December 21, 2024

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Yoon Jin-sik (second from left), chairman of the Korea International Trade Association, speaks during a meeting with Patrick Anthony Child (right), deputy director-general of the European Commission’s Environment Directorate-General, in Brussels, Monday. (KITA)

Korea International Trade Association Chairman and CEO Yoon Jin-sik visited Brussels this week to convey South Korean companies' concerns regarding upcoming EU environmental regulations to key European Commission and European Parliament representatives.

During his visit Monday through Tuesday, Yoon was accompanied by a KITA delegation, comprising executives from member companies, including Meta Biomed, Hanyoung Nux, Exicon and Daejoo Autotech, according to the KITA on Tuesday.

In a meeting Monday with Patrick Anthony Child, deputy director-general of the European Commission’s Environment Directorate-General, Yoon raised concerns about the EU’s Deforestation Regulation. Also known as EUDR, it is designed to combat climate change and protect biodiversity.

The regulation, set to take effect by the end of the year, requires companies importing or producing products like soy, coffee, rubber and tires to prove they are not sourced from deforested areas. This could potentially pose compliance challenges for industries such as tires and automobiles, especially as key details remain undisclosed.

After the meeting with Yoon, Child acknowledged the need for adjustments, reportedly stating, "If the difficulties faced by Korean companies due to EU trade measures are fully communicated, we will make efforts to reflect them in future policy guidelines." He also recognized Korea’s important role in the EU’s green transition.

The following day, Yoon met with Marie-Pierre Vedrenne, a European Parliament International Trade Committee member, and urged the EU to ensure that trade regulations do not unintentionally harm key partners like Korea. He also highlighted the administrative burdens faced by Korean companies under the tightening regulations and requested greater attention from the European Parliament.

Reflecting on the meetings, Yoon expressed his commitment to supporting Korean businesses in navigating international challenges. "Expanding our outreach to Europe, following similar efforts in the US, is crucial. Wherever our companies encounter difficulties, we will continue to provide support," he said.

KITA also said Thursday that it will open a new office in Warsaw, Poland, to support Korean businesses in Europe.

By Hwang Joo-young (flylikekite@heraldcorp.com)