Korea-Germany Trade Working Group Meeting... Expanding Trade and Strengthening Green Deal

Yoo Myung-hee, Chief Trade Negotiator, Requests Support for WTO Director-General

Hanwha Q CELLS energy facility installed in Germany. (Photo by Hanwha Q CELLS)

[Asia Economy Reporter Moon Chaeseok] On the 16th, the Ministry of Trade, Industry and Energy held the '1st Korea-Germany Trade Working Group (WG) Meeting' via video conference with the German Federal Ministry for Economic Affairs and Energy.

From the Korean side, Jeong Dae-jin, Director General of Trade Policy Bureau at the Ministry of Trade, Industry and Energy, and Song Ju-ho, Head of the European Trade Division, attended. From the German side, Andreas Nicolin, Director General of the Foreign Trade Promotion Department, and Niemann, Head of the Korea-Japan-Mongolia Division at the Ministry for Economic Affairs and Energy, participated in the meeting.

This meeting was a follow-up to the establishment of the 'Korea-Germany High-Level Dialogue' to promote comprehensive cooperation between the two countries, initiated after Minister Sung Yun-mo's visit to Germany in December last year, and the operation of three working groups (WG) in industry, trade, and energy.

The industry and trade working groups will be held annually with director-level officials attending as chief representatives, while the ministerial-level high-level dialogue will be held biennially. The energy working group will utilize the already operating Energy Transition Cooperation Committee.

◆Annual Meetings of Industry, Trade, and Energy Working Groups

Source: Ministry of Trade, Industry and Energy

During the meeting, both sides had in-depth discussions on expanding trade and investment, promoting Green Deal cooperation, and strengthening intergovernmental cooperation channels.

Director Jeong evaluated that despite COVID-19, trade between the two countries recorded approximately $14.5 billion in the first half of this year, showing a favorable trend with about a 6% increase compared to the same period last year.

He requested the German government’s cooperation to strengthen business cooperation between the two countries, which has slowed since COVID-19, and to encourage many German companies to participate in the upcoming Korea-Germany (Trade Association-Korea-Germany Chamber of Commerce) virtual business forum currently being prepared.

Director Nicolin agreed on revitalizing business exchanges between the two countries and emphasized the importance of exhibitions as venues for overseas buyers and technology exchange.

Since Deutsche Messe, the organizer of the world's largest industrial fair 'Hannover Messe,' officially invited Korea as a partner country in 2023, he requested Korea’s positive consideration and participation.

◆Shared Commitment to Green Deal... Mutual Cooperation on Energy Transition and Nuclear Decommissioning

The concept of the 'Green Swan,' which signifies the destructive economic crisis caused by climate change, is gaining global consensus.

Both sides assessed that the Green Deal is emerging as an important policy agenda for climate change response and post-COVID-19 economic recovery strategies. They agreed on the need to further promote cooperation in this field.

Through the 'Korea-Germany Energy Future Cooperation Roadmap' signed in May, they agreed to mutually cooperate in three areas: energy transition, new green energy technologies, and nuclear decommissioning.

They also agreed to continue cooperation related to the Green Deal, such as green mobility and green industrial complexes, in the upcoming Korea-Germany Industry Working Group.

◆Yoo Myung-hee Appeals for Support in WTO Election

Yoo Myung-hee, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy. (Photo by Yonhap News)

Furthermore, both sides agreed to hold the Korea-Germany Industry Working Group within this year to complete a multi-layered cooperation system among ministries and to fully activate all-round cooperation in industry, energy, and trade sectors.

Additionally, they exchanged mutual opinions on the World Trade Organization (WTO) Director-General election and the modernization of the Korea-European Union (EU) Free Trade Agreement (FTA).

The Korean side requested the German government’s support for Yoo Myung-hee, Director General of Trade Negotiations, who is a candidate for the next WTO Director-General position.

This content was produced with the assistance of AI translation services.