The South Korean government has initiated a public consultation process regarding its participation in the Green Economy Agreement (GEPA) being pursued by Singapore, New Zealand, and Chile.
On July 24, the Ministry of Trade, Industry and Energy held a public hearing at the Korea International Trade Association to gather opinions from stakeholders and experts before establishing a plan for the trade agreement. This hearing was organized in accordance with relevant laws.
GEPA is a multilateral agreement that discusses the introduction of new trade norms in the green economy to ensure that countries' measures to combat climate change do not create unnecessary trade barriers. It also aims to promote trade and investment in related fields. The three countries agreed to pursue this initiative during the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju last October.
Singapore, New Zealand, and Chile are leading countries in establishing new trade norms, having first launched the Digital Economy Partnership Agreement (DEPA). South Korea's participation in GEPA discussions would allow for the proactive reflection of domestic industries' realities and interests in the establishment of new trade norms.
The public hearing included presentations on the overview of GEPA, progress updates, and economic feasibility analysis results, followed by panel discussions and feedback sessions. The Korea Institute for International Economic Policy (KIEP) presented the economic feasibility analysis, with participation from experts in academia and the fields of trade, carbon reduction, and environmental energy.
This public hearing signifies South Korea's commitment to actively respond to the convergence of climate and trade issues. As countries strengthen their environmental measures, including carbon reduction, green certifications, supply chain due diligence, and product environmental information disclosure, differing standards across nations could effectively act as new non-tariff barriers for businesses.
Kim Jang-hee, the Ministry's Director of New Trade Strategy Support, stated, "The need for establishing new trade norms is increasing to ensure that trade-related environmental measures are transparent and based on scientific evidence, and to enhance institutional coherence between countries. We will thoroughly establish a plan for the agreement to ensure that responses to climate change and the expansion of green markets lead to our industry's competitiveness and new export opportunities."
* This article has been translated by AI.
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