Choi Jin-sik, chairman of the Federation of Middle Market Enterprises of Korea (FEMCO), proposed expanding cooperation between Korean and European companies in a meeting with Ugo Astuto, the European Union's ambassador to South Korea. He also asked that trade rules such as the EU's tariff rate quota (TRQ) system for steel be applied reasonably.
The federation said Choi received Astuto on the 16th at its reception room in Seoul's Mapo district. "We hope cooperation in advanced technology, supply chains, digital and energy will be strengthened on the basis of the Korea-EU Competitiveness Partnership and the Korea-EU Digital Trade Agreement agreed at the June summit," Choi said. "Korean mid-sized companies, which hold world-class technology in advanced strategic industries, are key players that will drive stronger economic security and industrial competitiveness for both sides."
Choi stressed the need to reflect both sides' interests more reasonably. "There is a need to improve fairness among countries in the global quota under the EU's steel tariff rate quota system, which neighboring countries monopolize, and to apply the targets and scope of the Industrial Accelerator Act flexibly ahead of its implementation in 2028," he said.
He also urged careful adjustment of EU standards. "Advanced industrial standards such as the EU's Carbon Border Adjustment Mechanism, REACH chemical risk assessment rules and steel quotas should not act as regulations that dampen corporate activity," he said. "Opinions from companies in each country should be gathered broadly and the rules adjusted with care."
Astuto said Korean mid-sized companies playing key roles in strategic value chains could become excellent partners for European firms seeking to diversify supply chains. He added that the EU would identify and expand opportunities for cooperation in areas including supply chains, clean technology and advanced industries, based on close communication with the federation.