SEOUL, Jan. 12 (Korea Bizwire) – The number of regulatory measures enacted against South Korean exports is on the rise, menacing the lifeblood of the South Korean economy.
According to the Ministry of Foreign Affairs on Friday, regulatory measures such as antidumping tariffs, countervailing duties and safeguards imposed on South Korea exports increased to 189 cases last year.
The figure has been on a steady increase since 2013 when 142 regulatory measures were put in place against South Korean products across the world.
The Ministry of Foreign Affairs has said that efforts taken in response to import controls in foreign countries include dozens of hearings, discussions and the submission of letters and documents, some of which helped put an end to the EU’s anti-dumping investigation into imports of highly-purified terephthalic acid from South Korea.
The Ministry of Foreign Affairs is set to launch a special task force and local reaction teams in response to the rise of protectionism across the world, while cooperating with related government branches this year.
“By signing contracts with South Korean law and accounting firms, we plan to strengthen the professionalism and the infrastructure of the counter-import regulation force,” the foreign affairs ministry has said.
“Guidebooks will be released in preparation for import regulations in main markets such as ASEAN countries and Turkey, and hearings are set to be held where South Korean companies of all sizes will receive guidance to help understand new regulations in the steel and synthetic fiber industries.”