Ministry of Trade, Industry and Energy

Minister holds talks in Washington over IRA and CHIPS Act

Trade, Industry and Energy Minister Lee Chang-yang visited Washington D.C. on September 21 to meet with U.S. Secretary of Commerce Gina Raimondo and U.S. Representatives Kathy Castor and Barry Moore to raise concerns over IRA and CHIPS Act, and also exchanged views on ROK-U.S. supply chain cooperation. date2022-09-22

Korea-EU talks on energy cooperation and IRA joint measures

Deputy Trade Minister Jeong Dae-jin met with European Parliament Vice-President Othmar Karas and Industry, Research and Energy Committee Chair Cristian Busoi on September 21 at the Lotte Hotel Seoul to discuss Korea’s new energy and industrial policies under the new regime, as well as technology and energy R&D cooperation, supply chain and joint measures against the recently signed U.S. Inflation Reduction Act (IRA). date2022-09-22

Trade Minister holds multiple talks with U.S. officials over IRA issue

Trade Minister Ahn Duk-geun visited the U.S. and held talks with various members of Congress on the Inflation Reduction Act (IRA)’s discriminatory measures against Korean electric vehicles (EVs), relaying Korea’s stance and possible solutions.   Minister Ahn met with a number of U.S. officials, including Senator Debbie Stabenow, U.S. Trade Representative Katherine Tai and Senator Todd Young, and emphasized the importance of ROK-U.S. cooperation and raised serious concerns over date2022-09-21

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