two sides jointly respond to recent shifts in the global trade environment, including global supply chain restructuring and the rise of trade protectionism, according to the Trade Ministry.
 
In Tuesday’s meeting, Park and Weyand exchanged views on pending trade issues between the two sides, including critical minerals, supply chains and advanced technologies.
 
They agreed on the need to deepen collaboration in critical minerals, as both Korea and the EU lack production infrastructure for such materials, and also concurred to explore a joint response to the Middle East crisis as “like-minded” economies, the ministry said.
 
Regarding the EU’s recent push for industrial regulations, Park said Seoul welcomes the EU’s decision, reflected in the final draft of its Industrial Accelerator Act, to provide equal treatment for EU-produced products as for those originating from countries with FTAs with the EU.
 
Still, Park called for additional efforts to resolve remaining uncertainties in the bill, highlighting related concerns that have been raised by the Korean government and companies.
 
The ministry said Seoul also stressed that the EU’s push to reduce tariff-free quotas on foreign steel should align with free trade rules under the World Trade Organization system and should not excessively restrict Korean companies’ access to the European market.

Yonhap