{"id":11066,"date":"2021-08-26T11:10:17","date_gmt":"2021-08-26T03:10:17","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=11066"},"modified":"2021-08-26T11:10:19","modified_gmt":"2021-08-26T03:10:19","slug":"s-korea-to-seek-talks-with-eu-over-new-carbon-policy","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=11066","title":{"rendered":"S. Korea to seek talks with EU over new carbon policy"},"content":{"rendered":"\n

SEOUL, Aug. 26  — South Korea’s trade ministry said Thursday it is seeking to hold talks with the European Union (EU) over the single largest economic bloc’s new carbon-neutral policy, which may weigh down exports of steel and aluminum.<\/p>\n\n\n\n

The EU announced earlier that it will implement the Carbon Border Adjustment Mechanism (CBAM) in the near future, Yonhap news agency reported.<\/p>\n\n\n\n

Under the CBAM scheme, European importers of cement, electricity, fertilizer, steel and aluminum must purchase “carbon certificates” corresponding to the amount of carbon directly spent on producing the products.<\/p>\n\n\n\n

“The CBAM will help reduce the risk of carbon leakage by encouraging producers in non-EU countries to green their production processes,” the European Commission said in its online statement.<\/p>\n\n\n\n

\"carbon\"<\/figure><\/div>\n\n\n\n

The measure is expected to be fully implemented in 2026, following a transition period of three years.<\/p>\n\n\n\n

Accordingly, products produced with higher carbon emissions will lose their price competitiveness in the European market.<\/p>\n\n\n\n

“We are currently making efforts to help Europe understand that South Korea is also planning to go carbon neutral and has implemented related policies,” Trade Minister Yeo Han-koo said.<\/p>\n\n\n\n

Asia’s No. 4 economy currently seeks to go carbon neutral by 2050.<\/p>\n\n\n\n

“It is South Korea’s stance that the CBAM should fall in line with the rules of the World Trade Organization,” Yeo added.<\/p>\n\n\n\n

South Korea believes its steel and aluminum industries will be among the major victims when the European policy is fully applied.<\/p>\n\n\n\n

“We will carry out negotiations to make sure that environmental regulations, including the CBAM, do not put an excessive administrative burden on our firms,” Yeo added.<\/p>\n\n\n\n

Local firms have been suggesting that the government should offer tax cuts to help them ease potential financial burdens.<\/p>\n\n\n\n

—BERNAMA<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

SEOUL, Aug. 26  — South Korea’s trade ministry said Thursday it is seeking to hold…<\/p>\n","protected":false},"author":1,"featured_media":11067,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[59],"tags":[],"class_list":["post-11066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"featured_image_urls":{"full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-26-at-11.08.00.png",587,366,false],"thumbnail":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-26-at-11.08.00-150x150.png",150,150,true],"medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-26-at-11.08.00-300x187.png",300,187,true],"medium_large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-26-at-11.08.00.png",587,366,false],"large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-26-at-11.08.00.png",587,366,false],"1536x1536":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-26-at-11.08.00.png",587,366,false],"2048x2048":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-26-at-11.08.00.png",587,366,false],"newsium-slider-full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-26-at-11.08.00.png",587,366,false],"newsium-featured":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-26-at-11.08.00.png",587,366,false],"newsium-medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-26-at-11.08.00.png",587,366,false]},"author_info":{"info":["Editor"]},"category_info":"World<\/a>","tag_info":"World","comment_count":"0","_links":{"self":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/11066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11066"}],"version-history":[{"count":1,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/11066\/revisions"}],"predecessor-version":[{"id":11068,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/11066\/revisions\/11068"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/media\/11067"}],"wp:attachment":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}