Ministry of Trade, Industry and Energy

Trade Minister meets with Singapore's Trade and Industry Minister

Minister for Trade Inkyo Cheong met with Singapore’s Trade and Industry Minister Gan Kim Yong on February 25 in Abu Dhabi, UAE, on the margins of the WTO’s MC13 to discuss cooperation in EV investment, supply chain partnership and the implementation and improvement of the Korea-Singapore FTA. date2024-02-26

Trade Minister attends WTO Ottawa Group trade ministers' meeting

Minister for Trade Inkyo Cheong attended the WTO Ottawa Group Trade Ministers’ meeting on February 25 in Abu Dhabi, UAE, with 13 other Group member countries’ trade ministers to discuss measures for MC13 agenda items and for the WTO dispute settlement reform on the margins of the 13th WTO Ministerial Conference (MC13). date2024-02-26

Trade Minister takes part in Coalition of Trade Ministers on Climate

Minister for Trade Inkyo Cheong took part in the Coalition of Trade Ministers on Climate meeting on February 25 in Abu Dhabi, UAE, on the margins of the 13th WTO Ministerial Conference (MC13) with trade ministers of other coalition member countries and voiced strategic views on the coalition’s priorities and voluntary actions. date2024-02-26

Trade Minister meets with Korean businesses in UAE to discuss Korea-UAE CEPA

Minister for Trade Inkyo Cheong met with representatives of Korean companies operating in the local UAE market and gave a briefing on the Korea-UAE CEPA inked last October and led discussions on measures for securing a competitive advantage utilizing this Agreement.   The conference was attended by representatives of Korea’s companies operating in UAE as well as related institutions, including Hyundai Motor, Hanwha Systems, POSCO International, aT Center and Korea Trade-Investment Promotion Agency (KOTRA). date2024-02-26

Trade Minister meets with WTO Director General

Minister for Trade Inkyo Cheong held bilateral talks with World Trade Organization (WTO) Director General Ngozi Okonjo-Iweala on February 24 on the margins of the WTO's MC13 and delivered a KRW 1.4 billion certificate of contribution for developing countries’ implementation of the Fisheries Subsidies Agreement and discussed WTO reform for restoring the multilateral trade system, along with other agenda items of MC13. date2024-02-26

Trade Minister meets with UAE's Minister of State for Foreign Trade

Minister for Trade Inkyo Cheong, on the margins of the 13th World Trade Organization (WTO) Ministerial Conference (MC13), held bilateral talks with the United Arab Emirates (UAE)’ Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi on February 24 to discuss measures for implementing the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA) and the Korea-UAE Trade and Investment Promotion Framework (TIPF). date2024-02-26

Trade Minister holds bilateral talks with WTO Director General & UAE's Trade Minister on margins of MC13

Minister for Trade Inkyo Cheong, on the margins of the 13th World Trade Organization (WTO) Ministerial Conference (MC13), held bilateral talks with the WTO Director General Ngozi Okonjo-Iweala and the MC13 host country United Arab Emirates (UAE)’ Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, respectively, on February 24, followed by a meeting with representatives of Korean businesses operating in the local UAE market to discuss measures for facilitating the utilization of the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA).   Minister Cheong expressed agreement to Director General Okonjo-Iweala on the need for the WTO reform and for making significant progress in key negotiations for the restoration of the WTO-led multilateral trade system amid concerns raised over the contraction and disruptions in global trade, and also exchanged views over in-depth talks on the key agenda items for MC13.   Trade Minister Cheong emphasized the importance of making progress on the WTO reform for normalizing the dispute settlement system by the end of this year, incorporation of the Investment Facilitation for Development (IFD) Agreement into the WTO system, and the extension of the moratorium on customs duties on electronic transmissions. He also stated that Korea will engage actively for a successful MC13 based on support for multilateral trade and assessed that the Korea-WTO cooperation has strengthened owing to the Director General’s visit last May, requesting interest in opportunities for Korea’s capable trade talent to take an active part in the WTO.   On the margins of the talks, Trade Minister Cheong officially announced the Korean government’s decision to provide KRW 1.4 billion for the WTO Fisheries Funding Mechanism to support developing countries’ implementation of the Agreement on Fisheries Subsidies.   Trade Minister Cheong also met with Thani bin Ahmed Al Zeyoudi, MC13 Chair and UAE’s Minister of State for Foreign Trade. The two trade ministers shared the anticipation for the Korea-UAE relations to further deepen through the Korea-UAE CEPA signed last October based on the bilateral diplomatic ties established in 1980, and agreed to swiftly proceed with the formal signing and ratification submission so that both countries’ peoples and businesses can benefit early on from the Agreement. Moreover, Trade Minister Cheong noted that Korea will make continued efforts to implement the Korea-UAE Trade and Investment Promotion Framework (TIPF) sealed on the occasion of the state visit last January and expressed Korea’s support for the UAE’s accession to the Digital Economic Partnership Agreement (DEPA), to which Korea acceded last June.   On the heels of the two bilateral talks, the trade chief met with representatives of Korean companies operating in the local UAE market and gave a briefing on the Korea-UAE CEPA inked last October and led discussions on measures for securing a competitive advantage utilizing this Agreement. The conference was attended by representatives of Korea’s major and promising export sectors like automobiles and defense, as well as those expecting to benefit from the opening of the services market through the Korea-UAE CEPA, such as healthcare and e-commerce.   Trade Minister Cheong will be participating in the WTO’s MC13 through February 26-29 and hold bilateral talks with other countries’ trade leaders. date2024-02-26

Korea Trade Commission gives final decision on anti-dumping duties for import of Egyptian white cement

The Korea Trade Commission (“Trade Commission”) under the Ministry of Trade, Industry and Energy (MOTIE) held the 445th Trade Commission meeting on February 22 and gave the final decision that the import of white cement from Egypt is incurring damage on the domestic industry and submitted a proposal to the Economy and Finance Minister that a 60.83 percent anti-dumping duty be levied on Egyptian white cement over the next five years.   White cement is a material used for brighter colored finishing and mixed with pigment to be made into pavement blocks, floor tiles, or artificial stone.   A 72.23 percent provisional anti-dumping duty is currently being imposed on Egyptian white cement since November 15 in 2023, and the Economy and Finance Minister is to finalize the anti-dumping duty rate and levy period by the end of April this year.   Moreover, on an investigation on pneumonia vaccines and electric skillets, the Trade Commission gave the decision that the respective respondents are committing patent infringement.   Upon the request of U.S. pharmaceutical company Wyeth LLC for investigations on a domestic firm’s alleged patent infringement of pneumonia vaccines, the Trade Commission gave the decision that the respondent’s producing and exporting undiluted solutions for pneumococcal vaccines is an act of patent infringement and unfair trade practice. Accordingly, the Trade Commission gave the respondent orders to halt production and export of said item and to disclose the correction order, imposing a fine of KRW 15 million.   Concerning investigations on the alleged patent infringement of electric skillets requested by DNW, the Trade Commission gave the decision that the respondent’s importing of Chinese electric skillets and selling them in Korea is an act of patent infringement and unfair trade practice. The Trade Commission ordered the respondent to suspend import and sales of said item, dispose of inventory and disclose the correction order, imposing a fine of 11.2-28.7 million won.   As for DMT Solutions’ request on investigations on the alleged design right infringement and trade secret piracy of mobile phone screen protection film lamination rollers, the Trade Commission gave the decision that exporting the rollers is not an act of design right infringement or trade secret piracy.   Upon Hurom’s request for investigations on a juicer produced by a domestic firm and its alleged patent infringement and OsteoSys’ request for investigations on another domestic company’s body composition analyzer and its alleged trade secret piracy, the Trade Commission decided to launch investigations on both respective respondents.   Standing Trade Commissioner Cheon Young-gil stated that “requests for investigations on alleged patent infringements are rising as corporate patent disputes are intensifying as of late,” and added that “the Trade Commission will do its job as a watchman for the protection of industrial technology and establishment of the fair trade order.” date2024-02-23

Trade ministers around the world to gather for acceleration of WTO reform

Minister for Trade Inkyo Cheong will be attending the World Trade Organization (WTO)’s 13th Ministerial Conference (MC13) through February 26-29 in Abu Dhabi, United Arab Emirates (UAE). As next year marks the 30th year of the organization’s inception, MC13 is expected to provide leading indicators for the direction of the WTO reform.   Ever since trade ministers from around the world gathered for MC12 in June 2022 and agreed to kick the WTO reform into high gear, multifaceted discussions have taken place on this front. MC13 will be for reviewing the progress made thus far and providing guidelines for completion of the reform by the end of the year. Ministerial talks will also be held under the themes of “Trade and Sustainable Development” and “Trade and Inclusiveness”, as strengthening the WTO’s deliberative function is one of the major agenda items. Trade Minister Cheong will be highlighting the fact that protectionist industrial policies and subsidies competition may undermine the rules-based multilateral trade system and that member countries should refrain from imposing measures that do not align with the WTO rules.   Ministerial meetings will also concentrate on a number of different topics, such as development, fisheries subsidies and agriculture. Development is a major agenda item for MC13 and attention will be given to gain outcomes in this area alongside the issue of special treatment for countries that have graduated from the least developed countries (LDC) status. Efforts will be made to seek consensus on the second phase of fisheries subsidies negotiations concerning overfishing and overcapacity, as well as for the entry into force of the Agreement on Fisheries Subsidies reached during MC12. Discussions will also be held on the extension of the moratorium on customs duties on electronic transmissions. Amid the persisting difference of opinion among member countries, discussions on agriculture will focus on the working plan for future negotiation progress.   In addition, Korea intends to make an official request for the Investment Facilitation for Development (IFD) Agreement (July 2023), for which Korea is co-chair, to be incorporated into the WTO Agreement and plans to hold a joint ministerial declaration for countries participating in the negotiations to garner member countries’ support.   Meanwhile, the accessions of Comoros and Timor-Leste to the WTO at MC13 raises the number of WTO member countries to 166. date2024-02-22

Readout on the Trilateral United States-Japan-Republic of Korea Convening of Commerce and Industry Export Control Principals in Tokyo

READOUT ON THE TRILATERAL UNITED STATES-JAPAN-REPUBLIC OF KOREA CONVENING OF COMMERCE AND INDUSTRY EXPORT CONTROL PRINCIPALS IN TOKYO   TOKYO, JAPAN – Today, Commerce and Industry Export Control Principals from the United States, Japan, and the Republic of Korea (ROK) convened as a follow-up to the Commerce and Industry Ministerial initiative from the Trilateral Leaders’ Summit at Camp David last August. This meeting is the first of its kind under the trilateral relationship focused on further aligning export controls, enhancing our ability to effectively collaborate on shared priorities. The United States hosted the convening at the U.S. Embassy in Tokyo [and were welcomed by Ambassador Emanuel].   The principals agreed to further align on Russia controls, collaborate on outreach to countries in Southeast Asia, and cooperate on controls for critical and emerging technologies. “Collaboration among like-minded allies and partners who share our values and security outlook on multilateral export controls is a longstanding priority for BIS,” said Assistant Secretary of the U.S. Department of Commerce for Export Administration Thea D. Rozman Kendler. “Our trilateral relationship with Japan and the Republic of Korea is a treasured relationship that cultivates the kind of trusted ecosystem that allows emerging technologies to develop in a safe space.”   “We deepened our knowledge on how respective export control systems work in Japan, the ROK and the U.S. in the first trilateral meeting,” said Director-General Katsuro Igari, Trade Control Department, Japan Ministry of Economy, Trade, and Industry. “We will further strengthen our export controls by further exchanging best practices, including engagement in industry and academia.”   “Trilateral cooperation between Korea, the US and Japan is crucial to respond to the changing global environment such as the instability of supply chains and export controls,” said Director General for Trade Control Policy Kamchan Kang, Republic of Korea Ministry of Trade, Industry and Energy. “Export control engagement with ASEAN countries should be enhanced to prevent the diversion of dual-use items and maintain international peace.”   Background on the Trilateral Leaders’ Summit at Camp David In August 2023, President Biden welcomed Japanese Prime Minister Kishida and ROK President Yoon to a historic trilateral summit at Camp David, the first-ever stand-alone summit of Leaders from the United States, Japan, and the ROK, and the first summit of foreign leaders at Camp David during the Biden-Harris Administration. The Leaders jointly inaugurated a new era of trilateral partnership and reaffirmed that cooperation between the United States, Japan, and the ROK advances the security and prosperity of our people, the Indo-Pacific region, and the world. Among other priorities, the Leaders committed to focusing efforts on coordinating export controls for advanced technologies. date2024-02-22