Ministry of Trade, Industry and Energy

Korea and Australia discuss trade cooperation

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held a videoconference meeting with Australia’s Minister for Trade and Tourism Don Farrell today, during which they exchanged views on the global trade environment and agreed to closely cooperate on securing supply chain stability. Noting the continually expanding scope of Korea-Australia trade and investment based on their mutually complementary trade structures, Minister Ahn proposed that the two countries advance their existing cooperative ties in energy and resources toward forward-looking areas such as supply chains, clean economy, and digital. Moreover, Minister Ahn requested the Australian government’s interest and support in facilitating the critical minerals and other local projects invested in by Korean businesses. He also called for the active participation and cooperation of Australian authorities and companies for Korea’s successful hosting of APEC 2025 as this year’s APEC chair. date2025-03-11

Korea and EU launch 12th FTA Trade Committee meeting

Minister for Trade Inkyo Cheong of the Republic of Korea and European Commissioner for Trade and Economic Security Maroš Šefčovič co-chaired the 12th Korea-EU FTA Trade Committee (“Committee”) meeting on March 10 in Brussels, Belgium, with the participation of both sides’ delegations including the European Commission’s Deputy Director-General for Trade Maria Martin-Prat. At the meeting, the two sides discussed various issues including sanitary and phytosanitary (SPS) measures, electric vehicle (EV) subsidies, market access, and trade and sustainable development (TSD). The Korean delegation requested the EU’s swift implementation of import approval procedures for Korean fresh beef and a review of France’s EV subsidy policy, in addition to market access issues concerning the EU’s battery regulation, steel safeguard, fluorinated greenhouse gas (F-gas) regulation, and the Carbon Border Adjustment Mechanism (CBAM). Agreeing on the need for discussions regarding supply chains and such new trade issues, they decided to launch the Committee on Emerging Trade and Economic Issues within the Korea-EU FTA. Moreover, the Committee meeting served as an occasion for confirming the conclusion of the Korea-EU Digital Trade Agreement (DTA), which will undergo legal scrubbing and other domestic procedures going forward.   date2025-03-11

ASEAN-ROK Think Tank Dialogue (AKTD) officially launched as platform to strengthen Korea-ASEAN economic and trade cooperation

The Ministry of Trade, Industry and Energy delegation (led by Jong-chul Kim, Director-General for Trade Cooperation) visited Jakarta, Indonesia from March 6 to March 7 to attend the kickoff meeting of the ASEAN-ROK Think Tank Dialogue on Economic and Trade Policy (AKTD) and the opening ceremony of the Korea-Southeast Asia Policy Cooperation Center, aimed at strengthening multilateral economic policy cooperation with ASEAN. Additionally, the delegation visited the Coordinating Ministry for Economic Affairs of Indonesia to discuss cooperation measures on major trade issues such as global supply surpluses and to review key bilateral economic cooperation issues. On March 7, the AKTD kickoff meeting was held at Hotel Mulia in Jakarta. AKTD is a public-private cooperation-based economic policy research project jointly led by the Korea Institute for Industrial Economics & Trade (KIET) and the Korea Chamber of Commerce and Industry (KCCI). The initiative was officially proposed by Korea at the 25th ASEAN-ROK Summit held in Laos in October 2024. Think tanks from Korea and ASEAN will collaborate on economic and trade research to enhance ASEAN’s policy-making and economic development. Participants discussed research topics, methodologies, and the implementation schedule. ASEAN think tanks acknowledged that Korea’s industrial policy experience, combined with ASEAN’s growth potential, could create synergies through AKTD. In his congratulatory remarks, Director-General Kim emphasized, "I hope that AKTD will establish itself as a leading policy platform for Korea-ASEAN economic cooperation and serve as a means to contribute to ASEAN’s balanced economic development through substantive activities." Earlier that day, the opening ceremony of the Korea-Southeast Asia Policy Cooperation Center took place. Established by KIET, the center will conduct ASEAN-focused policy research and support local business expansion. It will also serve as a venue for public-private-academic policy dialogues involving local Korean businesses, ASEAN governments, and research institutions. Through this initiative, the center aims to incorporate the real needs of Korean businesses into ASEAN’s industrial policies and foster closer economic policy cooperation with ASEAN. Furthermore, the MOTIE delegation met with Irwan Sinaga, Director-General for Bilateral Cooperation at Indonesia’s Coordinating Ministry for Economic Affairs, to hold in-depth discussions on cooperation in a wide range of areas, including trade and investment, supply chains, and high-tech industries. Notably, the two sides agreed to convene the Korea-Indonesia Economic Cooperation Committee as soon as possible, a high-level economic cooperation channel between MOTIE and the Coordinating Ministry for Economic Affairs, to comprehensively review bilateral economic cooperation issues—including challenges faced by businesses—and seek practical support measures. MOTIE will continue to support ASEAN-related economic policy cooperation activities led by private research institutions and think tanks, such as AKTD and the Korea-Southeast Asia Policy Cooperation Center. At the same time, MOTIE plans to further expand bilateral and multilateral economic cooperation with ASEAN—a key region in the Global South—by maintaining close government-to-government communication with Indonesia and other key partner countries. date2025-03-07

Korea’s average tariff rate on U.S. imports is close to 0%

After U.S. President Donald Trump stated in his address to a joint session of Congress on March 4 (local time) that Korea’s average tariff rate is four times higher than that of the U.S., multiple media outlets reported on the comment. Under the Korea-U.S. Free Trade Agreement (KORUS), which entered into force in 2012, both Korea and the U.S. have eliminated tariffs on most goods. As of 2024, Korea’s effective tariff rate for goods imported from the U.S. is approximately 0.79%. While Korea’s most-favored nation (MFN) applied tariff rate is 13.4% (approximately four times higher than the U.S. rate of 3.3%), this MFN rate differs from the KORUS preferential tariff rates that Korea applies to U.S. imports. MFN tariff rates apply to imports from members of the WTO (World Trade Organization) that do not have preferential trade agreements with Korea. date2025-03-05

Minister Ahn holds first high-level meeting with new U.S. government officials in Washington D.C.

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea visited Washington D.C. from February 26–28 (local time), where he met with U.S. government officials and lawmakers to discuss bilateral trade issues, including U.S. tariff measures, and ways to bolster cooperation between the two countries. Minister Ahn met with Senator Mark Kelly, co-sponsor of the Ships for America Act, and discussed steps to further strengthen Korea-U.S. cooperation in shipbuilding. Minister Ahn also held meetings with Heritage Foundation President Kevin Roberts, Center for Strategic and International Studies (CSIS) President and CEO John Hamre and Peterson Institute for International Economics (PIIE) President Adam Posen, where he exchanged views on effectively addressing bilateral trade issues and requested support for facilitating intergovernmental cooperation. During his meeting with U.S. Secretary of Commerce Howard Lutnick, Minister Ahn discussed ways to boost their partnership in strategic areas such as shipbuilding and advanced industries, while also articulating the concerns of Korean businesses and requesting Korea’s exclusion from U.S. tariffs. Both sides agreed to establish working-level consultation channels for discussions on tariff measures and cooperation in shipbuilding, through which the Korean government intends to continue its dialogue with relevant U.S. authorities in the interest of Korean businesses. Minister Ahn also held talks with U.S. Secretary of the Interior and National Energy Dominance Council Chairman Doug Burgum and United States Trade Representative (USTR) Jamieson Greer on enhancing mutually beneficial cooperation in the energy and trade sectors, respectively.  Minister Ahn stated that this visit served as an opportunity to lay the foundation for further cooperation with the new U.S. administration. Citing successful prior engagement with the U.S. on measures such as the IRA and CHIPS Act, Minister Ahn emphasized that the Korean government “will respond proactively to newly announced U.S. policies through structured and genuine consultations to achieve the best possible outcomes.”   date2025-03-05

Korea and Thailand hold 4th negotiating round for bilateral EPA

Korea’s Deputy Minister for FTA Negotiations Roh Keon-ki and Director General of the Department of Trade Negotiations at the Ministry of Commerce of Thailand Chotima Iemsawasdikul led their respective delegations in the fourth official negotiating round for the Korea-Thailand Economic Partnership Agreement (EPA) on March 4 in Seoul. date2025-03-04

Minister Ahn meets Heritage Foundation President

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Heritage Foundation President Kevin D. Roberts on February 26 (local time) in Washington D.C. for discussions on U.S. economic policy directions and Korea’s strategic response measures. date2025-02-28

Minister Ahn meets U.S. Embassy Chargé d'Affaires ad interim

Korea’s Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with Ambassador Joseph Yun, Chargé d'Affaires ad interim at the U.S. Embassy in Seoul, today to discuss measures for stronger Korea-U.S. cooperation in trade, investment, and energy. The two sides also agreed to continue joint efforts for Korea’s successful hosting of Asia-Pacific Economic Cooperation (APEC) 2025. date2025-02-21

Minister Ahn discusses stronger Korea-U.S. cooperation with U.S. Embassy Chargé d'Affaires ad interim

Korea’s Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with Ambassador Joseph Yun, Chargé d'Affaires ad interim at the U.S. Embassy in Seoul, today to discuss measures for stronger Korea-U.S. cooperation in trade, investment, and energy. The two sides also agreed to continue joint efforts for Korea’s successful hosting of Asia-Pacific Economic Cooperation (APEC) 2025. Minister Ahn assessed that Korea-U.S. relations have advanced towards an economic and advanced industrial alliance based on the steady expansion of bilateral trade and investment, expressing anticipation for the two countries’ continued and enhanced cooperation under the new U.S. administration. Viewing that the Korea-U.S. partnership has strong potential for further development in cutting-edge areas like batteries, semiconductors, shipbuilding, and energy, the minister underscored the need for continuity and stability on both sides with respect to policies that are likely to impact bilateral trade and investment. Chargé d'Affaires ad interim Yun responded that utmost efforts will be made at the U.S. Embassy level to bolster the Korea-U.S. alliance, which has progressed to deepen the two countries’ relations in all aspects over the past 70 years. The Korean government plans to maintain close consultation with the U.S. government while monitoring the new administration’s trade and economic measures with regard to their impact on bilateral trade and investment.   date2025-02-21

Korea and Netherlands discuss stronger industrial cooperation

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Dutch Minister of Economic Affairs Dirk Beljaarts today in Seoul for discussions on measures to strengthen Korea-Netherlands industrial cooperation. Among EU member states, the Netherlands is Korea’s second largest trading partner (USD 15.0 billion as of 2024) and biggest investor ($39.9 billion in accumulated pledges for 2024 as of September), with the two countries’ businesses vigorously engaged in collaboration in cutting-edge industries like semiconductors and batteries. During today’s talks, the two sides covered agenda items such as bilateral cooperation, economic security, supply chains, and semiconductors, sharing their industrial policy trends and cooperation progress. Noting the active Korea-Netherlands joint R&D cooperation in information and communications technology (ICT) and bio, Minister Ahn expressed anticipation for wider technology collaboration with continued in-depth consultations through the bilateral Joint Innovation Committee established between Korea’s Ministry of Trade, Industry and Energy (MOTIE) and the Netherlands’ Ministry of Economic Affairs. The minister further highlighted the need for continued intergovernmental cooperation in export controls and supply chains, and both sides agreed that economic security is a shared key issue as uncertainties are intensifying across the global trade landscape. Highly appraising the smooth progress of the bilateral semiconductor dialogue, Future Chips Academy, and other joint projects in the semiconductor field following the forging of the Korea-Netherlands Semiconductor Alliance in December 2023, Minister Ahn underscored the importance of close bilateral cooperation amid growing uncertainties in the global chip supply chain.   date2025-02-20