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| ▲ This file photo, provided by South Korea's industry ministry, shows the 10th South Korea-EU FTA trade commission in Brussels on Nov. 30, 2022. (PHOTO NOT FOR SALE) (Yonhap) |
S Korea-EU-raw materials
S. Korea calls for non-discriminatory application of EU act on key raw materials
SEOUL, June 29 (Yonhap) -- South Korea called on the European Union on Thursday to ensure its new act on critical raw materials does not discriminate against foreign companies, Seoul's industry ministry said.
Trade Minister Ahn Duk-geun made the request during a meeting with Thierry Breton, EU Commissioner for Internal Market, in Seoul, as the two sides discussed ways to enhance trade and industry ties, according to the Ministry of Trade, Industry and Energy.
In March, the EU proposed the Critical Raw Materials Act, which calls for at least 40 percent of the critical raw materials the EU needs each year, such as copper and nickel, to be processed within the region in an effort to ensure its access to a diversified and sustainable supply of critical raw materials.
During the meeting, Ahn stressed that the regulation should be applied in a fair manner to non-EU business entities, while seeking ways to ease corporate burdens regarding the submission of related data.
The minister then proposed stronger bilateral cooperation on critical minerals, other strategic raw materials and their overall supply chains, the ministry said.
Ahn also sought to bring the EU's attention to South Korean companies operating there in order to allow them to receive benefits under the Net-Zero Industry Act (NZIA).
The NZIA aims to strengthen the EU's manufacturing capacity of net-zero technologies by promoting investment in related projects.
"The two sides agreed to hold a dialogue on supply chains and to continue discussions on a bilateral digital trade pact, as well as on the expansion of their relationship in semiconductors and broader industry sectors," the ministry said in a release.
The EU is South Korea's third largest trading partner after China and the United States. In 2022, the two-way trade reached an all-time high of US$136.3 billion.
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