The Brussels office of the Korea International Trade Association said in its report on June 6 that the result of the recent European Parliament elections can have a negative impact on South Korea’s export of machinery, consumer electronics, transportation equipment and chemical products by leading to stricter labor and environmental regulations.
The elections took place in the 28 EU member states from May 23 to 26. There, pro-EU political groups obtained 506 out of 751 seats. The groups tend to focus on compliance with labor and environment rules in trade. Late last year, the European Union called upon South Korea to ratify ILO conventions in accordance with the Korea-EU FTA.
The groups are advocating trade protectionism for industrial protection and job creation in order to respond to the U.S. trade offensive, too. Earlier, the European Union took safeguard measures in response to Section 232 of the Trade Expansion Act of 1962. It is likely to impose tariffs on imported cars like the United States.
“The new protectionist trade measures of the European Union and its policies for environmental protection such as carbon taxes and chemical safety measures may negatively affect the export of the major export items of South Korea,” the report said.