South Korea expects favourable outcome after Lee's EU steel request
South Korea's Appeal for Favourable EU Steel Import Terms
SEOUL, June 11 (Reuters) - The European Union said it would give maximum consideration to South Korea's request for favourable treatment of its steelmakers under the bloc's new import regime, a senior South Korean presidential adviser said on Thursday.
High-Level Diplomatic Engagements
South Korean President Lee Jae Myung made the request during a meeting with European Council President Antonio Costa and European Commission President Ursula von der Leyen in Brussels on Wednesday.
Strategic Partnership and Trade Relations
Lee asked the EU to give "favourable consideration" to South Korea as a strategic partner and free trade agreement partner, presidential policy adviser Kim Yong-beom told a briefing.
"The EU side said... that it would consider our request as much as possible," Kim said, adding South Korea expected a more positive outcome than for other countries.
Progress in Steel Quota Negotiations
Kim said South Korea had made "significant progress" in talks between its trade minister and the EU trade commissioner over steel quota volumes.
EU's New Steel Import Regime
In May, the European Parliament approved plans to reduce its tariff-free steel imports by nearly half from 2024 levels to 18.3 million metric tons a year. For volumes above that level, tariffs of 50% will apply, up from 25% currently.
Impact on South Korean Steel Exports
The EU is South Korea's second-largest steel export market. South Korea exported 3.24 million tons of steel to the bloc last year out of total steel exports of 28.25 million tons, Kim said.
Broader Economic Cooperation
Lee also raised other economic issues with EU leaders, including cooperation on semiconductors, defence, artificial intelligence and carbon regulations, Kim said.
(Reporting by Heejin Kim and Joyce Lee; Editing by Sonali Paul and Ed Davies)
