Ministry of Trade, Industry and Energy

Trade Minister attends 1st ASEAN-ROK Think-tank Dialogue on Economic and Trade Policy

Korea’s Minister for Trade Inkyo Cheong attended the first ASEAN-ROK Think-tank Dialogue on Economic and Trade Policy (AKTD) on May 14 on Jeju Island, held with the participation of approximately 100 representatives from Korean and ASEAN major think tanks, the ASEAN Secretariat, Economic Research Institute for ASEAN and East Asia (ERIA), the Asia Foundation, Yonsei University, and the Korea-Southeast Asia Policy Cooperation Center. date2025-05-15

Minister Ahn attends 2025 Osaka-Kansai World Expo

Korea’s Minister of Trade, Industry and Energy Dukgeun Ahn attended the “Korea Day” events at the 2025 Osaka-Kansai World Expo on May 13 with both governments’ delegations and business leaders, where he gave an opening address and visited the Korea Pavilion and other major exhibition booths.  date2025-05-15

Global trade leaders gather on Jeju Island for 2025 APEC MRT Meeting

Korea’s Ministry of Trade, Industry and Energy (MOTIE) is holding the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) meeting from May 15–16 at the International Convention Center Jeju (ICC Jeju). As Korea is resuming APEC chairmanship in 20 years since 2005, Minister for Trade Inkyo Cheong is chairing the MRT meeting with the participation of trade ministers from 21 major economies in the Asia-Pacific region, including Australia, Canada, Chile, China, Japan, and the U.S., as well as the WTO Director-General and the OECD Deputy Secretary-General. Amid the rapidly shifting global trade environment, this year’s APEC MRT meeting is the trade ministers’ first official gathering for multilateral cooperation. Discussions will cover various trade issues and intraregional cooperation measures, such as the liberalization and facilitation of trade and investment. In line with the 2025 APEC theme of “Building a Sustainable Tomorrow: Connect, Innovate, Prosper,” the MRT meeting consists of three sessions on the following topics: AI innovation for trade facilitation, connection through multilateral trade, and prosperity through sustainable trade.  In the first session, participants address wide-ranging measures for cooperation to catalyze AI utilization in trade areas such as AI application and standard information sharing in the field of tariffs and customs, with OECD Deputy Secretary-General Yoshiki Takeuchi as the keynote speaker. The second session focuses on WTO reform and role of APEC in restoring the multilateral trade system, with WTO Director-General Ngozi Okonjo-Iweala speaking on WTO reform and future cooperation for multilateral trade. The last session on prosperity through sustainable trade, to convene on May 16, will have participants exchange views on measures for joint efforts in establishing a sustainable supply chain, including climate crisis response. In his opening message, Trade Minister Cheong noted the current difficult external environment surrounding APEC and stated that the need for APEC is greater than ever considering the severe global trade situation. He further expressed hope that this MRT meeting will serve as a platform for communication and cooperation that contributes to resolving political and economic tensions and uncertainties that the world is facing today.   date2025-05-15

Korean culture and technology capture global attention at 2025 Osaka-Kansai World Expo

Korea’s Ministry of Trade, Industry and Energy (MOTIE), Ministry of Culture, Sports, and Tourism (MCST), Ministry of Foreign Affairs (MOFA), Ministry of Agriculture, Food, and Rural Affairs (MAFRA), and the Korea Heritage Service (KHS) announced that the five-day Korea Week (May 13–17) takes off today at 2025 Osaka-Kansai World Expo, starting with Korea Day. Approximately 350 visitors attended the Korea Day event launched today, including a total of 30 government officials and business leaders of both countries. The Korea Day event consisted of a series of programs celebrating the history of Korea-Japan exchanges, kicking off with a reenactment of the Joseon Tongsinsa procession commemorating the port entry of the ship that carried diplomatic envoys from the Joseon Dynasty into Osaka. The Joseon Tongsinsa was the Joseon Dynasty’s delegation for bilateral exchanges in the 17–19th century, and related archives have been jointly registered by the two countries on the UNESCO Memory of the World Register in 2017. The Korea-Japan government officials and business leaders also visited the Japan Pavilion and Korea Pavilion. With the theme “Between Lives,” the Japan Pavilion consists of a Plant Area, Farm Area, and Factory Area showcasing the utilization of Japan’s cutting-edge technology in waste decomposition, recycling, and circular economy. The Korea Pavilion was themed “With Hearts,” expressing the harmony of advanced technology and culture through AI, hydrogen fuel cells, and K-Pop to illustrate environmental recovery and intergenerational connection. Since its opening on April 13, the Korea Pavilion has drawn roughly 350,000 visitors and is rated as one of the most popular national pavilions at the Expo. Next, the government and business leaders attended major sideline events like the Korea Tourism Festa and K-Food Fair. A booth was also set up to promote top Korean products with the participation of 90 Korean firms and 160 Japanese buyer companies in the form of B2B and B2C marketing exhibition, displaying a wide range of cosmetics and daily necessities produced by Korean SMEs as well as IT home appliances and mobility products of Samsung Electronics and Hyundai Motor, providing visitors the opportunity to use and experience the various products firsthand. MOTIE Minister Dukgeun Ahn stated that global interest in the Korean lifestyle and culture is leading to preference for Korean products and technology, creating a virtuous cycle. He added that utmost efforts will be made to achieve synergy based on the Expo experience so that Korea’s strengths in these diverse areas can translate into competitiveness at the national level. Held as the last official program, the Korea-Japan Friendship Dinner was attended by around 100 key figures of both countries to wish success for the 2025 Osaka-Kansai World Expo.   date2025-05-13

Korea-Saudi Business and Investment Forum

Korea’s Deputy Minister for Trade Park Jong-won attended the Korea-Saudi Business and Investment Forum on May 9 in Seoul and gave a congratulatory address to approximately 250 participants composed of Korean and Saudi government officials and related institutions. date2025-05-12

MOTIE holds APEC Sustainable Supply Chain Forum

Korea’s Ministry of Trade, Industry and Energy (MOTIE) is hosting the APEC Sustainable Supply Chain Forum today at the International Convention Center Jeju (ICC Jeju) to seek strategic measures at the APEC-level to strengthen global supply chain sustainability and resilience through sharing of public-private cooperation measures with the participation of the APEC Committee on Trade and Investment (CTI) and various experts representing APEC members’ governments, industries, and research institutions. The forum consists of presentation sessions and a panel discussion. The first session addresses the conceptual transition of the supply chain’s focus from efficiency to sustainability and resilience. The second session introduces best practices against major challenges that private sectors face in the process of building sustainable supply chains. The third session covers strategic approaches for sustainable supply chain cooperation among APEC members. In the following panel discussion, participants will be exchanging views and concrete measures for cooperation on establishing global supply chains within the APEC region. Through this forum, MOTIE aims to lay down a foundation on which domestic companies can preemptively respond to realignments in the global supply chain based on sustainability and resilience. Forum outcomes will also be incorporated in developing future policy directions.   date2025-05-09

Korea’s exports gain 3.7% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 1 that Korea’s exports for April 2025 increased 3.7 percent year-on-year to USD 58.2 billion and imports decreased 2.7 percent to $53.3. billion, the trade balance netting a surplus of $4.9 billion. April exports logged historic highs for the month, maintaining an upward trajectory for the third month running. By item, seven out of 15 major export items saw growth. Semiconductors achieved an all-time high for the month with $11.7 billion (up 17.2 percent) as 8gb DDR4s’ fixed price rebounded for the first time in 12 months and robust demand for high-bandwidth memory chips (HBMs) continued. Wireless communication devices shot up 26.5 percent to $1.5 billion and kept up the growth momentum for the third consecutive month, led by the solid performance of smartphones (up 61.1 percent to $0.4 billion). Bio-health (up 14.6 percent to $1.4 billion) recorded the highest for the month as biopharmaceuticals soared 21.8 percent to $0.9 billion. Steel exports ended their four-month losing streak with $3.0 billion (up 5.4 percent) and secondary batteries snapped the 16-month decline with $0.7 billion (up 13.7 percent). Ship exports surged 17.3 percent to $2.0 billion, advancing for the second month in a row. Meanwhile, automobile exports dipped 3.8 percent but still reached this year’s new high at $6.5 billion. Conventional gasoline-powered vehicles and electric vehicles (EVs) faltered, while hybrid electric vehicles (HEVs) carried forward their strong growth momentum for the 14th consecutive month. Car parts exports gained 3.5 percent to $2.0 billion, turning to an expansion for the first time this year. Agricultural products attained fresh highs (up 8.6 percent to $1.1 billion) and cosmetics (up 20.8 percent to $1.0 billion) renewed their April monthly highs on the backs of the global popularity of K-food and K-beauty products. Exports of electrical devices were driven by transformers and power cables, setting record highs of $1.4 billion (up 14.9 percent). By region, Korea’s exports expanded to seven out of nine major overseas markets in April. China-bound exports grew 3.9 percent to $10.9 billion as semiconductor exports rebounded and wireless communication devices posted double-digit growth. To ASEAN, exports rose 4.5 percent to $9.4 billion with semiconductors and steel products at the helm. EU-bound exports secured unprecedented highs of $6.7 billion (up 18.4 percent) as automobiles and bio-health both hiked by double digits. Exports to India climbed 8.8 percent to an all-time high of $1.7 billion for the month, fueled by semiconductors, general machinery, and steel products. Exports to Latin America turned positive with $2.6 billion (up 3.9 percent). To the Middle East and CIS countries, exports increased for the third and second consecutive month, respectively, with $1.7 billion (up 1.6 percent) and $1.2 billion (up 37.2 percent). U.S.-bound exports shrank 6.8 percent to $10.6 billion despite strong demand for petroleum products, secondary batteries, and wireless communication devices as shipments of automobiles and general machinery contracted. In April, Korea’s energy imports declined 20.1 percent to $10.0 billion as imports of crude oil (down 19.9 percent) and gas (down 11.4 percent) diminished. Non-energy imports grew 2.4 percent to $43.4 billion.   date2025-05-02

Trade Minister meets Costa Rica's Minister of Foreign Trade

Korea’s Minister for Trade Inkyo Cheong met Costa Rica's Minister of Foreign Trade Manuel Tovar today for discussions on measures to invigorate the two countries’ comprehensive economic cooperation. date2025-04-28

Korea and Costa Rica hold trade ministers’ meeting

Korea’s Minister for Trade Inkyo Cheong met Costa Rica's Minister of Foreign Trade Manuel Tovar today for discussions on measures to invigorate the two countries’ comprehensive economic cooperation. During the talks, Trade Minister Cheong highly appraised the scope of Korea-Costa Rica trade and investment, which is continuously expanding based on the Korea-Central America Free Trade Agreement (FTA) that entered into force in 2019. He also proposed that the two sides further advance bilateral trade around their areas of strength, such as automobiles, pharmaceuticals, medical devices, and semiconductors. Noting the substantive conclusion of discussions this January on Costa Rica’s accession to the Digital Economy Partnership Agreement (DEPA), Trade Minister Cheong expressed anticipation towards wider cooperation between the two countries going forward, including in digital areas as well. Moreover, Trade Minister Cheong asked the cooperation of Costa Rica, as the chair of the 2025 OECD Ministerial Meeting, in encouraging the extensive participation of OECD member economies in the upcoming Asia-Pacific Economic Cooperation (APEC) Summit to be hosted in Gyeongju, Korea, this October.   date2025-04-28

Korea and the U.S. establish framework for tariff discussions

Minister of Trade, Industry and Energy Dukgeun Ahn, together with Deputy Prime Minister for Economic Affairs Choi Sang-mok, held the Korea-U.S. 2+2 Trade Dialogue in Washington, D.C. on April 24. Later that afternoon, Minister Ahn met with the Office of the United States Trade Representative (USTR), where the two sides agreed to launch bilateral working-level consultations on tariff issues at the earliest possible date. In the 2+2 Trade Dialogue held earlier that morning, Minister Ahn and USTR Representative Jamieson Greer discussed ways to strengthen Korea-U.S. trade cooperation, with a focus on achieving a mutually beneficial trade balance. During the meeting, Minister Ahn requested that the U.S. exempt Korea from all forms of tariffs, including reciprocal tariffs, product-specific tariffs on automobiles and steel, and any newly imposed tariffs in the future. Through this meeting, Korea and the U.S. reached a principled agreement on establishing a framework for future consultations. Both sides agreed to hold working-level discussions next week to determine the scope and format of the consultations. The specific areas and approach will be finalized through coordination with relevant ministries and the Economic Security Strategy Task Force, chaired by the Acting President. Based on this internal process, discussions with the U.S. will proceed. To comprehensively address issues of interest to the U.S. side, officials from several Korean government ministries also participated in the meeting, including the Ministry of Science and ICT, Ministry of Land, Infrastructure and Transport, Ministry of Environment, Ministry of Agriculture, Food and Rural Affairs, and Ministry of Health and Welfare. These ministries shared updates on cross-sectoral issues, laying the groundwork for future consultations. Minister Ahn stated, “With both sides agreeing to launch technical consultations, we now have an open channel for more detailed discussions. We will approach future consultations with the U.S. in a calm and deliberate manner, while maintaining close communication with relevant ministries and industry stakeholders.” date2025-04-25