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Korea, EU discuss progress of bilateral FTA, regulations

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Korea Times - 12 June 2024

Korea, EU discuss progress of bilateral FTA, regulations

Korea’s trade ministry said Wednesday that it has discussed the progress of the bilateral free trade agreement (FTA) with the European Union and asked the economic bloc to address growing regulatory uncertainties for exporters.

The meeting of the Committee on Trade in Goods held in Brussels comes in line with efforts to address companies’ hurdles in trade activities, according to the Ministry of Trade, Industry and Energy.

During the meeting, Korea asked the EU to address the growing burden on its firms due to uncertainties in the economic bloc’s environmental regulations, including the Carbon Border Adjustment Mechanism.

Seoul especially asked the EU to acknowledge various methods of carbon emission reduction efforts and improve its reporting system.

The two parties acknowledged that the FTA has significantly bolstered bilateral trade, with the volume rising 3 percent annually despite global uncertainties.

The trade volume reached a record amount of $136.1 billion in 2023, rising sharply from just $83.3 billion posted in 2010, a year before the implementation of the FTA.

"Amid the expanding protectionism and recent global uncertainties, Korea and the EU remain committed to free trade. Thus, we will fully utilize the bilateral FTA for mutual benefit and to ease regulations," said Director General for Trade Policy Chang Sung-gil, who led the delegation.

 source: Korea Times