Martial Arts, Hosting the '2022 Second Half EU Major Trade Issues Webinar'

"Minimize the Impact of EU Trade Regulations and Actively Reflect the Opinions of Entering Companies"

[Asia Economy Reporter Park Sun-mi] The Korea International Trade Association held the ‘2022 Second Half Major European Union (EU) Trade Issues Webinar’ on the 23rd.

During the webinar, trade regulations that significantly impact Korean companies operating in the EU, such as the EU’s foreign subsidies regulation, the Carbon Border Adjustment Mechanism (CBAM), and supply chain due diligence guidelines, were discussed along with response strategies.

Jinwoo Kim, attorney at global law firm Reed Smith, stated, “Under the foreign subsidies regulation scheduled to be implemented next year, the EU Commission can conduct ex officio investigations not only in mergers and acquisitions (M&A) and public procurement but also in any area suspected of distorting competition.” He emphasized, “Companies must thoroughly prepare in advance by gathering recent foreign subsidy information they have received and documentation that can justify it.”

Regarding the Carbon Border Adjustment Mechanism (CBAM), which is expected to have a significant impact on companies related to steel, aluminum, and other sectors, he said, “Trilateral negotiations among the EU Parliament, Council, and Commission are expected to begin in October to enact the CBAM legislation.” He added, “Before the final legislation is established, Korean companies should actively communicate their opinions and difficulties regarding emission reporting and verification procedures to EU policymakers.”

Bitna Jo, head of the Korea International Trade Association’s Brussels office, said, “Recently, the EU has announced numerous laws under the pretext of creating a ‘level playing field’ to protect domestic companies and curb foreign investment.” She added, “Our association will work closely with the government and related agencies to explore ways to minimize the impact of EU regulatory measures on Korean companies and will do its best to ensure that the positions of our companies are fully reflected during the legislative process.”

Meanwhile, the Korea International Trade Association’s Brussels office published the report ‘2022 Second Half EU Trade-Related Regulations and Implications’ on the 23rd, summarizing major EU trade regulations such as the Carbon Border Adjustment Mechanism, supply chain due diligence guidelines, foreign subsidies regulation, and digital market regulations, along with their implications for Korean companies.

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