Trade minister discusses response to trade barriers with petrochemical companies

Trade Minister Yeo Han-koo speaks at a meeting with battery companies, Nov. 26. Courtesy of the Ministry of Trade, Industry and Resources

Trade Minister Yeo Han-koo met with major petrochemical companies Tuesday to discuss possible responses to trade barriers put in place by major economies, such as import regulations and non-tariff measures, Yeo's office said.

In the meeting, the two sides discussed measures to strengthen cooperation between the government and the private sector to help Korean companies respond to investigation procedures under major economies' push for petrochemical import regulations, according to the Ministry of Trade, Industry and Resources.

They also explored measures to identify non-tariff trade barriers by other countries through regular government reports and call for the removal or improvement of such measures, while creating new business opportunities for the petrochemical sector by pushing for free trade agreements with emerging economies, such as Bangladesh and Pakistan.

Yeo also shared the outcome of his meeting with the European Commission held last week to discuss the European Union's (EU) various trade regulations in the steel and battery sectors, as well as its planned implementation of the 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.