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MOTIE and European nations' Ambassadors to Korea discuss cooperation 2022-09-29

Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin attended a conference to discuss ROK-EU industrial and energy cooperation measures with European nations' ambassadors to South Korea.

A total of 18 European countries’ ambassadors attended the event.

Deputy Trade Minister Jeong introduced the industry, trade and energy policies that will be implemented under Korea’s new regime for overcoming global inflation, supply chain uncertainties and other economic difficulties. He emphasized the importance of a more extensive cooperation between Korea and EU in establishing a highly resilient supply chain.

The Deputy Minister also mentioned how EU’s materials and equipment companies are participating in Korea’s semiconductor and high-tech supply chain, while Korean battery makers are active in EU’s EV industry.

He assessed that their shared emphasis on eco-friendly and low carbon growth strategies offers great potential for further collaboration, and conveyed the Korean government’s strong willingness to engage in EU’s nuclear energy operating countries to achieve carbon neutral and strengthen energy security. The Czech Republic, Poland and the Netherlands are some of the European countries pushing to introduce new nuclear reactors.

With regard to the U.S.’ Inflation Reduction Act (IRA), Deputy Trade Minister Jeong stated that Korea’s concerns were clearly expressed during ROK-U.S. talks recently held on occasion of a state visit, and requested Germany, Sweden and European EV exporters with similar position to join in the efforts to swiftly respond to this challenge.

Lastly, he stated that the EU’s Carbon Border Adjustment Mechanism (CBAM), supply chain due diligence, foreign subsidies regulation, anti-coercion instrument and various other policies must not act as trade barriers to exporting businesses.

As for EU’s single-use plastics directive that limits the use of bioplastic, an eco-friendly material, he urged that relevant regulations must be reconsidered.