ANNOUNCED AS TEMPORARYNo
On 2 April 2019, the Republic of Korea submitted a notification under article 12.5 of the WTO Safeguard Agreement of proposed suspension of concessions and other obligations stipulated in paragraph 2 of Article 8 of said agreement. The proposed suspension follows the imposition of definitive safeguard duties on imports of certain steel products by the European Union, see related state act.
Korea reserves the right to impose additional duties on a number of goods originating from the European Union within 30 days of this notification. The duty may be withdrawn, modified, supplemented or replaced before its actual imposition. The duty will be in place for a period equal to the duty imposed by the EU.
According to the Republic of Korea: "Application by the European Union of the tariff increase of 25% on out-of-quota imports of certain steel products from the Republic of Korea would result in € 56.8 million of duty collected, based on the export volume and value in 2017."
Notably, a number of other counties have also notified the WTO of suspending concessions and other obligations in reaction to the EU's definitive safeguard duty on imports of certain steel products, see related state act.
⚑ Please report this page in case you detect an inaccuracy in its content.