The European Chamber of Commerce in Korea (ECCK) on Thursday called for South Korea to consider allowing greater flexibility in adopting regulations for electric vehicle (EV) batteries, plastic recycling and other major industries, to help further promote the trade between Seoul and the economic bloc.
The ECCK made the recommendations to the South Korean government in its latest annual white paper, outlining the regulatory challenges across 17 key industries here in which European companies are engaged, including automotive, healthcare, food and energy.
"It would be important for the government to implement its pledge to cut red tape and lead a pro-business policy for both Korean and European businesses," ECCK Chairperson Philippe Van Hoof said.
"We hope that this White Paper serves as a constructive communication tool for both European business and Korean authorities," he said.
For the EV battery sector, the ECCK called on the government to recognize European automobile manufacturers who have obtained United Nations Regulation-type approval in Europe as satisfying the requirements of the battery safety certification system in Korea.
In August, the government announced a law amendment requiring the certification of EV batteries and other core components to address growing safety issues, such as fire risks. Details on the requirements and procedures are being worked out.
The ECCK requested the regulations be eased regarding limiting the recycling of waste PET plastics only to those generated in Korea, saying the current rule is blocking the import of finished products using recycled PET plastics produced overseas.
The ECCK also proposed establishing a "unified licensing process" for the offshore wind power industry and ensuring clear consent from residents in the areas where those projects are being carried out, as well as the government's active role in grid connections.
The ECCK suggested loosening the regulations and policy to allow greater flexibility in market access to new drugs, to help improve the treatment options and raise the chances for patients to cure their diseases.
In 2022, the total amount of trade between the European Union and South Korea reached 137 billion euros (US$145.8 billion), compared with 61 billion euros in 2010, according to the ECCK.
The ECCK was established in 2012 as an advocacy group for promoting trade and business relationships between Europe and South Korea. It has about 400 member companies and represents about 50,000 employees working in South Korea.
Source: Yonhap News Agency