FTA between Korea and Japan May Increase Steel Trade Deficit of Korea

摘要

The domestic steel industry is pointing out that in pursuing the Korea-Japan Free Trade Agreement (FTA), the government will have to take steps to minimize possible industrial damage of steel consuming sectors by securing the sufficient preparation period of time for the implementation of the agreement. The Korea Iron & Steel Association (KOSA) stressed so at a large-scale debate held July 13 at Hotel Shilla, Seoul with the subject of the Korea-Japan FTA. Yeo Wan-goo, senior director of the KOSA, said through his theme presentation, 'Domestic steelmakers agree that the FTA between Korea and Japan will be a stepping stone for the FTA among Korea, Japan and China. However, there are concerns the outcome of the negotiation for the Korea-Japan FTA may increase the deficit in steel trade of Korea and worsen even demand for domestic steel products.