Korea on Thursday known as for the European Union’s efforts to guard Korean firms within the newest spherical of their free commerce settlement (FTA) committee assembly amid the EU’s plan to implement stronger metal safeguard measures.
The 2 sides held the thirteenth Committee on Commerce in Items assembly in Seoul to debate tariff and non-tariff points amid the latest unfold of worldwide commerce protectionism, in keeping with the Ministry of Commerce, Trade and Vitality. The committee was established after the bilateral FTA between Korea and EU took impact in 2011.
Within the assembly, Seoul urged the EU to plot a “favorable” resolution to potential damages Korean companies could face below its new metal safety plan, stressing that Korea is a “trusted” accomplice of the EU in resolving the worldwide metal oversupply.
Earlier this yr, the European Fee introduced plans to scale back tariff-free quotas on overseas metal by 47 % and hike tariffs on imports exceeding the quota from the present 25 % to 50 %, citing the necessity to shield the EU metal business.
The proposal is predicted to exchange the EU’s present metal safeguard measures, that are set to run out in June 2026.
Seoul burdened that the EU’s different measures associated to commerce, similar to battery laws, the Carbon Border Adjustment Mechanism (CBAM) and the Company Sustainability Due Diligence Directive (CSDDD), mustn’t impose extreme burdens on Korean firms and must be utilized in a non-discriminatory method to each EU and non-EU companies.
The ministry mentioned it has additionally known as for continued communications over the EU’s push to strengthen laws on cosmetics packaging, noting that ample time must be supplied for Korean firms to organize earlier than the laws take impact.
