Ministry of Trade, Industry and Energy Discusses Export Control Capability Enhancement with Strategic Materials Voluntary Compliance Companies

The 1st Strategic Materials Voluntary Compliance Companies (CP Companies) Meeting

[Asia Economy Reporter Joo Sang-don] The Ministry of Trade, Industry and Energy held a meeting with the industry on the 8th to promote voluntary compliance with strategic materials export controls.

On this day, the ministry held the "1st Strategic Materials Voluntary Compliance Companies Meeting" attended by 14 organizations, including companies voluntarily complying with strategic materials export controls.

This meeting was organized to gather industry opinions on the voluntary compliance trader (CP) system and, based on this, to discuss ways to strengthen the industry's export management capabilities. CP refers to companies that autonomously establish strategic materials control systems and are designated by the government to receive special permits such as general export licenses; currently, 156 companies have been designated.

At the meeting, Je Gyeong-hee, Director of Trade Security Policy at the Ministry of Trade, Industry and Energy, said in his opening remarks, "Strategic materials export control is the minimum safeguard for our companies to establish themselves as trustworthy trade partners in the international community," and added, "The government will continue to improve and supplement policies related to strategic materials to alleviate the burden on our companies."

CP companies (organizations) attending the meeting presented opinions on improving the voluntary compliance system for strategic materials export control, such as extending the CP designation validity period from 3 years to 5 years, and requested government support for efficient export control.

Following the meeting, a CP workshop was held both online and offline, where information on export control trends and major cases in key countries was shared.

The ministry plans to actively reflect the difficulties and suggestions raised by CP companies during the meeting and workshop, and to continuously provide opportunities for communication with the industry to more effectively promote trade security policies.