The European Chamber of Commerce in Korea (ECCK) on Thursday urged the South Korean government to allow more freedom in regulating electric vehicle (EV) batteries, plastic recycling, and other industries to support commerce between Seoul and the European Union.
The ECCK released its annual white paper, which outlines the regulatory challenges across 17 key sectors in which European companies are involved, such as automotive, healthcare, food, and energy. ECCK Chairperson Philippe Van Hoof said, “It would be essential for the government to follow through on its promise to reduce bureaucracy and implement a pro-business policy for both Korean and European businesses. We hope that this White Paper serves as a constructive communication tool for both European business and Korean authorities.”
The ECCK asked the government to relax the regulations on the recycling of waste PET plastics, which currently only allows for those generated in Korea, saying the rule is hindering the import of products using recycled PET plastics produced abroad. It also suggested introducing a “unified licensing process” for the offshore wind power industry and securing 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.
ECCK requested that the Seoul government 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 South 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.
The ECCK further proposed 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. According to the ECCK, the total amount of trade between the European Union and South Korea was 137 billion euros (US$145.8 billion) in 2022, compared with 61 billion euros in 2010.
The ECCK, established in 2012 as an advocacy group for promoting trade and business relationships between Europe and South Korea, has about 400 member companies and represents about 50,000 employees working in South Korea.