Ministry of Trade, Industry and Energy

Korea’s Minister for Trade Inkyo Cheong of the Ministry of Trade, Industry and Energy (MOTIE) held high-level bilateral talks with trade representatives of 14 APEC member economies and the World Trade Organization (WTO) through May 14-16 on Jeju Island, as part of a series of bilateral meetings convened on the sidelines of the 2025 APEC Ministers Responsible for Trade (MRT) Meeting. During the talks, he took stock of the recent developments in U.S. tariff consultations with major economies and discussed measures to enhance trade and economic cooperation in addressing global trade uncertainties.

First, Trade Minister Cheong met with U.S. Trade Representative Jamieson Greer on May 15 to discuss the status of U.S. tariff consultations with major economies and to exchange views on the Korea-U.S. technical discussions launched on May 1. Representative Greer noted Korea’s efforts to deliver meaningful outcomes through this year’s APEC MRT Meeting as chair of APEC 2025.

On May 16, Trade Minister Cheong held a meeting with Masaki Okushi, Vice Minister of Japan’s Ministry of Economy, Trade and Industry (METI), and Miyaji Takuma, Vice Minister of Japan’s Ministry of Foreign Affairs (MOFA). Commemorating the 60th anniversary of the normalization of diplomatic relations, the two sides agreed to deepen collaboration in key areas like advanced industries, hydrogen and other emerging energy sectors, and supply chain resilience. They also pledged to work together toward the success of APEC 2025 and the Osaka-Kansai Expo and to actively leverage both Korea-Japan and Korea-U.S.-Japan cooperation platforms.

In the meeting with Budi Santoso, Indonesia’s Minister of Trade, Trade Minister Cheong emphasized that more than 2,000 Korean companies are currently operating in Indonesia, requesting the Indonesian government’s support in resolving challenges faced by Korean firms including local certification and import restriction issues so as to ensure stable business operations.

Meanwhile, Korea’s Deputy Minister for Trade Park Jong-won met with Ian McKay, Canada’s Special Envoy for the Indo-Pacific and Ambassador to Japan, to discuss ways to expand Korea-Canada cooperation in celebration of the 10th anniversary of the two countries’ bilateral FTA and to address support for Korean companies operating in Canada. He also met with Claudia Sanhueza Riveros, Chile’s Undersecretary for International Economic Relations, to review progress on the Korea-Chile FTA upgrade negotiations and to request the Chilean government’s support for Korean companies seeking to participate in Chile’s lithium development projects.

Trade Minister Cheong stated that the bilateral talks with 14 Asia-Pacific economies’ trade leaders and the WTO Director-General have helped to promote the sharing of insights on global developments and trade response measures, while also advancing close cooperation on key issues such as building resilient critical minerals supply chains, expanding trade networks, and addressing challenges faced by Korean companies operating overseas.

He added that the ministry will strive to mitigate trade uncertainties and external risks based on the newly gained insights and strengthened intraregional cooperation.