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SUMMARY OF RESULTS OF PRESIDENT LEE JAE MYUNG ON-SITE MEETING WITH THE TRUCKING INDUSTRY

During meetings with the Second Vice Minister of Land, Infrastructure and Transport and working-level negotiations, KPTU-TruckSol has strongly urged the government to implement the following emergency measures in response to the fuel crisis: ▲ deferment of truck instalment payments, ▲ round-the-clock toll discounts, ▲ removal of the cap on fuel-price-linked subsidies, ▲ measures to address the diesel exhaust fuel (DEF, or adblue) shortage, and ▲ expansion of the Safe Rates system. 

Consequently, we received the following commitments directly from President Lee Jae-myung during a meeting with industry stakeholders at 4:00pm on 8 April at Uiwang ICD, over which he presided himself. 

1. Immediate and effective measures to address rising fuel prices

• 3-month deferral of principal payments on truck instalment loans ➞ To be implemented in April

• Full exemption from payment of late-night highway tolls ➞ To be implemented in April

  - Full discount of late-night (21:00-06:00) tolls, which had previously been 50%

• Abolition of the cap on oil price-linked subsidies by expanding fuel tax revenue ➞ Legislation expected to pass the National Assembly

  - Abolition of the cap on oil price-linked subsidies (now at 183.21 won) by expanding fuel tax revenue

  - If the price of diesel exceeds 1,700 won per litre, provide support for 70% of the amount in excess with no limit

• Develop measures to stabilise the supply of diesel exhaust fuel (DEF, adblue)

• Explore establishment of a loan support system for small business owners

2. Develop a fundamental solution through the stabilisation and expanded application of the Safe Rates System

• Commitment to maintaining safe rates for containers and cement

• Measures to address violations of Safe Rates ➞ Joint inspections by the Ministry of Land, Infrastructure and Transport to be conducted in April

  - Following working-level consultations, the Vice Minister of Land, Infrastructure and Transport has pledged to personally tour sites and inspect violating businesses in April

• Reviewing the expansion of the Safe Freight Rate System

  - Fact-finding survey and discussions to expand the application of the Safe Rates system

  - Review overseas cases where the system is applied to all vehicle and freight types to facilitate the expansion of the Safe Freight Rate System