Ministry of Trade, Industry and Energy

Korea and U.S. discuss resuming bilateral exchanges and cooperation in trade remedies

Trade Commissioner Cheon Young-gil of the Korea Trade Commission under the Ministry of Trade, Industry and Energy (MOTIE) visited Washington D.C. from February 26-27 to meet with Amy Karpel, Commissioner for the U.S. International Trade Commission (USITC), and Ryan Majerus, Deputy Assistant Secretary for Policy and Negotiations at the U.S. Department of Commerce (DOC), to discuss measures for resuming exchanges and cooperation between Korean and U.S. trade remedy organizations, and to cover bilateral trade remedy issues.   Trade Commissioner Cheon Young-gil suggested that the two sides resume the bilateral technical committee on trade remedies, which has been on pause since the COVID outbreak, in order to expand and develop the cooperation between the two countries’ trade remedy organizations.   He also asked that the DOC actively consider the opinion submitted by the Korean government in July 2023 regarding the DOC’s proposed amendment (announced May 2023) on regulations regarding the enforcement of trade remedies through the administration of anti-dumping and countervailing duty laws, conveying Korea’s stance on major issues related to countervailing duties. Moreover, in view of the issues concerning the ongoing anti-dumping investigations on Korean aluminum extrusions, the trade commissioner requested a reconsideration of the investigation scope.   Lastly, Trade Commissioner Cheon extended an invitation to the USITC and U.S. DOC to attend Trade Remedies Seoul Forum 2024, slated for July 2 in Seoul this year. First launched in 2001 and held on a yearly basis, Trade Remedies Seoul Forum is an international forum bringing together major countries’ related institutions for promoting exchanges and cooperation on trade remedies. date2024-02-28

Trade Minister meets State Minister for Commerce of Bangladesh

Minister for Trade Inkyo Cheong met with Ahasanul Islam Titu, State Minister for Commerce of Bangladesh, on February 27 at ADNEC in UAE on the margins of the WTO’s MC13 to discuss trade and investment cooperation and measures to strengthen Korea-Bangladesh cooperation through trade networks like EPA and TIPF. date2024-02-28

Trade Minister meets Oman's Minister of Commerce, Industry &. Investment Promotion

Minister for Trade Inkyo Cheong met with Oman’s Minister of Commerce, Industry & Investment Promotion Qais bin Mohammed Al Yousef on February 27 in Abu Dhabi, UAE, on the margins of the WTO’s MC13 to discuss measures for plant cooperation and strengthening the Korea-Oman trade cooperation network (TIPF, GCC FTA). date2024-02-28

Trade Minister meets Uzbekistan's Deputy Prime Minister and Minister of Investment and Foreign Trade

Minister for Trade Inkyo Cheong met with Uzbekistan’s Deputy Prime Minister and Minister of Investment and Foreign Trade Jamshid Khodjaev on February 27 at ADNEC in UAE on the margins of the WTO’s MC13 and discussed support for Uzbekistan’s accession to WTO and supply chain cooperation measures. date2024-02-28

Minister Ahn holds talks with U.S. Secretary of Commerce

Trade, Industry and Energy Minister Dukgeun Ahn held a telephone conversation with U.S. Secretary of Commerce Gina Raimondo on February 27 at the Government Complex Seoul to discuss Korea-U.S. bilateral industrial and trade cooperation measures. date2024-02-28

Trade Minister meets Ecuador’s Minister of Production, Foreign Trade, Investments and Fisheries

Minister for Trade Inkyo Cheong met with Ecuador’s Minister of Production, Foreign Trade, Investments and Fisheries Sonsoles Garcia on February 26 at ADNEC in UAE on the margins of the WTO’s MC13 and discussed Korea-Ecuador bilateral trade issues. date2024-02-28

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