South Korea calls for multilateral discussion on new c …
Seoul, October 6 (IANS) South Korea’s trade ministry on Wednesday called on members of the World Trade Organization (WTO) to hold talks to prevent global environmental regulations, including Europe’s new carbon policy , to hamper global free trade.
The European Union announced earlier that it would adopt the Carbon Border Adjustment Mechanism (CBAM), which is expected to be fully implemented in 2026 after a three-year transition period.
“We need to hold multilateral discussions to prevent environmental measures, such as CBAM, from becoming new barriers to trade,” Trade Minister Yeo Han-koo said at a mini WTO ministerial meeting in Paris, quoted by the Yonhap press agency.
Under the CBAM regime, European importers of cement, electricity, fertilizers, steel and aluminum must purchase âcarbon certificatesâ corresponding to the amount of carbon directly spent in the manufacture of the products.
South Korea believes that its steel and aluminum industries will be among the main victims when European policy is fully implemented.
The mini-ministerial meeting preceded the 12th WTO Ministerial Conference, which is scheduled to kick off on November 30.
Yeo added that South Korea will also actively participate in the fisheries subsidy negotiations at the ministerial meeting, which focuses on banning subsidies that contribute to overfishing and other illegal and unregulated fisheries.
Talks for the deal began in 2001, but they have yet to reach an agreement due to a series of issues, such as special treatment for developing and underdeveloped countries.
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