Trade Minister Yeo Han-koo met with major petrochemical companies on Dec. 9 to discuss responses to trade barriers imposed by major economies, such as import regulations and non-tariff measures. The meeting focused on strengthening government-private sector cooperation, identifying and improving non-tariff barriers, and creating new business opportunities through free trade agreements with emerging economies like Bangladesh and Pakistan. Yeo shared outcomes from his recent meeting with the European Commission and pledged government support.
On Dec. 9 in Seoul, Trade Minister Yeo Han-koo held a meeting with major petrochemical companies to address challenges from trade barriers. The discussion centered on measures to bolster cooperation between the government and private sector, enabling Korean firms to navigate investigation procedures amid major economies' pushes for petrochemical import regulations, according to the Ministry of Trade, Industry and Resources.
Participants also explored ways to identify non-tariff trade barriers through regular government reports and advocate for their removal or improvement. To create new opportunities, they considered advancing free trade agreements with emerging economies, including Bangladesh and Pakistan.
Yeo shared insights from his meeting with the European Commission last week, covering the European Union's trade regulations in the steel and battery sectors, as well as its planned carbon border adjustment mechanism.
"The petrochemical industry is undergoing business restructuring internally, while facing intensifying trade pressures externally," Yeo said. "The government will closely communicate with companies and actively support their efforts to improve export conditions, diversify markets and strengthen future competitiveness," he added.
This meeting underscores the government's commitment to aiding the petrochemical sector amid evolving global trade dynamics, with companies anticipating enhanced exports and competitiveness through such collaboration.