Ministry of Trade, Industry and Energy

Deputy Minister for Trade Yang Byeong-nae chaired the fourth meeting of the pan-ministerial Carbon Border Adjustment Mechanism (CBAM) Response Working Group with related ministries and discussed measures for strengthening cooperation on supporting domestic companies and submitting Korea’s position on the CBAMs announced by the EU and UK.

 

The EU is currently preparing its draft for the adoption of CBAM subsections, and the UK has launched a consultation seeking views on proposals for the design and administration of its own CBAM on March 21, 2023, which is to close on June 13, 2024.

 

To address domestic companies’ requests for preemptive response, the Korean government will actively communicate its position to the EU and UK, while heightening interministerial cooperation for stronger CBAM guidance and information provision to relevant companies. To relevant companies, the Government will be introducing its corporate assistance projects and monitoring firms’ response situation on a weekly basis.

 

Deputy Minister Yang stated that the Government will “continue to communicate with the EU on improving the mechanism based on suggestions voiced by Korean companies” and highlighted that “related ministries will make concerted efforts to enable domestic companies to effectively adapt and respond to these changes.”