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기사입력 : 2024.05.20 10:11
The Ministry of Trade, Industry, and Energy convened an industry meeting on May 14th to address concerns surrounding the United Kingdom's proposed carbon border adjustment mechanism. This meeting aimed to solicit feedback from stakeholders on the design proposal unveiled by the UK on March 21st and to strategize joint responses.
The UK's proposed mechanism includes items such as steel, aluminum, cement, fertilizers, hydrogen, ceramics, and glass.Notably, South Korea exports steel worth $300 million to the UK, constituting 98% of the export value of the seven applicable items as of 2023.
While the South Korean industry acknowledges the similarity between the UK's proposal and the European Union's existing mechanism, concerns have been raised regarding quarterly emissions reporting, cost payments, and the lack of an adaptation period due to the proposed immediate implementation in 2027.
Shim Jin-soo, Director-General for Trade Strategy Support, emphasized the need for proactive engagement with regulatory authorities to ensure fair competition for South Korean companies. He stated, "Countries like the UK, in addition to the European Union, are considering or implementing measures similar to carbon border adjustment mechanisms, raising concerns for our exporting companies."
In response, the Ministry of Trade, Industry, and Energy commits to ongoing monitoring of carbon border adjustment mechanisms globally, including those of the European Union and the UK. Additionally, they pledge to maintain close communication with industry stakeholders and advocate for South Korea's interests in subsequent discussions.
This meeting underscores the importance of proactive engagement and collaborative efforts to address the challenges posed by evolving global carbon regulations while safeguarding the competitiveness of South Korean industries on the international stage.
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