The commerce ministry mentioned Tuesday it’s going to concern common experiences on overseas commerce obstacles beginning subsequent 12 months to higher reply to overseas insurance policies adversely affecting Korean firms.
The Ministry of Commerce, Trade and Assets unveiled the plan at a public-private convention on commerce barrier response, attended by authorities officers and enterprise associations from numerous industries, together with battery, metal and biopharmaceuticals.
The report is anticipated to be just like the Nationwide Commerce Estimate (NTE) Report on International Commerce Obstacles yearly issued by the workplace of the U.S. Commerce Consultant (USTR).
Below the commerce deal reached late final month between Seoul and Washington, the 2 sides agreed to deal with numerous commerce obstacles, together with a few of these listed on the NTE report, similar to Seoul’s rules on digital companies and vehicle imports.
The ministry mentioned it’s going to create a database of overseas commerce obstacles hindering Korean corporations’ abroad enterprise and analyze their impression to assist create a extra favorable enterprise setting for home industries.
“Korea has concluded commerce negotiations with the U.S., however we have to proceed a extra proactive commerce coverage to deal with commerce obstacles as the worldwide commerce setting has entered a structural new regular,” Commerce Minister Yeo Han-koo mentioned.
