Ministry of Trade, Industry and Energy

Korea and New Zealand hold 6th FTA Joint Committee meeting

Director General for FTA Policy Ahn Chang-yong led the Korean delegation in the sixth Korea-New Zealand Free Trade Agreement (FTA) Joint Committee meeting held on May 28 in Seoul, breaking the four-year hiatus since the fifth meeting in 2020. His counterpart Greg Andrews from the Ministry of Foreign Affairs and Trade (MFAT) headed the New Zealand delegation.   Now in its 10th year of implementation, the Korea-New Zealand FTA has both markets offering high levels of openness and contributing substantially to the expansion in bilateral trade, which soared 84.8 percent to USD 4.6 billion in 2023 from the $2.5 billion in 2015, the year the FTA entered into force.   The sixth joint committee meeting covered FTA outcomes, measures for enhancing exporters and importers’ convenience, and joint projects in conjunction with FTA among other various issues of interest.   Director General Ahn stated that, as participants of not only the FTA but also the Regional Comprehensive Economic Partnership (RCEP), Indo-Pacific Economic Framework for Prosperity (IPEF), and the Digital Economy Partnership Agreement (DEPA), both countries have agreed to actively cooperate in diffusing intraregional free trade and responding to the rise in trade protectionism. date2024-05-28

Korea and ASEAN discuss measures for advancing bilateral economic cooperation

Minister for Trade Inkyo Cheong met with the Association of Southeast Asian Nations (ASEAN) Secretary-General Kao Kim Hourn on May 28 in Seoul to discuss comprehensive economic cooperation between Korea and ASEAN.   Underscoring ASEAN’s position as Korea’s second largest trade and direct investment partner, Trade Minister Cheong noted how the Indo-Pacific Strategy and the Korea-ASEAN Solidarity Initiative (KASI) announced by President Yoon on the margins of the Korea-ASEAN Summit in 2022 are spurring their bilateral economic cooperation. As this year marks the 35th anniversary of the two sides’ dialogue relations, he further expressed anticipation for their cooperation to advance towards a Comprehensive Strategic Partnership (CSP) and to encompass economic, social, and cultural issues along with upgrading the Korea-ASEAN Free Trade Agreement (FTA).   Secretary-General Kao welcomed the Korean government’s specific collaboration measure laid out through KASI proposing to harmoniously combine Korea’s strengths and ASEAN’s industrial demand and assured to make efforts to expand bilateral economic cooperation.   Moreover, both sides agreed to make concerted and continued efforts to produce tangible results in the Korea-ASEAN joint projects that are ongoing for the establishment of electrical safety infrastructure and standards cooperation network. They expressed hope for the ASEAN Economy Ministers’ Meeting and ASEAN Summit slated for the second half of 2024 to catalyze economic cooperation in various areas.   Trade Minister Cheong also suggested that Korea and ASEAN cooperate in digital transition, clean economy, and new trade issues, for which he asked ASEAN’s proactive support and interest in the Carbon Free Energy (CFE) Initiative and the Asia-Pacific Economic Cooperation (APEC) Summit 2025 to be hosted by Korea next year. date2024-05-28

10th meeting of Korea-Kazakhstan Commission on Trade-Economic and Scientific-Technical Cooperation

Trade, Industry and Energy Minister Dukgeun Ahn and Kazakhstan’s Industry and Construction Minister Sharlapaev Kanat Bisimbayevich held the 10th meeting of the intergovernmental Korea-Kazakhstan Commission on Trade-Economic and Scientific-Technical Cooperation on May 23 via teleconferencing, where the two sides also signed the Agreed Minutes of the meeting. date2024-05-24

Korea and Kazakhstan hold 10th meeting of Trade-Economic and Scientific-Technical Cooperation Commission

Trade, Industry and Energy Minister Dukgeun Ahn and Kazakhstan’s Industry and Construction Minister Sharlapaev Kanat Bisimbayevich held the 10th meeting of the intergovernmental Korea-Kazakhstan Commission on Trade-Economic and Scientific-Technical Cooperation on May 23 via teleconferencing.   Launched in accordance with the bilateral trade agreement that went into force in 1992, the above Commission is a high-level consultative group co-led by Korea’s Trade, Industry and Energy minister and Kazakhstan’s Industry and Construction minister, with the participation of related ministries and institutions. The Commission’s previous meeting was held four years ago in November 2020.   During the 10th meeting, both sides decided to strengthen cooperation across various areas, including critical minerals, energy, trade, investment, infrastructure, and science technology based on the shared understanding of the importance of economic security and wider energy cooperation, which were some of the issues discussed during the Korea-Kazakhstan summit held on the margins of the United Nations General Assembly in September 2023. date2024-05-24

Korea and Czech Republic discuss economic cooperation

Deputy Minister for Energy Policy Lee Ho-hyeon met with the Czech Deputy Minister of Industry and Trade Petr Třešňák on May 22 in Seoul to discuss stronger economic cooperation in energy, industries, and trade. date2024-05-24

Minister Ahn meets Indonesia's Coordinating Minister for Economic Affairs

Trade, Industry and Energy Minister Dukgeun Ahn met with Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto on May 22 in Seoul for this year’s first Korea-Indonesia industry and trade ministers’ talks to discuss measures for comprehensive economic cooperation. date2024-05-24

Korea and Indonesia discuss comprehensive economic cooperation

Trade, Industry and Energy Minister Dukgeun Ahn met with Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto on May 22 in Seoul for this year’s first Korea-Indonesia industry and trade ministers’ talks to discuss measures for comprehensive economic cooperation.   Noting how the four summit meetings held over the last two years have spurred bilateral trade and investment to deeper levels, the two sides agreed to bolster forward-looking economic cooperation by actively leveraging the two countries’ mutually complementary industrial structure and trade platforms, such as the Korea-Indonesia Comprehensive Economic Partnership Agreement (CEPA) and Regional Comprehensive Economic Partnership (RCEP).   Minister Ahn asked for the Indonesian government’s support and interest towards Korean firms operating in the local market and for increased incentives for Korean carmakers’ local EV production, as well as attention to issues regarding Indonesia’s import quota system.   Lastly, the two ministers agreed to hold the third Korea-Indonesia Economic Cooperation Committee meeting in Jakarta in the second half of this year for in-depth discussions on trade, investment, energy, and industrial cooperation. Moreover, they reaffirmed their shared vision on establishing a stable critical minerals supply chain and expanding cooperation in greenhouse gas reduction and other projects in future new industries by building on the two countries’ current economic cooperative momentum. date2024-05-22

Korea and Mongolia launch 2nd official negotiating round for bilateral EPA

Korea's Director General for FTA Negotiations Peob-min Ryu and State Secretary of Mongolia's Ministry of Economy and Development Batkhuu Idesh are leading their delegations in the second official negotiating round for the Korea-Mongolia Economic Partnership Agreement (EPA) on May 21 in Ulaanbaatar to discuss agenda items in goods, services, investment, government procurement, and cooperation. date2024-05-22

Korea and Mongolia launch 2nd official negotiating round for bilateral EPA

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 21 that the second official negotiating round for the Korea-Mongolia Economic Partnership Agreement (EPA) is to be held through May 21-23 in Ulaanbaatar, Mongolia.   Korea's Director General for FTA Negotiations Peob-min Ryu and State Secretary of Mongolia's Ministry of Economy and Development Batkhuu Idesh are each leading their respective delegations. Negotiations will focus on goods, services, investment, government procurement, country of origin, intellectual property, cooperation, and environment.   Through this second official negotiating round, the two sides aim to make tangible progress by narrowing their differences and covering key issues based on discussions from the first negotiating round held last December in Seoul. date2024-05-21

Trade Minister holds bilateral talks on margins of APEC Trade Ministerial

Minister for Trade Inkyo Cheong attended the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial as the Korean government’s Chief Delegate from May 17-18 in Arequipa, Peru, and participated in discussions with other APEC member countries under the themes of "Empower. Include. Grow."   The trade minister attended three sessions on the following agendas: 1) trade liberalization and WTO, 2) Free Trade Area of the Asia-Pacific (FTAAP), and 3) trade and inclusion, where he proposed Korea’s policy efforts and vision for intraregional cooperation in line with its APEC chairmanship in 2025.   In the first session of the above, he called for joint efforts with regard to formulating norms through multilateral negotiations as part of implementing the outcomes gained during the 13th World Trade Organization Ministerial Conference (MC13). In the second session, he proposed that the FTAAP talks also cover digital and supply chain among other new trade agendas in view of the changing trade environment. In the third session, he introduced Korea’s e-commerce platform “uTradeHub” and startup nurturing program for SMEs and women, sharing how digital technology can promote inclusive trade. Moreover, he suggested measures for women’s economic empowerment and trade participation through trade policies during the Joint Meeting of Ministers Responsible for Women and Ministers Responsible for Trade.   Following the meeting, the 21 APEC member countries issued a joint statement, meaningful in that it contains consensuses on new trade agendas like supply chains, digital, and artificial intelligence (AI).   Meanwhile, Trade Minister Cheong held bilateral talks with counterparts from Thailand, the U.S., and Peru, each having served as APEC chair for 2022, 2023 and 2024, respectively, to discuss APEC chairmanship experiences and share Korea’s preparation for APEC 2025 chairmanship. He also met with representatives of Australia, Japan, China, and Indonesia to discuss trade, supply chain stabilization, and inclusive economic trade cooperation measures. date2024-05-20