Korea and the EU discuss progress on the bilateral free trade agreement and regulations

The first batch of Samgye-tang, or Korean chicken soup with ginseng, is transported from Busan to the EU on May 9. Yonhap

Korea’s Commerce Ministry said on Wednesday it discussed progress on the bilateral free trade agreement (FTA) with the European Union and asked the economic bloc to address growing regulatory uncertainty for exporters.

According to the Ministry of Trade, Industry and Energy, the meeting of the Commission for Trade in Goods, held in Brussels, is part of efforts to remove obstacles encountered by companies in their commercial activities.

During the meeting, Korea asked the EU to address the growing burden on its companies resulting from uncertainty over the economic bloc’s environmental regulations, including its carbon border adjustment mechanism.

Seoul specifically asked the EU to recognize different methods of efforts to reduce greenhouse gas emissions and improve its reporting system.

Both sides acknowledged that the free trade agreement has significantly strengthened bilateral trade, with volume growing by 3 percent annually despite global uncertainty.

Trade volumes reached a record $136.1 billion in 2023, up sharply from just $83.3 billion recorded in 2010, the year before the free trade agreement took effect.

“In the face of rising protectionism and recent global uncertainty, Korea and the EU remain committed to free trade. We will therefore make full use of the bilateral free trade agreement for mutual benefit and regulatory relaxation,” said Director General of Trade Policy Chang Sung-gil, who led the delegation. (Yonhap)