Containers are stacked at Pyeongtaek Port. [The Herald Business DB]
Containers are stacked at Pyeongtaek Port. [The Herald Business DB]

South Korea has launched a public consultation process toward joining the plurilateral Green Economy Partnership Agreement, known as GEPA — a multilateral framework aimed at establishing new trade rules to ensure that climate-related measures do not become unnecessary barriers to trade.

The Ministry of Trade, Industry and Energy said Friday it held a public hearing on GEPA participation at the Korea International Trade Association (KITA) in Gangnam-gu, Seoul.

The hearing was held under Article 7 of the Act on Procedures for Conclusion and Implementation of Trade Treaties, which requires the government to solicit opinions from stakeholders and relevant experts before drawing up plans to conclude a trade treaty.

Singapore, New Zealand and Chile agreed to pursue GEPA at the Asia-Pacific Economic Cooperation summit in Gyeongju last October, with the goal of boosting trade and investment in green economy sectors.

Kim Jang-hee, the ministry's director general for new trade strategy support, said there is a growing need to establish new trade norms that ensure environment-related trade measures are transparent, science-based and mutually consistent across countries. "We will thoroughly develop a plan for pursuing the agreement so that climate action and the expansion of green markets can translate into competitiveness and new export opportunities for our industries," Kim said.

The ministry said it will proceed with the domestic procedures required to advance the trade agreement, taking into full consideration the opinions gathered at the hearing.


oskymoon@heraldcorp.com