Ministry of Trade, Industry and Energy

Trade Minister attends WTO MC13's session on Trade and Sustainable Development

Minister for Trade Inkyo Cheong attended the WTO MC13’s “Trade and Sustainable Development” ministerial session on the themes of trade, sustainable development, industrial policies and inclusion on February 26 at ADNEC in UAE with other WTO member countries’ trade ministers and WTO Director General Okonjo-Iweala. date2024-02-28

Trade Minister meets with Bulgaria’s Economy and Industry Minister

Minister for Trade Inkyo Cheong met with Bulgaria’s Economy and Industry Minister Bogdan Bogdanov on February 26 at the Abu Dhabi National Exhibition Centre (ADNEC) in UAE on the margins of the WTO’s MC13 and discussed trade, industrial and investment cooperation as well as EU’s economic legislations and major agenda items. date2024-02-27

Export control enforcement to tighten on common high priority items to prevent circumvention

The Ministry of Trade, Industry and Energy (MOTIE) announced on February 26 that it plans to tighten enforcement on items listed under catch-all controls in accordance with the amended 33rd Public Notice on Trade of Strategic Items (enforced February 24) for export control against Russia and Belarus.   MOTIE is currently running an export control implementation working group with relevant institutes and ministries, including the Ministry of Foreign Affairs (MOFA), Korea Customs Service (KCS), Defense Acquisition Program Administration (DAPA), Korea Strategic Trade Institute (KOSTI) and the National Intelligence Service (NIS) for managing the implementation of export control against Russia and Belarus, uncovering companies that illicitly export catch-all items and imposing administrative or criminal punishment in accordance with the Foreign Trade Act.   Through close cooperation with relevant authorities and allied nations, MOTIE and other ministries have uncovered companies that exported illegally to Russia or circumvented through third countries, and cases of punishment are increasing in number as of late.   With the list of catch-all control items extended in accordance with the amendment, it is expected that attempts to bypass export controls or circumvent through third countries will increase, to which MOTIE plans to tighten enforcement through joint efforts with related institutions.   To note, investigations and crackdowns will be concentrated on common high priority items, machine tools and other sensitive items as requested by cooperating countries in order to prevent circumvention.   Moreover, efforts will also go towards promoting and providing guidance on the amendment with KCS and KOSTI to prevent unauthorized export due to businesses' lack of awareness. date2024-02-27

Minister Ahn and U.S. Commerce Secretary Raimondo discuss forward-looking measures to deepen industrial and trade cooperation

Trade, Industry and Energy Minister Dukgeun Ahn held a telephone conversation with U.S. Secretary of Commerce Gina Raimondo on February 27 to discuss forward-looking measures for bolstering industrial cooperation and requested the U.S.’ continued support over the Inflation Reduction Act (IRA), CHIPS Act subsidies and other trade issues.   The talks were held at the request of Secretary Raimondo to congratulate Minister Ahn’s taking office and to discuss measures on expanding bilateral cooperation. The Ministry of Trade, Industry and Energy (MOTIE) and the U.S. Department of Commerce (DOC) have maintained close and cooperative ties through a number of initiatives, including the Korea-U.S. Supply Chain and Commercial Dialogue (SCCD) and the Indo-Pacific Economic Framework for Prosperity (IPEF).   Minister Ahn viewed that the Korea-U.S. relations have advanced to a technological and advanced industrial alliance, encompassing semiconductors, the critical minerals supply chain, and technological security, and highlighted that MOTIE and the DOC continue to play key roles in strengthening the two countries’ cooperative relations in the future. Moreover, he asked for the U.S.’ cooperation on issues like the IRA tax credit, “foreign entity of concern” (FEOC), and the CHIPS Act subsidies.   The two sides highly assessed not only the bilateral Korea-U.S. cooperation, but IPEF and other forms of multilateral cooperation as well, building a shared consensus on the importance of the Korea-U.S.-Japan commerce and industry ministers’ meeting in accordance with the initiative from the Trilateral Leaders’ Summit at Camp David last August.   MOTIE plans to further efforts to enhance cooperation with the U.S. in advanced industries and supply chains, while giving full measure to promptly push policies to strengthen the competitiveness of semiconductors, EVs, and other advanced domestic industries. date2024-02-27

Trade Minister meets with China's Commerce Minister

Minister for Trade Inkyo Cheong met with China's Commerce Minister Wang Wentao on February 26 at the Abu Dhabi National Exhibition Center (ADNEC) in UAE on the margins of the 13th World Trade Organization (WTO) Ministerial Conference (MC13) and discussed measures to advance Korea-China bilateral trade and investment cooperation. date2024-02-27

Trade Minister attends WTO's MC13

Minister for Trade Inkyo Cheong attended the 13th World Trade Organization (WTO) Ministerial Conference (MC13) on February 26 at the Abu Dhabi National Exhibition Center (ADNEC) in UAE as one of the 166 WTO member countries’ trade ministers and with WTO Director General Ngozi Okonjo-Iweala. date2024-02-27

Trade Minister meets with Finland's Minister for Foreign Trade and Development

Minister for Trade Inkyo Cheong met with Finnish Minister for Foreign Trade and Development Ville Tavio on February 26 at the Abu Dhabi National Exhibition Center (ADNEC) in UAE on the margins of the WTO’s MC13 to discuss Korea-Finland economic cooperation measures and MC13 agenda issues. date2024-02-27

Minister Ahn chairs 1st Global Trade Strategy Meeting

Trade, Industry and Energy Minister Dukgeun Ahn chaired the 1st Global Trade Strategy Meeting on February 26 at Lotte Hotel Seoul to discuss the global trade environment forecast and analysis and to review the response strategies and directions for the Korean government and industries in view of the shifting international landscape.   Global Trade Strategy Meeting attendees were composed of international relations experts and representatives of relevant institutions, including Korea Trade-Investment Promotion Agency (KOTRA), Korea Chamber of Commerce and Industry (KCCI) and the Korea Institute for International Economic Policy (KIEP). date2024-02-27

Government, industry and academia experts seek measures for overcoming global trade uncertainties in 2024

Trade, Industry and Energy Minister Dukgeun Ahn chaired the 1st Global Trade Strategy Meeting on February 26 at Lotte Hotel Seoul to discuss the global trade environment forecast and analysis and to review the response strategies and directions for the Korean government and industries in accordance with the shifting international landscape, in view of this year’s upcoming elections in 76 countries and the expected surge of global uncertainties and trade risks.   The Global Trade Strategy Meeting members were composed of representatives of relevant industries, trade, industry and international relations experts and Government officials.   Minister Ahn stated that “As the state of the global trade environment is critical, the Government will identify and share information at a faster pace and provide a more detailed response by utilizing the Global Trade Strategy Meeting as a platform.”   He added that “Trade authorities are closely negotiating through multilevel channels over various issues, including the U.S.’ Inflation Reduction Act (IRA), ‘foreign entity of concern’ (FEOC), chip subsidies and the EU’s Carbon Border Adjustment Mechanism (CBAM), and plan to team up with industries to redouble the efforts so that our position can be taken into utmost consideration.”   The Ministry of Trade, Industry and Energy (MOTIE) plans to launch a two-track system within this year consisting of the Global Trade Strategy Meeting, as a minister-chaired public-private joint cooperation channel, and a consultative working group. The consultative working group will be held on a regular basis as a follow-up to the Global Trade Strategy Meeting for developing response strategies per each possible scenario based on detailed analysis on various risks by issue, region, and business in order to give full attention to managing the trade risks for this year. date2024-02-27

Trade ministers issue joint ministerial declaration on IFD on margins of MC13

Minister for Trade Inkyo Cheong took part in issuing the joint ministerial declaration on the Investment Facilitation for Development (IFD) Agreement, of which Korea co-chaired with Chile, on February 26 at the Abu Dhabi National Exhibition Centre (ADNEC) in the United Arab Emirates (UAE) on the margins of the WTO’s MC13 together with the WTO Director General Ngozi Okonzo-Iweala and trade ministers of other participating and interested countries. date2024-02-26