The European Union (EU)'s new chemical regulation will severely impact the Chinese chemical industry, suggested Yan Bangsong, deputy chairman of China Chamber of Commerce of Metals Minerals and Chemicals Importers and Exporters (CCCMC), according to the Shanghai Securities News.
The new regulations, known as REACH, or Registration, Evaluation, Authorization and Restriction of Chemicals, were passed by the European Parliament and the Council of EU on December 18, 2006.
Officials said REACH's aim is to "ensure a high level of protection of human health and the environment," and "enhance competitiveness and innovation".
REACH entered into force on June 1 this year, and will be formally implemented on June 1 of 2008, said Zhou Chun, director of CCCMC's petrochemical department....
The overall estimated expense for a single kind of product during the licensing procedures accounts to between two and three million yuan (US$266,372 to 399,558) under REACH. Just the basic examination fees will total roughly one million yuan.
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