(KPL/Yonhap) Top trade officials of Republic of Korea and Britain were set to meet Monday to discuss a range of bilateral trade issues including the latter's steel safeguard measures and new subsidy scheme for electric vehicles (EVs), Seoul's trade ministry said.

Korean Trade Minister Yeo Han-koo will meet with his British counterpart, Douglas Alexander, in Seoul later in the day to exchange their views on such issues and also explore ways to expand the countries' bilateral economic cooperation amid recent changes in the global trade environment, according to the Ministry of Trade, Industry and Energy.

In the meeting, Yeo plans to address Korean companies' concerns over Britain's tougher trade caps on steel imports, including those from Republic of Korea, which took effect in July, and its new subsidy scheme for EVs, Yeo's office said.

Yeo will also call for the British government's support for Korean companies under the planned imposition of its Carbon Border Adjustment Mechanism in 2027, which will apply an additional price on carbon-intensive goods imported into the country, stressing the need to allow companies a sufficient transitional period to adapt to the new policy.

In addition, Yeo plans to discuss with Alexander ways to bolster economic cooperation between Seoul and London based on their bilateral free trade agreement (FTA), which took effect in 2011, according to the ministry.

The two countries have been holding talks to improve their FTA and strengthen cooperation in supply chains.

Under the FTA, Republic of Korea and Britain traded US$11.21 billion worth of goods in 2024, and the latter has become the third-largest European investor in Seoul.

KPL