-
FTA/Economic Cooperation
Trade Promotion Committee discusses IPEF and Korea-EU Digital Trade Agreement
Minister for Trade Inkyo Cheong chaired the 38th Trade Promotion Committee meeting on April 23 and led discussions on the progress of Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain and Clean Economy Agreements and forward-looking measures for their utilization. With the IPEF Supply Chain Agreement having entered into force on April 17 in Korea, the ministry plans to selectively sort critical items and push joint projects, diversify import channels, and improve logistics through coordination with IPEF partner countries, all of which are anticipated to substantially contribute to Korea’s industrial supply chain stabilization. Moreover, the Government intends to actively engage in the IPEF Clean Economy Investor Forum and IPEF Catalytic Capital Fund to widen Korean companies’ doors of opportunity in entering the KRW 200 trillion Indo-Pacific clean economy cooperation market. Next, attendees discussed the progress on Korea-EU Digital Trade Agreement negotiations. As the existing Korea-EU Free Trade Agreement (FTA) does not reflect the recent changes in digital trade, the need for digital trade rules improvement between the two sides is rising. Accordingly, the Korean government declared the commencement of negotiations for the bilateral digital trade agreement in October 2023 and has convened three official negotiating rounds thus far, with plans to swiftly proceed with negotiations in the future for establishing the bilateral digital trade agreement in line with the high standards of the Korea-EU digital trade principles. date2024-04-23
-
FTA/Economic Cooperation
Minister Ahn meets Japan's METI Minister
Trade, Industry and Energy Minister Dukgeun Ahn visited Tokyo on April 22 and met with Saitō Ken, Japan’s Economy, Trade and Industry Minister, to discuss follow-up measures to bilateral summit agenda items in industry, trade, and energy, as well as forward-looking cooperation. date2024-04-23
-
FTA/Economic Cooperation
Korea and Canada hold 4th FTA Joint Committee meeting
Minister for Trade Inkyo Cheong attended the 4th Korea-Canada Free Trade agreement (FTA) Joint Committee meeting on April 22 with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng to discuss measures for facilitating investment and trade issues. date2024-04-23
-
FTA/Economic Cooperation
Trade Minister meets Canada’s Minister of Export Promotion, Int'l Trade & Economic Development
Minister for Trade Inkyo Cheong met with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng on April 22 at the Lotte Hotel Seoul to discuss stronger bilateral trade and economic cooperation. date2024-04-23
-
FTA/Economic Cooperation
Korea and Canada discuss measures for stronger trade and economic cooperation
Minister for Trade Inkyo Cheong met with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng, Head of the Canadian business delegation, on April 22 in Seoul and held trade ministerial talks. During the bilateral talks, Trade Minister Cheong suggested that Korea and Canda bolster their cooperation in natural gas, critical minerals, and batteries, while expanding the scope of cooperation to areas like clean energy and small modular reactors (SMRs). He also requested the Canadian government’s interest and cooperation in facilitating Korean firms’ local investment and supply chain endeavors. The trade chief also met with Goldy Hyder, President of the Business Council of Canada, on the margins of the business delegation’s visit to Korea and discussed private sector efforts in translating government efforts into concrete joint projects. Canada’s business delegation visit to Korea is the largest bilateral economic cooperation event following the upgrade of their relations to a Comprehensive Strategic Partnership in 2022, held with participation of more than 170 Canadian firms and institutions for stronger networking and uncovering new joint projects between the two countries’ companies. Moreover, under the shared understanding that trade and investment cooperation is key, the two sides held the fourth Korea-Canada Free Trade agreement (FTA) Joint Committee meeting on a ministerial level, which is a first. date2024-04-23
-
FTA/Economic Cooperation
Korea and Georgia hold intersessional negotiations for bilateral EPA
The Ministry of Trade, Industry and Energy (MOTIE) announced on April 15 that the Korean and Georgian delegations are meeting through April 15-17 in Seoul to engage in intersessional negotiations for the two countries’ bilateral Economic Partnership Agreement (EPA). Korea’s Director General for FTA Negotiations Yoo Beob-min and Georgia’s Economy and Sustainable Development Deputy Minister Genadi Arveladze are heading their respective delegations. The intersessional negotiations follow the first official negotiating round convened this February in Georgia, where the two sides held extensive discussions and reached consensus across a number of areas. During this intersessional meeting, the Korean delegation will be concentrating on discussing the details in areas like goods, services, digital, and cooperation. date2024-04-15
-
FTA/Economic Cooperation
IPEF Supply Chain Agreement to take effect April 17 in Korea
The Ministry of Trade, Industry and Energy (MOTIE) announced on April 12 that the Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain Agreement will come into effect on April 17 in Korea. Korea submitted its ratification documents on March 18, 2024, and the Agreement will enter into force after a 30-day period, on Wednesday, April 17. For the U.S., Japan, Singapore, Fiji, and India, the Supply Chain Agreement has taken effect as of February 24 this year; Korea will be the sixth country to ratify the said agreement. As the first multilateral international agreement on supply chains, the IPEF Supply Chain Agreement is anticipated to contribute to establishing a more stable intraregional supply chain. During times of non-crisis, the 14 partner countries will cooperate to increase investment, enhance logistics, and push joint R&D projects for building supply chain resiliency. During crises, partner countries will be running a “Crisis Response Network” by which they can carry out joint response measures. date2024-04-12
-
FTA/Economic Cooperation
Korea and Chile launch 9th official negotiating round for upgrading bilateral FTA
Director General for FTA Policy Ahn Chang-yong is heading the Korean delegation in the ninth official negotiating round for upgrading the Korea-Chile Free Trade Agreement (FTA) from April 2-4 in Chile, Santiago. Pablo Urria, Acting Director for Bilateral Economic Affairs at Chile's Ministry of Foreign Affairs, is leading the Chilean delegation. Having come into effect on April 1, 2004, the FTA with Chile is Korea’s first FTA and has increased bilateral trade five-fold, bolstering the economic cooperative relations. The two sides commenced the FTA upgrade negotiations in 2018 with aim to deepen bilateral trade, investment, and cooperative relations, as well as to incorporate modernized trade rules into the Agreement with respect to supply chains, energy, raw materials, digital economy, intellectual property rights, and environment. With this year marking the 20th anniversary of the Korea-Chile FTA’s entry into force, both sides’ trade authorities agreed to work on making tangible progress through this ninth official negotiating round. date2024-04-03
-
FTA/Economic Cooperation
Korea and Thailand declare negotiation launch for bilateral EPA
Deputy Minister for FTA Negotiations Roh Keon-ki met Thailand’s Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai on March 28 in Bangkok to declare the launch of negotiations for the Korea-Thailand Economic Partnership Agreement (EPA). date2024-03-29
-
FTA/Economic Cooperation
Trade Minister meets Cambodia’s Acting Minister of Commerce
Minister for Trade Inkyo Cheong met with Cambodia’s Acting Minister of Commerce and Secretary of State Kem Sithan on March 27 in Phnom Penh, Cambodia, to discuss measures to strengthen bilateral cooperation in trade, investment, development, and carbon neutrality. date2024-03-29