Korea Discusses FTA Progress with EU Amid Regulatory Concerns

In a recent meeting held in Brussels, Korea’s Ministry of Trade, Industry, and Energy discussed the progress of the bilateral free trade agreement (FTA) with the European Union (EU) and addressed growing regulatory uncertainties faced by exporters. The discussions focused particularly on the EU’s environmental regulations, such as the Carbon Border Adjustment Mechanism, which has created additional burdens for Korean firms. Korea urged the EU to recognize various methods of carbon emission reduction and to improve its reporting system.
The FTA has significantly boosted bilateral trade, with the trade volume reaching a record $136.1 billion in 2023, up from $83.3 billion in 2010. Despite global uncertainties and expanding protectionism, both Korea and the EU reaffirmed their commitment to free trade and the mutual benefits of the FTA. The first batch of Samgye-tang, or Korean ginseng chicken soup, was recently shipped from Busan to the EU, symbolizing the ongoing trade collaboration.