South Korea Will Actively Seek WTO Settlement Of US Trade Barriers: Cheong Wa Dae
Fahad Shabbir (@FahadShabbir) Published February 20, 2018 | 01:35 PM
South Korea will actively take all available steps, including filing a complaint with the World Trade Organization (WTO), to remove what President Moon Jae-in has called "unfair" restrictions on South Korean exports by the United States, a ranking official from the presidential office Cheong Wa Dae said Tuesday, Yonhap reported
SEOUL,(UrduPoint / Pakistan Point News - 20th Feb, 2018 ) ::South Korea will actively take all available steps, including filing a complaint with the World Trade Organization (WTO), to remove what President Moon Jae-in has called "unfair" restrictions on South Korean exports by the United States, a ranking official from the presidential office Cheong Wa Dae said Tuesday, Yonhap reported.
"Our government will confidently and resolutely deal with any trade issues with our key trading partners, including the United States, in order to ensure our national interest," Hong Jang-pyo, Moon's chief secretary for economic affairs, told a press conference.
The remarks came one day after the president called for such steps to deal with "unfair trade protectionist measures." Washington earlier announced plans to impose anti-dumping tariffs of up to 50 percent on large washing machines and solar cell imports from South Korea.
The US Department of Commerce has also proposed imposing high punitive tariffs on South Korean steel products. Hong said Seoul has already launched the WTO dispute settlement process for the US tariffs on South Korean steel.
Seoul and Washington are currently in discussions to bilaterally settle the issue of US safeguards on washing machines and solar ells, but the country will immediately seek a WTO process should the ongoing negotiations fail, he added.
The move comes despite public concerns over possible damage to the South Korea-US alliance. The Cheong Wa Dae official dismissed such concerns, insisting the US was strictly acting for its economic gain.
"We understand the purpose of the study by the US commerce department is aimed at limiting steel imports to protect the United States' own steel industry. We believe it was based on US economic interests, rather than political or diplomatic perspectives," Hong told reporters.
Seoul will also work with local exporters to help diversify their overseas markets, he said. "The government will establish a close cooperation system with the related companies and do its utmost to help overcome the current difficulty."
Related Topics
Recent Stories
Delegation of international investors meets Finance Minister
Federal Govt stands with Balochistan for its development: Naqvi
UAE President receives condolences of Prime Minister of Pakistan over passing of ..
ECC approves to enhance wheat procurement targets
UN urges Israel to 'stop escalation' as tanks enter Gaza's Rafah city
EU stumps up $125 mn for Yemen after aid groups' plea
Governor Tessori condemns May 9 riots, calls it a 'pre-planned conspiracy'
PM condoles with UAE President over Sheikh Tahnoun’s death
Milan nets Giro 4th stage, Pogacar retains lead
UBS back in profit after Credit Suisse takeover losses
Asiya Gul lauds Shafaat's services as DG LG
President for dialogue with all political forces in Balochistan
More Stories From Business
-
Delegation of international investors meets Finance Minister
8 hours ago -
ECC approves to enhance wheat procurement targets
8 hours ago -
UBS back in profit after Credit Suisse takeover losses
8 hours ago -
Minister for Planning, Development and Special Initiatives Ahsan Iqbal leaves for China
9 hours ago -
Stock markets mostly rise on lower rates optimism
9 hours ago -
AFD mission visits Faisalabad, gets updates of various projects
9 hours ago
-
Pakistan and China deepen collaboration on CPEC Phase-2
10 hours ago -
Stock markets mostly rise on lower rates optimism
10 hours ago -
Pakistan’s dairy, beef sectors need to be transformed through precision farming
9 hours ago -
Ch. Shafay chairs meeting of Price Control Council
11 hours ago -
Justice (R) Khilji advises business community to settle disputes via mediation
11 hours ago -
Bahawalpur Chamber's delegation calls on PIEDMC Chairman
11 hours ago