“Complying with free trade principles”… EU, deadline for public opinion, draft legislation to be released early next year
While the European Union (EU) is promoting the so-called ‘Critical Raw Materials Act’ (CRMA) legislation to establish a supply chain for critical mineral raw materials, Korean companies that have entered Europe are legislating ‘the bill based on the ‘free trade principle’ It was said that it should be designed.
In a position paper submitted to the EU Commission under the joint names of the Korea Business Association in Europe (KBA Europe) and the Brussels branch of the Korea International Trade Association (KITA), confirmed by Yonhap News Agency on the 26th, they said, ” CRMA is the EU’s basic trade rule, free trade We need to support principles
In particular, he pointed out that “we are concerned about the trend of protectionism driven by some countries introducing discriminatory laws and regulations that favor domestic businesses.”
“CRMA should ensure that the minimum administrative burden and moderate data requirements do not unduly affect EU and non-EU companies,” he said.
“We understand the need to establish monitoring and establish a risk management framework to strengthen the stability of the supply chain and sustainability, but this will only be effective when no regulatory interventions or restrictions on business activities are imposed,” he said, ask for these issues to be. taken into account when designing the bill.
In addition, due to the introduction of CRMA, their position was expressed to avoid duplication with regulations that already exist, such as the EU battery regulation, while maintaining the consistency of regulations in the same context.
This opinion was presented as part of the process of gathering the views of stakeholders, which was closed until the day before the EU drafted the measure.
Although the specific outline of the Raw Material Act has not yet been released, it is interpreted as reflecting concerns that it could go in a similar direction to the US’s Deflation Act, which was actually focused on the benefits of electric vehicles in North America.
Previously, EU Commission President Ursula von der Leyen predicted that the demand for important mineral raw materials would increase by 500% by 2030, and presented the promotion of CRMA as a key policy task.
In particular, it is widely believed that the US will try to reduce its dependence on Chinese raw materials, similar to the IRA. It is against this background that the need for a pre-emptive response at domestic industry and government level was raised.
The Ministry of Trade, Industry and Energy also diagnosed at a joint public-private meeting last month that “the EU promotes the enactment of the Raw Materials Act to diversify the supply chain of raw materials, strengthen regional production, and strengthen management capabilities risk ,” and added, “The Raw Materials Act complies with international norms and does not discriminate against Korean companies. There needs to be an active response from the public and private sectors from the initial stage so that it is designed without phosphorus factors.”
Meanwhile, the EU, which announced plans to introduce a CRMA in September, is expected to release a draft bill early next year, reflecting various views held until the previous day. /Union
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