UK-EU Steel Quotas Take Effect, China Expresses Serious Concern

(Central News Agency, reporter Liao Wenqi, Shanghai, July 3) Chinese Minister of Commerce Wang Wentao and British Secretary of State for Trade Peter Kyle held the 15th meeting of the China-UK Economic and Trade Joint Commission in London on July 2. Wang Wentao "expressed serious concern" over the UK's steel quota measures, which took effect on July 1, and hoped that the UK side would adjust them as soon as possible.

The UK and the EU officially implemented new steel trade protection measures on July 1 to prevent the impact of global low-priced steel overcapacity on their domestic steel industries.

According to the Hong Kong Economic Times, although China is not the largest direct supplier of steel to the UK and the EU, because China has not signed a Free Trade Agreement (FTA) with the UK and the EU, under the background of a significant compression of overall import quotas in both regions, Chinese steel exporters will face higher market access thresholds and tariff costs.

If the quotas are used up in advance, subsequent exports will be subject to a heavy tax of 50%. In addition, major supplying countries such as the EU, India, and South Korea have obtained specific country quotas, while the specific quota allocated to China in the UK is still unclear, increasing export uncertainty.

According to the website of the Ministry of Commerce of China, on the 2nd local time, Wang Wentao and Kyle co-chaired the 15th meeting of the China-UK Economic and Trade Joint Commission in London, exchanging in-depth views on trade, investment, and regional and multilateral cooperation.

Wang Wentao stated that China and the UK should give full play to the role of the China-UK Economic and Trade Joint Commission mechanism to further promote trade and investment cooperation between the two countries. China is willing to accelerate the joint feasibility study of the China-UK Services Trade Agreement with the UK side, creating favorable conditions for both countries to further enhance the level of cooperation in services trade. China welcomes UK enterprises to expand investment in China and hopes that the UK side will provide a fair, just, and non-discriminatory environment for Chinese enterprises investing in the UK. China and the UK are both important members of the World Trade Organization and should jointly implement the outcomes of the 14th WTO Ministerial Conference.

He also said that China "expressed serious concern" over the UK's steel quota measures that took effect on July 1, and hoped that the UK side would adjust the measures as soon as possible to ensure they comply with WTO rules.

According to Chinese sources, Kyle said that the UK is willing to strengthen policy communication with China and expand cooperation in the services sector through the UK-China Service Partnership and the feasibility study of the UK-China Services Trade Agreement. The UK welcomes Chinese enterprises to invest in the UK and is willing to provide more certainty and predictability. The UK is willing to work with China to make good use of the UK-China WTO Working Group, strengthen policy communication and coordination, and promote positive progress on issues such as WTO reform and e-commerce. (Editor: Feng Zhao) 1150703

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