This article is brought to you by Business Korea.
Experts in the US, EU, Switzerland, China, and Japan expressed concerns over Korea’s Act on the Registration and Evaluation of Chemicals in the World Trade Organization (WTO). Under the circumstances, the probability of an international trade dispute is increasing about the direction of the act the Korean government is working on.
The reason for their concerns is because not only Korean companies but their foreign counterparts doing business in Korea could take a serious hit from the implementation of the law. The countries are considering the act to be much more stringent than the European Union’s Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) act.
The most poisonous clauses in the act for them include the obligatory registration of limited-quantity materials, the removal of the clauses exempting the registration of chemicals for R&D purposes and the compulsory provision of chemical substance information. The same matters have been pointed out by local companies, too. According to the Ministry of Trade, Industry and Energy, the testing and analysis costs for the registration of the limited-quantity materials reach 13 trillion won for eight years if the act is implemented as it is.
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