Trade Minister holds talks on the sidelines of OECD 2022 Ministerial Council

Trade Minister Ahn Duk-geun held bilateral talks with EU Trade Commissioner Valdis Dombrovskis and OECD Secretary-General Mathias Cormann, respectively, on the occasion of the OECD 2022 Ministerial Council Meeting through June 9-10 in Paris.

First, Minister Ahn met with Commissioner Valdis Dombrovskis on June 9, where the two trade chiefs discussed the Korea-EU FTA, digital, supply chain, environment and other new trade issues.

Trade Minister Ahn urged the EU to closely coordinate with the South Korean government in the legislation process of the Carbon Border Adjustment Mechanism (CBAM) Implementing Act so that it will not end up being a unilateral trade barrier, and also called for tighter multilateral cooperation with the WTO and OECD. He shared EU's stance on the importance of the Korea-EU Digital Partnership and suggested closer talks between relevant nations.

Moreover, Minister Ahn relayed concerns regarding EU's Single Use Plastic Directive (SUPD) regulations, since they might restrict Korea's bioplastic use despite its ecofriendly properties, and urged more cooperation on EU's part.

The following day, Minister Ahn met with the OECD Secretary-General and commended OECD for its response to economic recovery delays and food and energy crises amid the pandemic and Ukraine situation, and discussed measures to strengthen Korea-OECD policy and people-to-people collaboration.

Minister Ahn stressed the importance of economic recovery through trade, and maintained Korea's commitment to contribute to supporting developing nations by sharing its policy experiences with OECD.

With respect to OECD's digital taxation, he delivered Korea's stance, that it is committed to participating in follow-up discussions, but companies should not be overburdened by administrative cost.

In consideration of Korea's proportion in global trade, Korea's trade chief asserted that not only should Korea and EU expand their base of cooperation, but also draw more Korean specialists to OECD to contribute their unique field of expertise.