South Korea Joins Green Economy Agreement Talks Amid Climate Trade Uncertainty

The Ministry of Trade, Industry and Energy announced that South Korea will join negotiations for the plurilateral Green Economy Agreement (GEPA) to strengthen its response to climate measures. The GEPA is a plurilateral agreement that aims to introduce new trade norms in the green economy sector to prevent countries' measures to combat climate change from becoming unnecessary trade barriers.

South Korea's participation in the GEPA negotiations was confirmed through letters exchanged between trade ministers of existing GEPA participating countries, including Singapore, New Zealand, and Chile. This move is expected to help strengthen South Korea's response capabilities against trade-related climate measures, such as the European Union's Carbon Border Adjustment Mechanism (CBAM).

Park Jung-sung, Minister for Trade at the Ministry, stated that plurilateral agreements like the GEPA will play a leading role in shaping new trade norms amid heightened uncertainty in the trade environment. He added that South Korea will meticulously establish plans and conduct negotiations to leverage climate change response and the expansion of the green market to enhance its industry's competitiveness and create new export opportunities.