Ministry of Trade, Industry and Energy

Korea announces International Standards Strategy on Convergence Robot Technology

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today the Convergence Robot Technology International Standards Strategy (“Strategy") for supporting the Korean robot industry’s global super gap securing efforts. In line with Korea’s national standardization strategy for advanced industries announced this May, the above Strategy was established through the international robot standardization forum composed of related academia, industry, and research experts. With the acceleration of digital transformation based on artificial intelligence (AI) and 5G, the scope of demand for robots is extending beyond industrial uses to include a wider range of areas such as logistics, housework, delivery, and care service. In view of this trend, the Strategy outlines the plan to push 21 Korean Standard (KS) legislations and 16 key international standard proposals for mainly wearable, rehabilitation, and home service robots by 2028. Notably, the Strategy contains an international standard proposal on safety precautions for users of rehabilitation robots for the physically challenged, a joint research project in progress by the Korea Association of Robot Industry (KARI) and the Rehabilitation Engineering and Assistive Technology Society of North America (RESNA). Accordingly, KARI and RESNA signed a memorandum of understanding (MOU) for the joint development, utilization, and sharing of relevant international standards on the margins of the Strategy announcement.   date2024-10-25

Trade Minister meets U.S. Trade Representative

Minister for Trade Inkyo Cheong of the Republic of Korea held bilateral talks with U.S. Trade Representative Katherine Tai on October 24 in Brazil on Korea-U.S. trade issues on margins of the G20 Trade and Investment Ministerial Meeting. date2024-10-25

Trade Minister meets Japan’s Vice Minister for International Affairs

Minister for Trade Inkyo Cheong of the Republic of Korea held bilateral talks with Japan’s Vice Minister for International Affairs Matsuo Takehiko at the Ministry of Economy, Trade and Industry (METI) on October 24 in Brazil on the WTO reform and supply chain and decarbonization cooperation on the margins of the G20 Trade and Investment Ministerial Meeting. date2024-10-25

Korea and Malaysia discuss energy cooperation in LNG, hydrogen, and CCS

The Republic of Korea’s Deputy Minister for Energy Policy Lee Ho-hyeon met with Petronas’ Gas and Maritime Business CEO Datuk Adif Zulkifli today in Seoul to discuss measures for energy cooperation. A Malaysian state-owned energy giant, Petronas is currently engaged in joint projects with Korean firms across diverse areas including liquefied natural gas (LNG), hydrogen, and carbon capture and storage (CCS). Today’s talks were held on the occasion of Petronas executives’ business trip to Korea. Sharing the view that stable securing of resources is crucial amid intensifying global energy supply chain uncertainties, both sides agreed to actively cooperate to this end. In addition to the LNG supply contract between Petronas and Korean firms like Korea Gas Corporation (KOGAS), Deputy Minister Lee remarked that the two countries are also taking part in an overseas gas field project and expressed anticipation for continued LNG cooperation going forward. Moreover, he asked for interest and support towards the green hydrogen and ammonia project presently ongoing in Sarawak with the participation of Korea National Oil Corporation (KNOC) and Samsung E&A. Lastly, the deputy minister noted the Shepherd CCS Project in progress between Korean firms and Petronas for transporting carbon dioxide from Korea to Malaysia for storage and requested Petronas’ strong support for the collaboration, noting their governments’ ongoing discussions on prospects of entering a bilateral memorandum of understanding (MOU) to assist cooperation in CCS areas.   date2024-10-25

Trade Minister Cheong attends G20 Trade and Investment Ministerial Meeting

Minister for Trade Inkyo Cheong of the Republic of Korea attended the G20 Trade and Investment Ministerial Meeting on October 24 in Brasília, Brazil, where he highlighted the importance of a WTO-centered multilateral trade system and asked members’ support and interest towards the reform of the WTO dispute settlement system. date2024-10-25

Minister Ahn meets Kazakhstan’s Minister for Energy

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea met Kazakhstan’s Minister for Energy Almasadam Sätqaliev on October 22 at the Government Complex Sejong for talks on boosting bilateral energy cooperation outcomes and follow-up measures. date2024-10-24

Korea and Algeria discuss wider economic cooperation

The Republic of Korea’s Minister for Trade, Industry and Energy Dukgeun Ahn met Algeria's National People's Assembly (APN) President Brahim Boughali on October 23 in Seoul to discuss measures for wider economic cooperation between the two countries. date2024-10-24

Trade Minister meets Brazil's Vice Minister of Development, Industry, Trade, and Services

Minister for Trade Inkyo Cheong of the Republic of Korea held bilateral talks with Brazil's Vice Minister of Development, Industry, Trade, and Services Márcio Rosa on October 23 in Brazil on measures for wider bilateral cooperation on the margins of the G20 Trade and Investment Ministerial Meeting. date2024-10-24

Toray Industries’ advanced materials production plant groundbreaking ceremony

Korea's Director-General for Cross-Border Investment Policy Peob-min Ryu attended the groundbreaking ceremony for Japanese company Toray Industries’ advanced materials production plant on October 23 in Gumi City, North Gyeongsang Province. The ceremony was attended by representatives of related companies, government officials, and institutions including the North Gyeongsang Province Governor and Toray Industries Chairman Akihiro Nikkaku. date2024-10-24

Trade Minister Cheong discusses sustainable development of global trade and investment at G20 Trade Ministerial

Minister for Trade Inkyo Cheong of the Republic of Korea is attending the G20 Trade Ministerial on October 24 in Brasília, Brazil, as Chief Delegate of the Korean government. Under the slogan “Building a Just World and a Sustainable Planet,” trade ministers engage in discussions on four agenda items: World Trade Organization (WTO) reform and a stronger multilateral trade system; global trade and women; trade and sustainable development; and investment treaties and sustainable development. During the first session, Trade Minister Cheong highlights the importance of the WTO-centered multilateral trade system, calling for members’ interest and support towards reforming the WTO dispute settlement system. Introducing Korea’s policy efforts such as the global acceleration program for empowering female entrepreneurs and promoting their wider global trade participation, he emphasizes the importance of inclusive economic growth. In the second session, he underscores the need to balance trade and sustainable development and urged the G20 members’ support for the Carbon Free Energy (CFE) Initiative led by Korea. Furthermore, he maintains that the WTO’s Investment Facilitation for Development (IFD) Agreement will contribute to the sustainable development of developing countries, for which he stresses the need for its swift legal incorporation into the WTO structure. The trade chief will also have bilateral talks with counterparts of other G20 members to discuss pending trade issues. On October 25, he takes part in the B20 Trade Ministerial in São Paolo where he introduces Korea’s trade policy directions and preparations for the Asia-Pacific Economic Cooperation (APEC) 2025. On the margins of his visit, he plans to meet with Korean businesses operating in Brazil and seek to resolve business challenges.   date2024-10-24