A logo is pictured on the World Trade Organisation (WTO) building in Geneva, Switzerland, July 15, 2021. Reuters-Yonhap
Korea has called on the international community to jointly respond to the recent spread of trade restrictive measures by major economies in a high-level meeting of World Trade Organization (WTO) member nations, the trade ministry said Thursday.
Kwon Hye-jin, director general for trade negotiations at the Ministry of Trade, Industry and Resources, attended the WTO's General Council meeting held for two days beginning Wednesday (local time) in Geneva, as the chief representative of Korea, according to her office.
In the meeting, Kwon urged WTO member countries to refrain from imposing trade protectionist measures, such as tariff hikes and import restrictions, saying such moves can create a "vicious cycle" of retaliatory trade measures among countries, the ministry said.
She claimed global trade issues, such as the oversupply of steel and other goods, should be addressed in a way that finds fundamental solutions, it added.
The ministry said Kwon also held bilateral meetings with representatives from Britain, Japan, Turkey and other nations to discuss the steel safeguard measures recently adopted by the European Union and Britain, as well as other pending trade issues.
"Amid the spread of global trade protectionism, we actively raised the issue of tariff-rate quotas affecting South Korea's steel industry through both multilateral and bilateral channels," Kwon said in a press release, vowing Seoul's continued role in the international community's efforts to restore the WTO-based multilateral trading system.
Source: Korea Times News
