South Korea joins Green Economy Partnership Agreement negotiations

South Korea has officially joined the negotiations for the Green Economy Partnership Agreement (GEPA), a multilateral initiative led by Singapore, New Zealand, and Chile. The agreement aims to establish new trade norms in the green economy sector, focusing on carbon reduction, clean energy, and the trade of environmental goods and services.

By participating in GEPA, the South Korean government intends to strengthen its response to climate-related trade measures, such as the European Union’s Carbon Border Adjustment Mechanism (CBAM). The Ministry of Trade, Industry and Energy seeks to ensure that domestic industrial realities and interests are reflected in emerging green trade regulations, preventing climate policies from becoming unnecessary trade barriers.

Additionally, the move is expected to support the expansion of export markets for low-emission products, such as low-carbon steel. Park Jung-sung, Deputy Minister for Trade Negotiations, stated that the government will develop thorough plans to ensure that climate change response and the expansion of green markets translate into industrial competitiveness and new export opportunities.