The government said on the 18th that it will publish a "Korea-style National Trade Estimate (NTE) report" in the first half of next year. The NTE report refers to a report in which the United States annually evaluates the trade environment of about 60 trading partners and major tariff and non-tariff measures.
Yeo Han-koo, Deputy Minister for Trade Negotiations at the Ministry of Trade, Industry and Energy, chaired a "public-private joint meeting to strengthen responses to trade barriers" that day and stated accordingly. The United States writes in the NTE report the external trade barriers that exporting corporations face and the efforts of government departments to reduce them, and submits it to the president and Congress.
The government also plans to consider building an "integrated trade barriers databases (DB)" that analyzes measures in foreign countries that disadvantage domestic corporations and the resulting impacts.
In addition, the "public-private joint trade barriers council" will be institutionalized twice a year on a semiannual basis to share related information and draw up response strategies. Items for discussion, such as bilateral meetings and the joint committees under free trade agreements (FTA), will undergo quarterly review meetings.
Deputy Minister Yeo said, "Although the Korea-U.S. tariff negotiations have been concluded, as the trade environment has entered a structural new normal, an offensive trade policy is needed to respond to trade barriers," adding, "We will rally public-private capabilities with the Trade Negotiations Headquarters as the control tower to actively support overseas expansion of K-beauty and fashion."