Ministry of Trade, Industry and Energy

Trade Minister meets EU Commission leaders to discuss CBAM

Minister for Trade Dukgeun Ahn met with European Commission Vice-President Valdis Dombrovskis on November 30 at the European Commission and discussed U.S.’ Inflation Reduction Act (IRA), Carbon Border Adjustment Mechanism (CBAM) and EU’s Critical Raw Material Act.   The following day he met with Directorate-General for Taxation and Customs Union (TAXUD) Gerassimos Thomas, Deputy Chairman of Committee on the Environment, Public Health and Food Safety (ENVI) Cesar Luena, and Com date2022-12-02

Korea and EU hold 10th FTA Trade Committee meeting

Minister for Trade Dukgeun Ahn attended the 10th Korea-EU FTA Trade Committee meeting on November 30 in Brussels, Belgium to discuss Korea-EU digital trade principles, 8K TV, ramyeon, bio plastic and other EU market issues with other representatives, including European Commission Vice-President Valdis Dombrovskis.   date2022-12-02

Korea's exports decline 14.0% in November

The Ministry of Trade, Industry and Energy announced on December 1 that Korean exports in November decreased 14.0 percent year-on-year to USD 51.9 billion. Imports rose 2.7 percent to $58.9 billion and the trade balance stood at a deficit of $7.0 billion. Exports were hit by global economic slump, major countries’ interest rate hikes and the prolonged Russia-Ukraine war, which in turn are lowering imports around the world. Slowdown in exports growth is currently a common factor among coun date2022-12-01

Minister holds public-private joint conference on IRA response

Trade, Industry and Energy Minister Lee Chang-yang convened a public-private joint conference on November 29 at the Korea Chamber of Commerce and Industry (KCCI) and led discussions on the U.S.’ Inflation Reduction Act (IRA) to gather opinions and assess the situation to seek response measures prior to IRA enforcement beginning January 2023.   Attendees included representatives from eight companies and associations, including Hyundai Motor, Samsung SDI, LG Energy Solution, Korea Aut date2022-12-01

Minister holds public-private conference on IRA response measures

Trade, Industry and Energy Minister Lee Chang-yang convened a public-private joint conference on November 29 at the Korea Chamber of Commerce and Industry (KCCI) and facilitated discussions on the U.S.’ Inflation Reduction Act (IRA) to gather opinions and consider response measures. This public-private conference was held to assess the overall situation prior to IRA enforcement beginning January 2023, so that the Government and industries can seek countermeasures together. Attendees inclu date2022-11-30

President Yoon presides 1st Exports Strategy Meeting

President Yoon Suk-yeol presided the first Exports Strategy Meeting on November 23, which was held by the Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Land, Infrastructure and Transport (MOLIT) to announce special exports strategies for each major region and stronger exports assistance measures. The purpose of the meeting is for the Korean government to give full measure to supporting exports and seeking out new growth engines against the backdrop of persisting trade defic date2022-11-28

Korea and Canada discuss industry and investment cooperation

Trade, Industry and Energy Minister Lee Chang-yang held talks with Canada’s Minister of Innovation, Science and Industry François-Philippe Champagne on November 25 at the Government Complex Seoul on core industries cooperation, trade and investment expansion measures, and requested support for World EXPO 2030 Busan. date2022-11-28

Korea and Iceland discuss trade and economic cooperation

Minister for Trade Dukgeun Ahn met with Iceland’s Minister of Tourism, Trade and Culture Lilja Dögg Alfreðsdóttir on November 21 at the Lotte Hotel Seoul to discuss measures for trade and economic cooperation, and requested support for World EXPO 2030 Busan. date2022-11-25

Minister Lee and Denmark's Vestas CEO discuss investment

Trade, Industry and Energy Minister Lee Chang-yang met with Henrik Andersen, CEO of Vestas, the world-leading Danish manufacturer, seller, installer, and servicer of wind turbines, on November 22 at the Government Complex Seoul to discuss investment and turbine plant establishment in Korea. date2022-11-24

Korea and Singapore sign Digital Partnership Agreement

Minister for Trade Dukgeun Ahn met with Singapore’s Second Minister for Trade and Industry Tan See Leng in Singapore on November 21 and signed the Korea-Singapore Digital Partnership Agreement (hereinafter “KSDPA”). The KSDPA was settled in December 2021, followed by a legal examination and deliberation process. Signing of the KSDPA concludes the two countries’ negotiation procedures. One of the key accomplishments of this year’s ASEAN summit meetings, the KSDPA i date2022-11-23