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Vice Commerce Minister Park Jung-sung / Yonhap
Vice Commerce Minister Park Jung-sung expressed remorse Monday over Canada’s current announcement of stronger metal safeguard measures, calling for a swift withdrawal of the plan that he mentioned could place a further burden on Korea’s metal business, already combating international oversupply and commerce protectionism, Park’s workplace mentioned.
Park made the decision in a gathering with Alexandra Dostal, senior assistant deputy minister at Canada’s Innovation, Science and Financial Growth, held simply days after the Canadian authorities unveiled its plan to scale back the present tariff fee quotas (TRQs) for metal imports, based on the Ministry of Commerce, Trade and Sources.
Below the plan, Canada’s metal TRQs for nations which have a free commerce settlement with Canada, together with Korea, can be decreased from one hundred pc to 75 p.c of 2024 ranges beginning Dec. 26.
People who don’t have a free commerce settlement with Canada, corresponding to China, will face metal TRQs lowered from 50 p.c to twenty p.c of 2024 ranges.
Canada can even apply a 25 p.c tariff on all metal by-product imports from Dec. 26.
“Canada’s measures are extremely prone to violate commerce legislation and run counter not solely to the rules-based multilateral buying and selling system symbolized by the World Commerce Group (WTO) but additionally to the spirit of the Ottawa Group, led by Canada,” Park mentioned. Ottawa Group refers to a coalition of 13 WTO member nations, established to advertise a rules-based multilateral buying and selling system.
Park emphasised considerations that Canada’s new metal safeguard plan could negatively have an effect on Korean firms’ ongoing and deliberate funding within the North American nation, calling for Canada’s efforts to forestall potential harm to financial cooperation between the 2 nations.
The 2 sides have lately been pushing to broaden cooperation in strategic industries, corresponding to protection, synthetic intelligence, battery and demanding minerals, with Canada lately short-listing Korea’s main shipbuilder Hanwha Ocean as one of many closing two contenders for its patrol submarine mission.
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