Korea Chemical Industry Association and Customs Team Up Against Unfair Trade... "Blocking Dumping and Circumvention Imports"

Signing of MOU to Establish a Fair Trade Order

Regular Working-Level Meetings and Operation of Information-Sharing Hotline

The Korean chemical industry and customs authorities have agreed to cooperate in order to prevent damage to domestic industries caused by global oversupply and the influx of low-priced imported products.

Um Chanwang, Senior Vice President of the Korea Chemical Industry Association (left), and Jongwook Lee, Commissioner of the Korea Customs Service, are taking a commemorative photo at the signing ceremony for a business agreement to protect domestic industries and establish a fair trade order held at the Korea Chemical Industry Association in Jongno-gu, Seoul on the 16th. Korea Chemical Industry Association

On September 16, the Korea Chemical Industry Association announced that it had signed a memorandum of understanding (MOU) with the Korea Customs Service in Jongno-gu, Seoul, to protect domestic industries and establish a fair trade order.

Key representatives from leading chemical companies, including Hanwha Solutions, LG Chem, and TK Chemical, attended the signing ceremony.

This agreement was established to protect domestic chemical companies, which are struggling due to an increase in global chemical industry oversupply and the influx of low-priced imports, from unfair trade practices.

Through the agreement, both sides will cooperate by sharing information on import trends—such as surges in imports and unusual trends — as well as intelligence related to chemical products, including cases of anti-dumping duty evasion. They will also work together to prepare measures to improve the operation of the anti-dumping duty system.

In particular, to prevent and respond to unfair trade practices, the parties plan to hold regular working-level meetings and operate a real-time information-sharing hotline to promptly detect and respond to signs of circumvention or dumping.

Lee Jongwook, Commissioner of Korea Customs Service, stated, “Through this business agreement with the Korea Chemical Industry Association, we will further strengthen on-site information sharing, strictly block unfair acts such as low-cost dumping and illegal circumvention imports that are causing serious damage to the chemical industry, and support our companies so that they can grow with confidence.”

Um Chanwang, Executive Vice President of the Korea Chemical Industry Association, said, “We expect that this agreement will strengthen the domestic chemical industry’s ability to respond to trade issues, particularly as it faces difficulties due to global oversupply and the Middle East crisis.”

This content was produced with the assistance of AI translation services.