Attention is on the European Parliament on whether it will pass a motion to implement safeguards, which could clash with the South Korea-EU FTA.

A safeguard is used to restrain international trade in order to protect a certain home industry from foreign competition.

South Korea’s Ministry of Foreign Affairs and Trade said the safeguard bill had passed in the standing committee in early October and that it will be voted on at the plenary session on November 23rd.

This motion has added to the previous requirements to initiate a safeguard action to prevent losses from uncertain economic activities. If this bill passes without revision, safeguard actions may be taken if European industries sustain losses from lowered tariffs on South Korean products or from the South Korean government’s industrial policies.

The Ministry of Foreign Affairs and Trade says it has delivered a message to the EU that the safeguard bill must not go against the South Korea-EU FTA.