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Ex-trade minister stresses Korea-EU partnership amid US-China tension

A former top trade negotiator for Korea emphasized the importance of the country s strategic partnership with the European Union (EU), amid the paradigm shift in the global trade environment, which has mainly stemmed from the fierce rivalry between the U.S. and China. Yeo Han-koo, a visiting professor at Seoul National University Business School, who served as the minister for trade for nine months until May, said Tuesday that Korea and the EU are “like-minded” partners sharing similar values in the midst of the tension between the U.S. and China, as both of them strongly advocate a multilateral trading system and rules-based international order. ....

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New tools needed to fight China state-led trade: USTR

The US needs to pursue new strategies and update its domestic trade tools to deal with China’s “state-led, non-market policies and practices,” the US Trade Representative’s (USTR) office said on Wednesday in a new assessment report.
The USTR said in its annual report on China’s compliance with WTO rules that the “Phase 1” trade agreement signed by former US president Donald Trump’s administration two years ago failed to address fundamental US concerns with China’s industrial policies and supportive policies, including “massive financial resources.”
It said such support, which includes favorable regulatory support to Chinese industry and limited market access for imported goods ....

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