Seoul officials discuss response to USTR trade probe, EU's steel safeguard plan

The government convened a regular trade promotion meeting Monday to discuss South Korea's pending trade issues with the United States, the European Union (EU) and other economic partners, the trade ministry said. In the meeting, Trade Minister Yeo Han-koo and officials from related ministries discussed Seoul's response to the office of the U.S. Trade Representative's (USTR) ongoing investigation into what it calls "unfair" foreign trade practices involving South Korea, under Section 301 of the 1974 Trade Act, which could result in tariffs or other measures, according to the Ministry of Trade, Industry and Resources. South Korea's response to the EU's stronger steel safeguard plan and the country's efforts to diversify its trade network, including its push to upgrade a comprehensive economic partnership agreement (CEPA) with India and sign a CEPA with Mongolia, were also discussed at the meeting. Yeo also shared the international community's recent discussions on reforming the World Trade Organization (WTO) and restoring the multilateral trading system amid the rise of trade protectionis