Ministry of Trade, Industry and Energy

Trade Minister attends IPEF Ministers' Meeting

Trade Minister Ahn Duk-geun attended the Indo-Pacific Economic Framework (IPEF) Ministerial Meeting held on September 8 in Los Angeles to discuss the four pillars of IPEF, namely trade, supply chain, clean economy and fair economy with the attending 13 other countries, including the U.S., Japan and Australia. date2022-09-21

Trade Minister attends ASEAN meetings in Cambodia

Trade Minister Ahn Duk-geun attended the ASEAN Ministers’ Meetings held through September 16-18 in Siem Reap, Cambodia to discuss ROK-ASEAN FTA enhancement, industrial technology, digital, climate change response and RCEP utilization.   During the 19th ROK-ASEAN Economy Ministers’ Meeting (September 16), South Korea and ASEAN agreed to deepen trade and investments and engage in joint R&D for expansion of sensitive items’ free trade and scope of cooperation in respons date2022-09-20

Outcomes of ASEAN Ministers’ Meetings

Trade Minister Ahn Duk-geun attended the ASEAN Ministers’ Meetings held through September 16-18 in Siem Reap, Cambodia to discuss ROK-ASEAN FTA enhancement, industrial technology, digital, climate change response and RCEP utilization. Minister Ahn also held bilateral talks with the Philippines, Australia and New Zealand on various trade issues and requested support for World EXPO 2030 Busan. These ASEAN Ministerial meetings were the first in-person talks in three years since the COVID-19 date2022-09-19

Trade Minister attends 19th China-ASEAN Expo

Trade Minister Ahn Duk-geun attended the 19th China-ASEAN Expo opening ceremony via videoconferencing on September 16 and gave a congratulatory message in the presence of representatives from ASEAN member states, including Malaysia, Cambodia, Singapore and Vietnam. date2022-09-19

Korea's auto exports expand 29.1% in August

The Ministry of Trade, Industry and Energy announced on September 16 that Korea’s automobile production, domestic sales, and exports all increased in August by 21.0 percent, 1.0 percent and 29.1 percent, respectively. Automobile output in August surged 21.0 percent to 284,361 units owing to partial recovery of parts supply chain and previous year’s base effect. Domestic sales inched up 1.0 percent to 131,638 units, with higher demand for imported models. Domestic brands suffered a date2022-09-16

Korea's ICT exports decline 4.6% in August

The Ministry of Trade, Industry and Energy announced on September 16 that exports of Korea’s information and communications technology (ICT) goods decreased 4.6 percent to USD 19.3 billion in August. Imports recorded year-on-year growth of 18.7 percent to $13.5 billion, and the trade balance stood at a deficit of $9.5 billion. Shipments of most major ICT products declined as demand for ICT goods shrank worldwide. Those of semiconductors dropped 6.8 percent to $11.0 billion, falling for date2022-09-16

Trade Minister to attend ASEAN meetings in Cambodia

Trade Minister Ahn Duk-geun will be attending the 19th ASEAN Economy Ministers’ Meeting, the 25th ASEAN+3 Meeting, the 10th East Asia Summit (EAS) Ministers’ Meeting and the Regional Comprehensive Economic Partnership (RCEP) Ministers’ Meeting through September 16-18 held in Siem Reap, Cambodia. Key objectives of these meetings are to bolster economic cooperation with ASEAN partners in the Indo-Pacific region, expand trade and investments opportunities in the East Asian region date2022-09-15

IPEF ministerial statement outlines four pillars for economic cooperation

The Ministry of Industry, Trade and Energy (MOTIE) announced on September 10 that the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting held on September 8-10 in Los Angeles saw the fruition of a joint ministerial statement containing the text and statements focused on the following four pillars: trade, supply chains, clean economy and fair economy. The statement is the outcome of intensive negotiations that have taken place since the first launching of the Framework in date2022-09-13

Trade Minister attends IPEF Ministerial Meeting

Trade Minister Ahn Duk-geun will be attending the Indo-Pacific Economic Framework (IPEF) Ministerial Meeting held in Los Angeles, U.S. on September 8-9, which is the first in-person IPEF ministerial meeting to be co-hosted by U.S. Trade Representative Katherine Tai and Secretary of Commerce Gina Raimondo. The fourteen IPEF member countries’ ministers will discuss four major issues and relevant agendas, namely trade, supply chain, clean economy and fair economy. The Ministry of Trade, Ind date2022-09-08

Minister Lee holds talks with U.S. Representatives on IRA

Trade, Industry and Energy Minister Lee Chang-yang held talks on September 5 with the U.S. House of Representatives members visiting Korea on the recently passed Inflation Reduction Act (IRA) and expressed serious concerns.   Minister Lee concurred with the U.S.’ intent for climate change response and clean energy expansion, but relayed that the IRA’s discriminatory elements regarding tax benefits for U.S-made EVs are a source of great concern to the Korean government and rela date2022-09-06