Ministry of Trade, Industry and Energy

Trade Minister meets with Korean companies in U.S. on margins of attending APEC Trade Ministerial

Minister for Trade Inkyo Cheong, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) trade ministers’ meeting through May 17-18, visited Atlanta, U.S. (May 14-15), to meet with Korean companies operating in the U.S. market and reviewed the two countries' joint R&D projects in advanced industries and discussed bilateral trade policy measures.   Trade Minister Cheong visited Kia’s West Point plant in Georgia on May 15 and met with automakers and parts manufacturers to discuss the recent announcement by the U.S. Department of Commerce (DOC) on the preliminary determination on anti-dumping investigations covering Korean aluminum extrusions. The trade chief then met with seven member companies of the Korean Corporations Alliance of the Southeast (KOCAS) and discussed local management environment trends and business challenges.   The trade minister also visited Georgia Institute of Technology and held talks with Korean professors and researchers at the university to review Korea-U.S. collaboration progress in advanced technologies.   Trade Minister Cheong plans to attend the APEC Joint Meeting of Ministers Responsible for Trade and Ministers for Women among other meetings through May 16-18 to discuss measures for inclusive and sustainable growth, while also preparing for Korea’s 2025 APEC chairmanship. date2024-05-16

Korea-Cambodia 1st FTA Joint Committee meeting

Minister for Trade Inkyo Cheong met with Cambodia's Commerce Minister Cham Nimul on May 13 in Seoul and held the first Korea-Cambodia Free Trade Agreement (FTA) Joint Committee meeting to assess the bilateral FTA’s implementation progress and discuss Korea-Cambodia trade and investment performance and implementation outcomes following FTA's entry into force. date2024-05-13

Korea and Cambodia hold 1st FTA Joint Committee meeting following entry into force

Minister for Trade Inkyo Cheong met with Cambodia's Commerce Minister Cham Nimul on May 13 in Seoul and held the first Korea-Cambodia Free Trade Agreement (FTA) Joint Committee meeting to assess the bilateral FTA’s implementation progress.   Key agenda items included Korea-Cambodia trade and investment performance and implementation outcomes following FTA's entry into force. The two sides welcomed the positive effect of their bilateral FTA, such as the Korea-Cambodia trade hitting record highs last year despite the slow global economy, increase in trade across two countries’ major FTA items, and bilateral people-to-people exchange also recovering pre-COVID levels.   The three implementation committees under the bilateral Joint FTA Committee, namely those for trade in goods, country-of-origin and customs procedures, and economic cooperation, suggested updating the Harmonized System (HS) codes, expanding Cambodia’s scope of approved exporter system, and other measures for enhancing Korean and Cambodian companies’ FTA utilization. They also gave a briefing on FTA-based economic cooperation projects and decided to review their implementation progress on a regular basis in the future.   Trade Minister Cheong stated that he looks forward to seeing the two countries’ companies effectively leverage the bilateral FTA for trade and market expansion opportunities. He also asked the Cambodian government’s interest and support towards Korean firms for diversifying the supply chain in areas like automobiles, electronics, and food, based on the Korea-ASEAN FTA, Regional Comprehensive Economic Partnership (RCEP), and the Korea-Cambodia FTA. date2024-05-13

Trade Minister attends Session 5 of OECD MCM 2024

Minister for Trade Inkyo Cheong attended Session 5 of OECD MCM 2024 at the OECD Headquarters in Paris on May 3, held under the theme of “Credible Pathways Towards Sustainable and Inclusive Growth Under the Interlinked Global Crises.” date2024-05-07

Trade Minister attends ceremony for DEPA's entry into force

Minister for Trade Inkyo Cheong attended the ceremony for commemorating the Digital Economy Partnership Agreement (DEPA)’s entry into force on May 2 at the OECD headquarters in Paris with trade leaders of other countries, including Singapore's Minister-in-charge of Trade Relations Grace Fu, New Zealand's Trade Minister Todd McClay, and Chile’s Vice Minister for International Economic Relations of the Ministry of Foreign Affairs Claudia Sanhueza Riveros, where he gave an opening address stating that efforts will be made toward establishing a digital economic cooperation base among partner countries so that DEPA can serve as a platform for strengthening economic partnerships as well. date2024-05-07

Joint press release on the successful accession of the Republic of Korea to the Digital Economy Partnership Agreement

3 May 2024   JOINT PRESS RELEASE ON THE SUCCESSFUL ACCESSION OF THE REPUBLIC OF KOREA TO THE DIGITAL ECONOMY PARTNERSHIP AGREEMENT     1.        Chile, New Zealand and Singapore, the founders of the Digital Economy Partnership Agreement (DEPA) are delighted to welcome the Republic of Korea (ROK) as DEPA’s first new member.   Finalisation of the ROK’s Accession Process   2.        The ROK’s successful accession is an important milestone. It follows the announcement of the substantial conclusion of discussions on the ROK’s accession in June 2023 and the subsequent completion of the legal procedures in line with the DEPA accession process.   3.        The DEPA commits Parties to ambitious disciplines on digital trade to advance the growth of the digital economy. It also provides a platform for collaboration on projects of mutual interest. The accession of the ROK is testament to the Agreement’s open and inclusive nature. Expansion of the DEPA will add to the heft of the Agreement and provide greater opportunities for collaboration amongst Parties.   Comments from DEPA Parties   4.          Chile´s Undersecretary for International Economic Relations, Ms. Claudia Sanhueza said, “Chile welcomes today's announcement of the entry into force of the Digital Economy Partnership Agreement (DEPA) by the ROK. This is an important milestone for this agreement, as it is the first DEPA member to join through an accession process. We look forward to working with the ROK to enhance the potential of DEPA and to collaborate on projects of mutual interest in emerging areas that could impact digital trade".   5.          New Zealand Minister for Trade Mr. Todd McClay said, “New Zealand welcomes the ROK’s formal accession to the DEPA. The ROK has impressive experience in the digital economy and its accession demonstrates the DEPA’s value as a pathfinder agreement for economies with high ambition for digital trade. New Zealand looks forward to working more closely with the ROK on these issues.”   6.        Singapore’s Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu said, “Singapore warmly welcomes the ROK as the fourth Party to the DEPA. This is a key milestone for the DEPA. Through the DEPA, I look forward to deepening Singapore’s collaborations on the digital economy with the ROK. As Chair of the ROK’s Accession Working Group (AWG), Singapore would like to express our appreciation to the ROK for the close cooperation with DEPA Parties throughout its accession process. I hope we can build on this momentum to ensure that DEPA remains an open and inclusive Agreement to all economies that are able to meet its high standards.”   7.          The ROK’s Trade Minister Inkyo-Cheong said, “The ROK will make efforts for the expansion of DEPA while acting as a bridge between founding and new members as the first non-founding member country.” Trade Minister Cheong also added, “The ROK will lay the foundation for cooperation on the digital economy between members to ensure DEPA will serve as a platform to enhance economic partnership.”   Background   8.          Chile, New Zealand and Singapore signed the DEPA in June 2020. The ROK formally applied to join the DEPA in September 2021. The AWG to oversee its accession process was formed in October 2021, with Singapore as Chair.   Jointly issued by the Undersecretariat of International Ec date2024-05-03

Korea and Angola hold Business Forum

Minister for Trade Inkyo Cheong attended the Korea-Angola Business Forum, co-hosted by Korea’s Ministry of Trade, Industry and Energy (MOTIE) and the Angolan government, on April 29 in Seoul on the occasion of Angola’s President João Lourenço’s state visit, and held extensive bilateral discussions on cooperation in trade, investment, renewable energy, shipbuilding, and offshore plant projects.   The forum was attended by approximately 180 representatives of both countries’ governments, institutions, and companies, including the Sonangol Group and HD Hyundai Heavy Industries.   In his opening address, Trade Minister Cheong extended gratitude towards President Lourenço’s interest in pursuing economic cooperation with Korea and stated that the Korean government will likewise provide full support to expand bilateral cooperation in manufacturing, renewable energy, and other areas, based on the initial collaboration centering on energy, shipbuilding, and offshore plant.   Moreover, the trade promotion institutions of both countries, namely Korea Trade-Investment Promotion Agency (KOTRA) and Agency for Private Investment and Promotion of Exports of Angola (AIPEX), entered a memorandum of understanding (MOU) on establishing the basis for supporting the two countries’ business exchanges, including partner matchings and exchange of trade and investment information. Accordingly, KOTRA plans to set up a Korea promotion exhibition booth in the international symposium to be held in Luanda, Angola, in July as part of pushing forward projects for promoting bilateral trade. date2024-04-30

Korea and Oman to resume bilateral Economic Cooperation Committee after 8-year hiatus

Minister for Trade Inkyo Cheong met Chairman of the Oman Public Authority for Special Economic Zones and Free Zones (OPAZ) Ali Masoud Al Sunaidy on April 29 in Seoul to discuss the resumption of the two countries’ bilateral Economic Cooperation Committee.   The sixth Korea-Oman Economic Cooperation Committee meeting had originally been slated for 2019 in Muscat, Oman, but was put on pause by the pandemic outbreak.   The resumption discussion was proposed by Chairman Al Sunaidy, noting Oman’s push for industrial diversification and focused investment on new renewable energy areas. Trade Minister Cheong replied that he looks forward to discussing measures for deepening the two countries’ investment, joint project discovery, and other economic collaborations through the Economic Cooperation Committee in the near future. date2024-04-30

Trade Minister meets OPAZ Chairman

Minister for Trade Inkyo Cheong met Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ) Ali Masoud Al Sunaidy on April 29 in Seoul to discuss key agenda items including the resumption of the two countries’ bilateral Economic Cooperation Committee. date2024-04-30

Trade Promotion Committee discusses IPEF and Korea-EU Digital Trade Agreement

Minister for Trade Inkyo Cheong chaired the 38th Trade Promotion Committee meeting on April 23 and led discussions on the progress of Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain and Clean Economy Agreements and forward-looking measures for their utilization.   With the IPEF Supply Chain Agreement having entered into force on April 17 in Korea, the ministry plans to selectively sort critical items and push joint projects, diversify import channels, and improve logistics through coordination with IPEF partner countries, all of which are anticipated to substantially contribute to Korea’s industrial supply chain stabilization.   Moreover, the Government intends to actively engage in the IPEF Clean Economy Investor Forum and IPEF Catalytic Capital Fund to widen Korean companies’ doors of opportunity in entering the KRW 200 trillion Indo-Pacific clean economy cooperation market.   Next, attendees discussed the progress on Korea-EU Digital Trade Agreement negotiations. As the existing Korea-EU Free Trade Agreement (FTA) does not reflect the recent changes in digital trade, the need for digital trade rules improvement between the two sides is rising. Accordingly, the Korean government declared the commencement of negotiations for the bilateral digital trade agreement in October 2023 and has convened three official negotiating rounds thus far, with plans to swiftly proceed with negotiations in the future for establishing the bilateral digital trade agreement in line with the high standards of the Korea-EU digital trade principles. date2024-04-23