EU-South Korea Steel Deal: A Strategic Partnership in the Making

The European Union is considering South Korea's request for favorable treatment of its steelmakers under the new import regime. This follows discussions between South Korean President Lee Jae Myung and top EU officials. South Korea, a strategic partner, expects a more positive outcome in steel trade negotiations.

The European Union is weighing a request from South Korea for preferential treatment of its steel exports under the EU's new import regime. This potential development was revealed by a senior South Korean presidential adviser.

In recent talks held in Brussels, South Korean President Lee Jae Myung urged EU leaders, including European Council President Antonio Costa and European Commission President Ursula von der Leyen, to consider South Korea as a strategic and free trade agreement partner, according to presidential policy adviser Kim Yong-beom.

Kim stated that the EU would consider the request favorably, and that South Korea expects a more advantageous outcome compared to other nations. Previously, the European Parliament had approved plans to cut tariff-free steel imports nearly in half by 2024. South Korea exported 3.24 million tons of steel to the EU last year, and other areas of economic cooperation, such as semiconductors and AI, were also discussed in the meeting.