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The Ministry of Trade and Industry building. / Photo by Kim So-young

The South Korean government is strengthening its joint public-private response to prevent discrimination against Korean companies during the European Union's legislative process for the Industrial Accelerator Act (IAA). The Ministry of Trade and Industry plans to visit Brussels next month to meet with key members of the European Parliament, explain Korean companies' contributions to investment, employment and supply chains in Europe, and persuade them to reflect the Korean industry's position in the legislation.

The ministry announced on Oct. 28 that it held the second meeting of the "Public-Private Joint Task Force on the EU Industrial Accelerator Act" at the Korea Chamber of Commerce and Industry (KCCI) in Seoul. The meeting was chaired by Park Jeong-sung, Minister for Trade, and attended by representatives from the automotive, battery, steel and nuclear power industries, industry associations and relevant government ministries.

The meeting followed the launch of the task force on Oct. 15 and was organized to share the results of outreach activities in the EU and discuss strategies for responding to the upcoming legislative process.

Since the first meeting, the government has continued its outreach efforts targeting major EU legislative institutions. On Oct. 20 and 21, the ministry's Director General for New Trade Strategy Support visited the European Parliament in Strasbourg, France, and met with eight lawmakers from major political groups and relevant parliamentary committees. The official called for measures to prevent discrimination against Korean companies and ensure equal treatment for trusted partner countries.

At the 14th Korea-EU Free Trade Agreement (FTA) Committee on Trade in Goods, held on Oct. 21, the government also urged the European Commission to ensure equal treatment for Korean-made components and final assembly operations and to establish reasonable EU local-content requirements.

During the meeting, participants reviewed key issues, including the scope of recognition for trusted partner countries and local-content requirements in the automotive sector, amid a growing preference for EU-made products within the bloc. The government and industry representatives agreed to strengthen their outreach efforts by highlighting Korean companies' investment and employment records in the EU and their contributions to local supply chains.

The government is also expanding the sharing of information on EU legislative developments and local outreach activities through related organizations, including the Korea International Trade Association (KITA) and the Korea Trade-Investment Promotion Agency (KOTRA). It also plans to develop more concrete measures for jointly conveying its positions through the local networks of Korean companies operating in the EU.

Park is scheduled to visit Brussels in November to conduct high-level outreach activities targeting key members of the European Parliament.

"In particular, we will strengthen organic cooperation among the government, industry, diplomatic missions and corporate offices in the region, centering on the public-private joint task force, and make every effort to ensure that the Korean industry's position is substantively reflected in the EU legislative process," Park said.

                                                                                                            Kim Jeong-kyu