Korea collaborates with EU to resist steel protectionism

The Ministry of Commerce, Industry and Energy held the first Korea-EU steel council on March 21st, 2001.

This council aimed to cope with international protectionism now on the rise and to cooperate on an industrial basis with each other. Concerned with U.S. Commercial Act 201 imported steel, Korea suggested that the EU and Korea need to collaborate regarding the U.S. as the international steel market is in severe depression, and if Commercial 201 is enacted, international trading will be seriously distorted. In addition, they shared opinions to hinder protectionism from proliferating in global society.

Meanwhile, they discussed negotiations with new industrial steel producing countries, such as Russia, the Ukraine, and India, as well as fair steel trade practices.

MOCIE expected that this meeting would be effective to combat U.S protectionism as it established a mutual confrontation system.