South Korea and Japan on Wednesday
held their first regular dialogue on steel industry cooperation in five years
to discuss ways to boost technology exchanges and to jointly respond to the
net-zero market trend, the industry ministry said.
The 20th Korea-Japan Steel Dialogue
was held in Tokyo on the day as the latest in a series of bilateral economic
and industry meetings amid a thaw in their diplomatic relations following
summit talks in recent months. The last meeting of its kind was held in
November 2018.
The meeting brought together
working-level officials of the two governments, as well as steelmaker
associations of both nations, according to the Ministry of Trade, Industry and
Energy.
The participants shared the
assessment on the global steel market and explored ways to boost cooperation on
carbon-related regulations, such as the European Union's Carbon Border
Adjustment Mechanism.
The CBAM calls for levying an import
charge on steel, cement, electricity, fertilizer, aluminum and other related
items equivalent to their carbon emissions from production. The regulation
scheme will fully take effect in 2026 after a transition period set to begin in
October 2023.
The two sides also discussed how to
push for technology exchanges for low-emission steel products and ways to beef
up their steel trade, according to the ministry.
"Bilateral cooperation in the
steel industry became ever more crucial in the face of changing market
circumstances and the growing trade protectionism. The two sides vowed to
continue to join hands," the ministry said in a release. (Yonhap)