"Supply Chain and Carbon Neutrality Remain Key Trade Issues in 2022"

KCCI Hosts '2022 Global Trade Environment Outlook Forum'
Theme: 'Trade Issues and Import Regulation Outlook'
"Need for International Agreement on Supply Chain Response Linked to Security and Carbon Neutrality Achievement"

[Asia Economy Reporter Hwang Yoon-joo] In 2022, global value chains and climate change are expected to remain major trade issues. In particular, it was advised to prepare as the Biden administration is also expected to maintain an aggressive trade policy, similar to the Trump administration.

The Korea Chamber of Commerce and Industry announced on the 21st that it held the '2022 Global Trade Environment Outlook Forum' jointly with the Ministry of Trade, Industry and Energy under the theme of 'Trade Issues and Import Regulation Outlook.'

The forum consisted of three sessions: ▲2022 Trade Issues and Outlook ▲Biden Administration's Trade Policy and Outlook ▲Anti-dumping and Countervailing Duties.

Regarding the first session, '2022 Trade Issues and Outlook,' presented by Lee Seong-beom, a lawyer at Hwawoo Law Firm, global value chains, climate change, and digital trade are expected to be key issues in 2022 as well.

Regarding climate change issues, Lawyer Lee stated, "Several countries including the EU and Korea have introduced carbon emissions trading systems and are granting free allowances to industries with high carbon intensity, but the United States recently ruled these as subsidies," adding, "An international agreement is also needed to ensure that policies introduced to achieve carbon emission targets are not considered subsidies."

Regarding the second session, 'Biden Administration's Trade Policy and Outlook,' Simon Lester, President of World Trade Law (former Deputy Director at CATO), stated, "The 'worker-centric' trade policy emphasized by the Biden administration actually began under the Trump administration, and as union influence grows, regulations on forced labor strengthen, and participation in free trade will be discouraged." This implies that the Biden administration may impose new commitments and obligations on countries like Korea, so preparations are necessary.

Regarding US-China relations, he mentioned, "The 'Phase One Deal' agreed upon with China during the Trump administration will be maintained for the time being."

Kim Doo-sik, lead attorney at Sejong Law Firm, who presented on import regulation trends and countermeasures, pointed out that global import regulation measures such as anti-dumping and countervailing duties reached their highest level in the past decade last year. Korea is the second most targeted country after China for import regulations from other countries, and 65% of all import regulations are imposed by emerging countries.

Lawyer Kim argued, "Next year, global trade is expected to increase slightly, but regional, country, and industry imbalances are expected to recover unevenly, which may result in trade gaps, so import regulations centered on emerging Asian countries could become more active."

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