SME Times is powered by   
Search News
Just in:   • Water level in TN's Mullaiperiyar dam rises sharply after heavy rain, flood alert issued  • Working on 'Act East' resolve with 'Act Fast' approach: PM Modi on Sikkim's statehood celebrations  • India's national consensus and collective resolve against terrorism highlighted in South Africa  • Eventful day for Bengal over PM’s twin-events in Alipurduar  • Ravi Shankar Prasad-led delegation heads to Denmark after presenting anti-terror stand in Italy 
Last updated: 08 May, 2025  

korea-bio.jpg S. Korea's bio industry urges US to exempt it from proposed pharmaceutical tariffs

korea-bio.jpg
   Top Stories
» Centre directs e-commerce firms to analyse and remove dark patterns
» Indian stock market opens in green, Sensex above 81,500
» Cabinet okays interest subsidy on farmers' loans for 2025-26
» Restoration of RoDTEP benefits to boost MSMEs, enhance investors’ confidence: Assocham
» FM Sitharaman to meet captains of industry on GST reforms
IANS | 08 May, 2025

The Korea Biotechnology Industry Organization (KBIO) on Wednesday said it has requested the US to exempt South Korea from the Donald Trump administration's plan to impose tariffs on pharmaceutical imports.

KBIO said it submitted such an opinion formally to the US Department of Commerce on Tuesday (US time) regarding an ongoing investigation under Section 232 of the Trade Expansion Act, which is examining the national security implications of pharmaceutical imports, Yonhap news agency reported.

Washington launched the probe on April 1 and has sought public input from stakeholders. US President Trump has said he will announce tariff measures on pharmaceuticals in the coming weeks.

The organisation emphasised that South Korea is a reliable partner in the US pharmaceutical supply chain and plays a key role in making high-cost prescription drugs more affordable.

Citing recommendations by the US National Security Commission on Emerging Biotechnology last month, the South Korean bio trade group noted that the commission had stressed the importance of collaborating with allied countries to stabilise the pharmaceutical supply chain.

KBIO stressed that South Korea is already contributing to the US drug ecosystem through new drug development and contract manufacturing.

"Pharmaceutical products are essential for national security and patient protection, and global supply chains are highly interdependent," the association said. "If trade measures are deemed necessary, we ask that South Korea, a key US ally and trusted source, be exempted from such actions."

Meanwhile, South Korea has also asked the US to make "special consideration" of its chip exports as the Trump administration is moving to impose tariffs on imported semiconductors, Seoul's industry ministry said Wednesday.

The South Korean government submitted a written opinion to the US administration regarding Washington's national security investigation into semiconductor imports under the US Trade Expansion Act, according to the Ministry of Trade, Industry and Energy, Yonhap reported.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter