Government Requests EU for Rapid Approval of Vaccine Exports

[Sejong=Asia Economy Reporter Kwon Haeyoung] The government has requested the European Union (EU) to expedite export approvals to ensure the smooth domestic supply of Pfizer's COVID-19 vaccines. It also proposed to negotiate so that South Korea's vaccination certificates can be recognized within the EU.

According to the Ministry of Trade, Industry and Energy on the 30th, Yoo Myung-hee, the Chief Trade Negotiator, held consecutive meetings on the 28th and 29th in Brussels, Belgium with Valdis Dombrovskis, the EU Executive Vice-President, and Sophie Wilm?s, Belgium's Foreign Minister, to discuss COVID-19 cooperation measures including these matters.

Regarding the EU's vaccine export approval system, Chief Negotiator Yoo requested that export approvals for Pfizer vaccines purchased by South Korea continue to be granted promptly to ensure smooth vaccine supply as it has been so far. Additionally, she introduced South Korea's vaccination certificate, which has been in effect since the 16th, and proposed opening a working group to negotiate so that this certificate can also be recognized within the EU.

The EU plans to introduce a Digital Green Certificate by this summer to facilitate free movement within the region. Chief Negotiator Yoo also met with Frans Timmermans, the EU Executive Vice-President in charge of Climate and Environment, to share efforts on climate change response and discuss cooperation plans on green hydrogen production and smart green industrial complexes as part of the Green New Deal.

Chief Negotiator Yoo mentioned that the EU's Carbon Border Adjustment Mechanism (CBAM) currently being introduced must comply with international norms such as those of the World Trade Organization (WTO) to avoid becoming an unnecessary trade barrier. She also emphasized that it should be transparently designed reflecting the climate policy efforts of each country.

During this visit to Belgium, Chief Negotiator Yoo held the 9th Korea-EU Free Trade Agreement (FTA) Trade Committee meeting with Executive Vice-President Dombrovskis to discuss bilateral trade issues.

South Korea requested that the EU terminate its steel safeguard measures (emergency import restrictions) as scheduled on June 30 to allow the rapid normalization of steel trade between the two sides. The EU has enforced safeguards on Korean steel since July 2018. As a result, South Korea's steel exports to the EU decreased from $2.908 billion in 2017 to $2.309 billion last year.

Meanwhile, South Korea also proposed establishing a working-level dialogue and launching the Korea-EU Digital Business Forum to jointly lead digital trade, which has become increasingly important due to COVID-19.

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