South Korea Joins Plurilateral Green Economy Agreement Negotiations to Strengthen Response to Climate Measures

The Ministry of Trade, Industry and Energy announced today (the 11th) that South Korea will officially formalize its participation in negotiations for the plurilateral Green Economy Agreement (GEPA).

GEPA is a plurilateral agreement that discusses the introduction of new trade norms in the green economy sector to ensure that various countries' measures to combat climate change do not act as unnecessary trade barriers.

In October of last year, on the margins of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Gyeongju, three countries—Singapore, New Zealand, and Chile—agreed to push forward with the initiative.

The Ministry explained that it officially confirmed South Korea's intention to join the negotiations by exchanging letters between trade ministers with existing GEPA participating countries.

Participation in the GEPA negotiations is expected to help strengthen response capabilities against trade-related climate measures, such as the European Union's Carbon Border Adjustment Mechanism (CBAM), and reflect the realities and interests of domestic industries in green norms.

Park Jung-sung, Minister for Trade at the Ministry, stated, "Amid heightened uncertainty in the trade environment, plurilateral agreements like the GEPA will play a leading role in shaping new trade norms." He added, "We will meticulously establish plans and conduct negotiations so that climate change response and the expansion of the green market can lead to our industry's competitiveness and new export opportunities."

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.