South Korea is set to officially participate in the negotiations for the Green Economy Partnership Agreement (GEPA). The Ministry of Trade, Industry and Energy announced on September 29 that the second official negotiations for GEPA will take place in Seoul from September 30 to October 2. Delegations from four countries, including South Korea, New Zealand, Singapore, and Chile, will attend the talks.
GEPA aims to establish trade norms in response to climate change and to promote trade and investment in green products and services. Singapore, New Zealand, and Chile announced their plans to advance GEPA during the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju last October, with the first round of negotiations held in Singapore in July.
South Korea formalized its participation after exchanging letters among trade ministers earlier this month. On September 2, South Korea submitted a letter of intent to join GEPA to the existing member countries, and responses from Singapore, New Zealand, and Chile confirmed South Korea's official participation on September 11.
These three countries were instrumental in launching the P4 agreement, a precursor to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and were the first to establish the Digital Economy Partnership Agreement (DEPA). The collaboration with these nations signifies South Korea's commitment to developing new climate trade rules.
The upcoming negotiations will focus on establishing criteria for distinguishing low-emission and environmentally friendly products and facilitating trade in these goods. Additionally, discussions will include ways to enhance cooperation on the use of Sustainable Aviation Fuel (SAF) in the aviation sector.
GEPA will also address the need for common standards among participating countries to ensure that trade-related climate measures, such as the European Union's Carbon Border Adjustment Mechanism (CBAM), do not create unnecessary trade barriers. Expanding trade in low-emission products, including low-carbon steel, is a key objective.
Kim Jang-hee, the Ministry's Director of New Trade Strategy Support, stated, "The holding of the second round of negotiations marks the official start of South Korea's participation in GEPA. We will actively engage in negotiations to ensure that our efforts in addressing climate change and expanding green markets lead to enhanced competitiveness for our industries and the capture of new markets."
* This article has been translated by AI.
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