Yoo Myung-hee Meets with French Trade Minister: "Strengthening Digital and Green Cooperation"

Yoo Myung-hee, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy. (Photo by Yonhap News)

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[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced that Yoo Myung-hee, the Chief Trade Negotiator, met with Franck Riester, the French Minister of Trade, on the 18th.

France, along with Germany, is leading the European Green Deal. Chief Negotiator Yoo and Minister Riester discussed ▲ cooperation in response to the novel coronavirus disease (COVID-19) ▲ economic cooperation in digital and green sectors ▲ responses to changes in the global trade environment.

Yoo evaluated, "This year, both countries have closely cooperated on multilateral platforms such as the Group of Twenty (G20) and the Organisation for Economic Co-operation and Development (OECD) to ensure the smooth flow of essential goods, services, and personnel despite COVID-19."

He proposed, "Let us ensure that the ongoing cooperation in COVID-19 treatment development achieves its intended results and further strengthen collaboration in vaccine development and distribution."

According to the Ministry of Trade, Industry and Energy, since March, clinical cooperation on COVID-19 treatment (Nafamostat drug) has been underway between the Pasteur Institute of Korea and the Pasteur Institute of Senegal, facilitated by France.

Chief Negotiator Yoo noted that both countries have a high interest in the digital and green industrial transition after COVID-19, seeing great potential for future cooperation.

In September, France announced the 'France Relance' post-COVID economic recovery plan.

The plan includes investing a total of 100 billion euros (approximately 134 trillion KRW), with 30 billion euros (about 40 trillion KRW) allocated to eco-friendly energy transition projects and 34 billion euros (about 45 trillion KRW) to strengthening corporate competitiveness through digital technology development.

Yoo emphasized, "As digital trade is rapidly growing after COVID-19, global standards are necessary." He proposed, "Let us closely cooperate on WTO e-commerce negotiations and the standardization of digital technologies."

Furthermore, he stressed the need for the prompt approval of Korea's adequacy decision under the General Data Protection Regulation (GDPR) to activate digital trade with France and the European Union (EU), requesting cooperation from the French government.

This means recognizing the personal data protection systems of both sides as equivalent, allowing individual companies to transfer personal data without taking separate measures.

According to the Korea Internet & Security Agency, Korean companies operating in the EU spend about 1.2 trillion KRW to comply with GDPR. If the adequacy decision is granted, about 40%, or 500 billion KRW, can be saved.

Yoo recalled that cooperation between Korean and French companies in the eco-friendly vehicle sector is becoming active, citing the October 2018 memorandum of understanding (MOU) signed by Hyundai Motor Company, Air Liquide, and ENGIE on hydrogen vehicles, charging stations, and supply operations.

He requested the French government to "take interest in and support the establishment of charging infrastructure."

He also asked for cooperation to ensure the approval of investment subsidies from the European Commission, considering that Korean companies such as LG are expanding electric vehicle battery investments in Eastern Europe.

Both sides exchanged views on changes in the global trade environment, including the trade policy direction of the Biden administration in the United States and the conclusion of the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

They also shared the recognition that the global trade order is changing due to strengthened protectionism and intensified US-China conflicts amid COVID-19, agreeing to cooperate to uphold the values of free trade and the multilateral system.

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