Ministry of Industry Proposes Supply Chain Cooperation with EU

Meeting with Breton, EU Commissioner for Internal Market

On the 29th, the Ministry of Trade, Industry and Energy proposed seeking cooperation with the EU (European Union) in the supply chain sector.

On the same day in Seoul, Ahn Deok-geun, Head of Trade Negotiations at the Ministry of Trade, Industry and Energy, met with Thierry Breton, EU Commissioner for the Internal Market, to discuss follow-up measures after the Korea-EU summit, including ▲EU economic legislation such as the Critical Raw Materials Act and the Carbon Neutral Industry Act, ▲economic security, and ▲advanced industrial policies and economic cooperation plans. Head Ahn explained Korea's early warning system and emphasized the necessity of cooperation in the supply chain sector with friendly countries in the event of global supply chain disruptions.

Commissioner Breton oversees the Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG Grow), Directorate-General for Communications Networks, Content and Technology (DG Connect), and Directorate-General for Defence Industry and Space (DG Defis) at the European Commission. This visit to Korea was made to attend the Korea-EU Digital Partnership Implementation Council.

On this occasion, in accordance with the agreement reached at the Korea-EU summit held in May, it was decided to continue discussions on ▲holding Korea-EU supply chain industrial policy dialogues, ▲initiating negotiations for a binding Korea-EU digital trade agreement, and ▲cooperation in semiconductor supply chains, technology, and policy sectors.

Head Ahn requested that detailed provisions to be established in the implementing and delegated acts related to the Critical Raw Materials Act, which are being promoted mainly by Commissioner Breton and DG Grow, be applied non-discriminatorily to non-EU companies and that the burden of data submission on companies be eased. He also proposed strengthening cooperation between Korea and the EU in the critical minerals sector and urged that Korean companies receive broad support during the implementation of the Carbon Neutral Industry Act.

An official from the Ministry of Trade, Industry and Energy stated, "The EU is Korea's third-largest trading partner after China and the United States, and as of 2022, Korea's cumulative investment in the EU totaled $115.9 billion, accounting for 11.9% of Korea's global investment of $973.5 billion, making it a key partner economic zone. The Ministry supports creating a favorable business environment for Korean companies in the EU region through continuous consultations with EU trade authorities."

[Image source=Reuters Yonhap News]

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