Ministry of Trade, Industry and Energy

Korea-Algeria Joint Economic Committee virtual preliminary meeting

Korea’s Director General for International Trade Relations Kim Jong-chul led the Korean delegation in the virtual intergovernmental working-level meeting with Abdelmalek Bouheddou, Director General of the Asia Oceania Division at the Algerian Ministry of Foreign Affairs, on May 27 and discussed agenda items for the Korea-Algeria Joint Economic Committee. date2025-05-29

Korea and Algeria hold talks to resume Joint Economic Committee

Korea’s Ministry of Trade, Industry and Energy launched the first Korea-Algeria director general-level working meeting via videoconferencing on May 27 with a view to resume the Korea-Algeria Joint Economic Committee, which is the two countries’ ministerial-level cooperative channel. The only African country to have forged a strategic partnership with Korea, Algeria is known for its largest land area in the continent, abundance in energy and mineral resources, comparatively younger demographic structure, and favorable position as a gateway to Africa and Europe.  The Korea-Algeria Joint Economic Committee, which had convened three times by 2007, was thereafter suspended due to weakened momentum for economic cooperation from the drop in global oil prices and the COVID-19 pandemic. Recently, the two countries have opened talks on resuming the Committee in anticipation of wider cooperation and industrial diversification. Over the years, Korea’s plant and construction companies have been actively participating in Algeria’s various infrastructure projects including those on combined cycle power plants, freeways, and container terminals, and cooperation is expected to expand to automobiles, home appliances, and such other manufacturing industries. As the first working-level meeting held as a preliminary to the fourth ministerial-level Korea-Algeria Joint Economic Committee meeting, the virtual talks took stock of the two countries’ respective levels of interest and prospects for concrete cooperation across a wide range of agendas spanning industries, energy, digital, ICT, agriculture, environment, healthcare, and culture.  The Korean delegation proposed, as an agenda item for the Joint Economic Committee, that the two sides consider entering an Economic Partnership Agreement (EPA) as a legal and institutional framework for the bilateral expansion of trade and investment cooperation. They also agreed to discuss hosting a joint event for promoting business cooperation in conjunction with the ministerial-level Committee meeting. Noting the significant potential for economic cooperation with Algeria, Korea’s Director General for International Trade Relations Kim Jong-chul stated that additional working-level meetings will be held in the near future to settle bilateral agenda items, so that the two countries can resume the ministerial-level joint Committee after the 18-year hiatus.   date2025-05-28

57th Korea-Japan Business Conference preliminary talks

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn, on May 26 in Seoul, chaired the preliminary talks held on the margins of the 57th Korea-Japan Business Conference with the participation of both countries’ business leaders and led discussions on measures for the two countries’ sustainable growth and development.  date2025-05-27

Korea and Japan’s business leaders expand economic cooperation

Korea’s Minister for Trade Inkyo Cheong attended the 57th Korea-Japan Business Conference today in Seoul, co-organized by Korea’s Ministry of Trade, Industry and Energy (MOTIE), Korea-Japan Economic Association, Japan-Korea Economic Association, and the Japan-Korea Industrial Technology Co-Operation Foundation in commemoration of the 60th anniversary of the two countries’ normalization of diplomatic relations.  Since launched in January 1969 following the normalization of relations in 1965, the Korea-Japan Business Conference has served as a major platform for bilateral consultation in advancing the two countries’ economic cooperation. In his congratulatory message, Trade Minister Cheong expressed gratitude to both countries’ business leaders for their commitment to economic cooperation over the past 60 years and proposed that the two countries’ governments and business leaders work together in setting new milestones to open a new chapter of cooperation for the next 60 years.  Noting the increase of global trade uncertainties, Trade Minister Cheong stated that joint efforts will be made for trade collaboration through close intergovernmental communication, while also providing strong support towards expanding the scope of bilateral economic cooperation in supply chain stabilization, transition to carbon-free and new energy sources, as well as joint entry into Global South and other third countries. Moreover, he asked that the business leaders actively leverage Korea and Japan’s hosting of international events like APEC 2025 and the Osaka-Kansai World Expo. In accordance with this year’s conference theme of broader and deeper Korea-Japan cooperation, the two countries’ economic groups discussed joint measures in establishing and building trust, enhancing economic partnerships in carbon neutrality, AI, semiconductors, bio, and supply chains, utilizing the FTA network, and boosting people-to-people exchanges. They also agreed to further cooperation in these areas going forward.   date2025-05-27

Korea leads tabletop exercise with IPEF partners to enhance crisis response capacity to supply chain disruptions

Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced that Korea, as the Chair of the Indo-Pacific Economic Framework for Prosperity (IPEF) Crisis Response Network (CRN), is holding a virtual supply chain emergency tabletop exercise today to strengthen cooperation among IPEF partners in responding to supply chain disruptions and enhance their capacity for swift and coordinated joint response. The tabletop exercise simulates a scenario in which partner “Country A” experiences a shortage of therapeutic agents amid an outbreak of an unidentified acute respiratory infection and requests that CRN Chair Korea convene an emergency meeting to assist with the supply of therapeutic agents. Through the simulation, IPEF partners aim to assess the infection’s impact on the intraregional supply chain and explore cooperative measures for mutual support. As the second tabletop exercise following last year’s, today’s simulation is designed not only to more accurately replicate a real emergency situation—reflecting input from the pharmaceutical supply chain experts and partner countries—but also to involve the participation of ministries overseeing pharmaceuticals in order to maximize the effectiveness of the exercise. On the sidelines of the virtual tabletop exercise, Korea and Australia will introduce to IPEF partners the details of their joint supply chain capacity building project. The two countries plan to provide tailored education on supply chain management and crisis response policymaking to reinforce IPEF partners’ supply chain crisis response capacity. They will also be sharing best practices and discussing ways to improve CRN operations. MOTIE plans to launch an in-person CRN tabletop exercise in the second half of this year, while actively pushing the Korea-Australia IPEF supply chain capacity building project forward.   date2025-05-22

Trade Minister meets Mexico's Undersecretary of Foreign Trade

Minister for Trade Inkyo Cheong met with Mexico's Undersecretary of Foreign Trade Luis Rosendo Gutiérrez Romano on May 14 at ICC Jeju on the occasion of the 2025 APEC MRT Meeting and discussed bilateral economic cooperation. date2025-05-15

Korea and Philippines sign MOU for trade, energy, and economic cooperation

Minister for Trade Inkyo Cheong held an MOU signing ceremony with Philippine Trade and Industry Secretary Maria Cristina Aldeguer-Roque on May 14 at ICC Jeju on the occasion of the 2025 APEC MRT Meeting for bilateral cooperation in trade, economy, and energy. date2025-05-15

Korea and ASEAN think tanks lay out blueprint for trade and economic cooperation

Korea’s Minister for Trade Inkyo Cheong attended the first ASEAN-ROK Think-tank Dialogue on Economic and Trade Policy (AKTD) today 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. AKTD is the first economic and trade cooperation project launched after the elevation of ROK-ASEAN diplomatic relations to a comprehensive strategic partnership on the occasion of the 25th ROK-ASEAN Summit convened last October in Vientiane, Lao PDR. It is also a ROK-ASEAN policy research platform for uncovering sustainable economic cooperation projects and supporting ASEAN members’ policy capacity building. Today’s first AKTD conference is significant in that Korea and 10 ASEAN think tanks gathered to establish a systematic policy dialogue channel for joint ROK-ASEAN efforts in economic and trade policy cooperation going forward. Noting that ASEAN is Korea’s third largest trading partner and second largest foreign direct investment (FDI) destination, Trade Minister Cheong stated in his welcoming message that the two sides have continued to strengthen their mutually beneficial cooperation in trade and economic areas. In view of ROK-ASEAN relations having advanced to a comprehensive strategic partnership, he expressed anticipation for the AKTD to develop into a signature project for ROK-ASEAN policy cooperation in effectively uncovering and launching joint projects. During the forum session, Korea Institute for Industrial Economics & Trade (KIET) President Namhoon Kwon gave a keynote speech on the role of think tanks for national development, followed by speakers from ERIA, the Institute of Malaysian and International Studies (IKMAS), and the Korea Institute for International Economic Policy (KIEP), who presented on the trade and economic development strategies of ASEAN. A panel discussion took place after the presentations, chaired by the Asia Foundation’s Korean representative Kyungjin Song. IKMAS Director Sufian Jusoh welcomed the AKTD’s launch, ensuring IKMAS’ active participation and support for AKTD’s joint research projects and other events this year. In the subsequent roundtable session, participants discussed the basic future directions for the operation of AKTD and officially adopted the “Operational Guidelines for the AKTD” signed by KIET and nine ASEAN think tanks. The above guidelines are expected to serve as a critical foundation for the establishment of AKTD as a sustainable cooperative platform that can contribute to ASEAN’s economic development policies. Korea’s Ministry of Trade, Industry and Energy (MOTIE) will be reporting the joint research outcomes of AKTD at the 22nd ASEAN Economic Ministers (AEM)-ROK Consultation slated for this September in Malaysia, while also making preparations for a follow-up conference through close cooperation with the ASEAN chair country and the ASEAN Secretariat.   date2025-05-14

「Korea-Uzbekistan Insight Forum」 co-hosted by MOTIE & Uzbekistan Embassy to Korea

  The Ministry of Trade, Industry and Energy of the Republic of Korea (Minister Dukgeun Ahn) and the Embassy of the Republic of Uzbekistan in Korea (Ambassador Alisher Abdusalomov) co-hosted the Korea-Uzbekistan Insight Forum at the Embassy of Uzbekistan in Korea on Tuesday, May 13.   This forum, joined by the two governments and representatives from relevant institutions, was prepared to review the progress of ongoing bilateral cooperation projects and devise ways to further enhance economic collaboration between the two countries.   Participants agreed on the significance of the relationship between Korea and Uzbekistan as Special Strategic Partners, and emphasized the need for practical cooperation around new industries including supply chains, energy, infrastructure, and advanced technologies, in addition to mutual trade and investment.   Jongchul Kim, Director General of the Bureau of International Trade Relations, stated that given the rapidly changing global trade environment, we will continue to build a future-oriented cooperation framework between our two countries to review our economic partnership and achieve tangible outcomes. Concurring with DG Kim, Ambassador Abdusalomov suggested developing a Joint Long-Term Strategic Program for High-tech and Innovative Partnership. This program would encompass key sectors such as critical mineral resources, semiconductors, chemical industry, automotive production, smart agriculture, infrastructure and urban development, and green energy. Furthermore, the Uzbek ambassador emphasized the importance of continuing the implementation of joint ODA projects focused on strengthening Uzbekistan’s industrial capacities. These initiatives are expected to create opportunities for Korean companies to strengthen and expand their participation in regional and global supply chains.   The Korean and Uzbek governments will actively utilize their cooperation platforms such as 「the Korea-Uzbekistan Joint Committee on Trade and Economy」, and enhance policy communication and collaboration across a wide range of sectors going forward. date2025-05-13

Minister Ahn meets Czech Prime Minister Petr Fiala

Korea’s Minister of Trade, Industry and Energy Dukgeun Ahn met Czech Prime Minister Petr Fiala on May 7 in Prague with both countries’ government delegations and discussed cooperation in industry, energy, construction, infrastructure, and science technology. date2025-05-09