S. Korea, Singapore, New Zealand review progress in green trade pact talks

SEOUL, Nov. 5 (Yonhap) -- Senior officials from South Korea, Singapore and New Zealand convened a videoconference to review the status of negotiations and identify outstanding issues surrounding their trilateral Green Economy Partnership Agreement (GEPA), the industry ministry announced on Thursday. The talks, which took place ahead of the upcoming APEC Economic Leaders Week in China, aim to address the challenges posed by trade-related climate measures (TrCMs) and support businesses in maintaining stable operations in a rapidly changing global trade environment.

The agreement, initiated during the APEC Economic Leaders Week held in South Korea last year, seeks to collaborate with Singapore and New Zealand to tackle issues such as the European Union's Carbon Border Adjustment Mechanism (CBAM). This EU policy tool ensures that imported goods adhere to a carbon price similar to that applied to domestically-produced products.

Moreover, the three nations plan to strengthen exchanges of policies and technologies in the aerospace and construction sectors to foster sustainable industrial growth. Negotiations on GEPA commenced as side events to the APEC Economic Leaders Week in South Korea last year and have since been held in two rounds, with a third round slated for early 2027. The agreement's ultimate goal is to create a practical mechanism for the participating countries to convert their shared priorities into tangible results.