Checking Trends in International Discussions on Labor and Environment at the New FTA Strategic Forum

Ministry of Trade, Industry and Energy and International Trade Association Hold the '2nd New FTA Strategy Forum'

On the 20th, the Ministry of Trade, Industry and Energy will hold the 2nd New FTA Strategy Forum jointly with the International Trade Association at the Koreana Hotel.

This forum was organized to review the recent trends in discussions on new trade norms such as labor and environment, which have emerged during the conclusion of trade agreements among major countries, and to explore our response strategies.

Song Baek-hoon, President of the International Trade Association, stated, "As seen in cases like the UK-Australia Free Trade Agreement (FTA, effective May 2023), sectors such as labor and environment are forming independent chapters within trade agreements recently concluded between major countries," adding, "It is necessary to closely monitor the newly discussed trade norms and reflect them when establishing our government's future trade agreement strategies."

Ahn Chang-yong, FTA Policy Officer at the Ministry of Trade, Industry and Energy, emphasized, "In the 4th negotiation of the Indo-Pacific Economic Framework (IPEF) successfully held last week in Busan, labor, environment, and inclusiveness were key negotiation areas," and added, "Not only in IPEF but also in newly pursued FTAs worldwide, related norms are being strengthened, so it is time to actively respond by preparing guidelines to enhance the ESG (Environmental, Social, and Governance) capabilities of our companies."

The Ministry plans to develop negotiation strategies that reflect the positions of our government, industry, and stakeholders in major negotiations such as IPEF and the Korea-UK FTA improvement talks, which will be intensively discussed in the second half of the year, taking into account the matters discussed at this forum.

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