Seoul: The Ministry of Trade, Industry and Resources launched on Friday a joint task force with private industries to coordinate responses to the United States’ trade investigations into South Korea over structural excess capacity and forced labour, officials said.
Earlier this month, the office of the U.S. Trade Representative (USTR) launched consecutive trade inquiries into South Korea and other major economies to uncover what it calls “unfair” trade practices related to structural excess capacity and production, and separate probes involving forced labor under Section 301 of the 1974 Trade Act.
The task force, led by the ministry, comprises officials from relevant authorities and private industries, as well as trade experts. It will respond to the trade inquiries and related procedures, such as submission of written opinions and public hearings, reports Yonhap news agency.
During Friday’s trade strategy meeting, Trade Minister Yeo Han-koo said the USTR’s move appears to be aimed at restoring trade-related measures Washington had imposed on partners before the U.S. Supreme Court struck down U.S. President Donald Trump’s “reciprocal” tariffs.
He said the government will respond to the situation with vigilance and under the assumption that the USTR may open additional trade probes, according to the ministry.
The Office of the U.S. Trade Representative (USTR) has recently launched investigations into 60 economies, including South Korea, under Section 301 of the 1974 Trade Act, as the U.S. President Donald Trump administration pushes to roll out new tariffs to replace the reciprocal tariffs that the Supreme Court struck down last month.
“While the broad framework of the U.S.-South Korea agreement is expected to be maintained, the government will work closely in a joint effort to ensure outcomes are not unfavourable compared with other major competitors,” Koo said during a government meeting on economic affairs.
The investigation will determine whether the countries have taken sufficient steps to ban the importation of goods produced with forced labor. The countries subject to the investigations include South Korea, China, Japan, India, Indonesia, Britain, Australia, Canada and Taiwan.
(IANS)
