Seoul, April 16 (IANS) The Seoul government has submitted a formal opinion letter on the United States’ ongoing probes into South Korea and other nations involving what it calls “unfair” trade practices related to structural excess production and forced labour, officials said on Thursday.

The letter was submitted by the Ministry of Trade, Industry and Resources to the office of the US Trade Representative (USTR) ahead of public hearings on the ongoing trade investigation scheduled to begin next month, according to the ministry officials.

In it, the government explained that South Korea’s industrial structure is based on the principle of the market economy while highlighting the country’s ongoing efforts to restructure industries facing a global oversupply, such as petrochemical and steel.

It also stressed that South Korea has been working to eradicate forced labour under domestic laws and International Labor Organization conventions that prohibit forced labour, according to the officials.

Last month, the office of USTR launched consecutive trade inquiries into South Korea and other major economies to uncover what it calls “unfair” trade practices related to structural excess capacity and production, and their failure to ban forced labour-linked imports under Section 301 of the 1974 Trade Act.

The move appears to be aimed at restoring trade-related measures Washington had imposed on its trading partners before the U.S. Supreme Court struck down U.S. President Donald Trump’s “reciprocal” tariffs, according to Seoul officials.

Meanwhile, South Korean stocks rose for the third consecutive session on Thursday, closing above the 6,200-point mark for the first time since the outbreak of the U.S.-Iran war amid hopes for a second round of their peace talks. The local currency gained against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 134.66 points, or 2.21 per cent, to finish at 6,226.05. It is the first time that the KOSPI has closed over the 6,200 level since Feb. 27, when the index stood at 6,244.13, a day before the United States and Israel conducted air strikes on Iran. The KOSPI’s all-time closing high stands at 6,307.27 set on February 26.

–IANS

na/