The Korean government will conduct a close inspection of non-tariff barriers in overseas markets that restrict sales of Korean-made goods as part of its efforts to prop up faltering exports, the trade ministry said Friday.
The Ministry of Trade, Industry and Energy held a meeting in Seoul with local exporters and officials from the Korea Trade-Investment Promotion Agency (KOTRA) to listen to businesses’ difficulties in dealing with non-tariff trade barriers when they go through customs and to seek ways to improve the procedures.
“We face non-tariff barriers set by importing countries when we go there with new items or new styles,” Deputy Trade Minister Lee In-ho said. “In order to understand their business obstacles, all overseas offices of KOTRA will carry out an on-site study on non-tariff barriers, along with the Korean chambers of commerce abroad.
Seoul has made constant efforts to revive exports, which posted negative growth for a record 14th consecutive month in February, as a slowdown in China and low oil prices weighed heavily on the export-oriented country. In particular, January’s exports plunged 18.8 percent from a year earlier, the sharpest decline in seven years.
Trade Minister Joo Hyung-hwan earlier met with his Chinese counterpart, Gao Hucheng, to discuss ways to ease non-tariff barriers for Korean companies operating businesses in China and step up business ties between the two nations.
China’s latest decision to change its subsidy policies for electric vehicle battery manufacturers has been a keen issue between the neighboring countries as the move was seen as an apparent attempt to boost its local manufacturers. (Yonhap)
