Ministry of Trade, Industry and Energy

Korea and Thailand declare negotiation launch for bilateral EPA

Deputy Minister for FTA Negotiations Roh Keon-ki met Thailand’s Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai on March 28 in Bangkok to declare the launch of negotiations for the Korea-Thailand Economic Partnership Agreement (EPA). date2024-03-29

Trade Minister meets Cambodia’s Acting Minister of Commerce

Minister for Trade Inkyo Cheong met with Cambodia’s Acting Minister of Commerce and Secretary of State Kem Sithan on March 27 in Phnom Penh, Cambodia, to discuss measures to strengthen bilateral cooperation in trade, investment, development, and carbon neutrality. date2024-03-29

Boao Forum for Asia 2024 hosts discussions for Asian countries' intraregional cooperation

Deputy Minister for Trade Yang Byeong-nae attended the Boao Forum for Asia (BFA) Annual Conference 2024 held in Boao, China's Hainan Province, through March 26-29 under the theme of "Asia and the World: Common Challenges, Shared Responsibilities.”   Launched in 2001, BFA is a venue where Asia’s key figures in governments, corporations, and academia gather to discuss measures for economic development. This year’s conference was attended by the representatives of 29 Asian countries.   In the panel session on “Asia: Building an Epicentrum of Growth,” Deputy Minister Yang discussed measures for enhancing intraregional economic cooperation with other experts, presenting the following three key tasks for Asia to identify new opportunities for growth amid recent global trade uncertainties and exercise global leadership: enhancing the quality of intraregional economic cooperation; proposing a vision for global agendas like climate change response and digital economy; and heightening the utilization of the Regional Comprehensive Economic Partnership (RCEP) that entered into force in 2022.   He further emphasized Korea’s plan to utilize the intraregional cooperation platform like RCEP and ASEAN-Plus Three (APT) for facilitating trade and investment, stabilizing the supply chain, and diffusing new trade norms, including green and digital. date2024-03-28

Korea and Cambodia to strengthen bilateral economic cooperation

Minister for Trade Inkyo Cheong met with Cambodia’s Acting Minister of Commerce and Secretary of State Kem Sithan on March 27 in Phnom Penh, Cambodia, to discuss measures to strengthen bilateral cooperation in commemoration of the third anniversary of the two countries’ Free Trade Agreement (FTA)’s entry into force (December 2022), with aim to review FTA implementation and uncover promising areas for cooperation.   The talks held this day covered a broad range of topics, including measures for expanding trade and investment, infrastructure, and carbon neutrality, and the two sides agreed to seriously push forward the establishment of a TASK center on food processing, as well as cooperation in NDCs (nationally determined contributions).   The two sides reviewed the current trends and outcomes of bilateral trade and discussed measures for efficient management of rules of origin and customs procedures. Moreover, they agreed to hold the first Korea-Cambodia FTA Joint Committee meeting during the first half of this year and to make efforts for diversifying trade items, strengthening the value chain and enhancing companies’ utilization of FTA.   Trade Minister Cheong stated that he looks forward to seeing Cambodia become one of the key partners for Korea’s economic cooperation with ASEAN through the bilateral FTA. date2024-03-28

Korea and Thailand declare launch of negotiations for bilateral EPA

Deputy Minister for FTA Negotiations Roh Keon-ki met Thailand’s Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai on March 28 in Bangkok to declare the launch of negotiations for the Korea-Thailand Economic Partnership Agreement (EPA).   The two countries agreed to push for negotiations in areas of mutual interest, including economic cooperation, digital, and government procurement, and attain a high level of market access in goods and services through the EPA.   Once concluded, the Korea-Thailand EPA is anticipated to: increase bilateral trade in automobiles, EVs, and car parts; create opportunities in construction, manufacturing, and visual and auditory service markets; strengthen economic cooperation in supply chains, bio, and clean economy; and build forward-looking strategic trade relations between the two countries.   Korea and Thailand have both completed all required procedures for launching negotiations and plan to hold the first official negotiating round in the near future once prior consultations make headway in the first half of this year. date2024-03-28

Korea and Malaysia hold trade ministerial talks

Minister for Trade Inkyo Cheong met with Tengku Zafrul Aziz, Malaysia’s Minister of Investment, Trade and Industry (MITI), on March 26 in Kuala Lumpur for trade ministerial talks and the declaration on resuming bilateral FTA negotiations, installing a trade ministerial dialogue channel, and signing an MOU on supply chain cooperation. date2024-03-26

Korea and Malaysia to resume negotiations for bilateral FTA

Minister for Trade Inkyo Cheong met with Tengku Zafrul Aziz, Malaysia’s Minister of Investment, Trade and Industry (MITI), on March 26 in Kuala Lumpur for trade ministerial talks and the two ministers declared the resuming of bilateral Free Trade Agreement (FTA) negotiations between the two countries, which have been on pause since 2019.   The declaration comes four years and six months after the third official negotiating round held in September 2019, and the two sides agreed to establish working groups for service, investment, digital, green, and bio in addition to those that had already been in progress, with aim to push for a more comprehensive FTA.   Among ASEAN countries, Malaysia is Korea’s third and fourth largest partner in terms of trade and investment, respectively. In view of the two countries’ mutually supplementary trade structure comprising natural gas, petroleum products, semiconductors, and fine chemicals, it is anticipated that the FTA will bolster Korea’s trade and investment base in ASEAN.   Meanwhile, during the Korea-Malaysia trade ministerial talks held prior to the declaration of FTA resumption, the two sides agreed to install a bilateral trade ministerial dialogue as a platform for advancing their economic cooperation and decided to further close cooperation in areas like supply chains and new industries.   On the margins of the visit, Trade Minister Cheong held a conference with Korean companies locally operating in Malaysia to discuss measures for resolving issues concerning onsite management, including investment incentives and customs challenges. date2024-03-26

Korea and Romania hold 10th Industrial Cooperation Committee Meeting

Trade, Industry and Energy Minister Dukgeun Ahn and Romania’s Economy, Entrepreneurship and Tourism Minister Ștefan-Radu Oprea held the 10th Korea-Romania Industrial Cooperation Committee Meeting on March 25 in Seoul to discuss measures for wider cooperation in trade, investment, industry, and energy.   Noting the two countries’ establishment of diplomatic ties in 1990 and emphasis on automotive parts and steel industry cooperation, Minister Ahn proposed in his opening address that they further the strategic partnership ties established in 2008 by building on their manufacturing industrial cooperation to expand into other areas like industrial technology, nuclear energy, defense, and infrastructure. date2024-03-25

Signing the Agreed Minutes to 10th Korea-Romania Industrial Cooperation Committee Meeting

Trade, Industry and Energy Minister Dukgeun Ahn and Romania’s Economy, Entrepreneurship and Tourism Minister Ștefan-Radu Oprea signed the Agreed Minutes to the 10th Korea-Romania Industrial Cooperation Committee Meeting on March 25 in Seoul. date2024-03-25

Korea and Romania discuss wider industrial, trade, and energy cooperation

Trade, Industry and Energy Minister Dukgeun Ahn and Romania’s Economy, Entrepreneurship and Tourism Minister Ștefan-Radu Oprea held the 10th Korea-Romania Industrial Cooperation Committee Meeting on March 25 in Seoul to discuss measures for wider cooperation in trade, investment, industry, and energy.   Launched in 2004, the Committee meeting has been held alternately in the two countries, and the 10th meeting was convened for more in-depth discussions on nuclear energy, defense, and other major bilateral issues.   Noting the two countries’ establishment of diplomatic ties in 1990 and emphasis on automotive parts and steel industry cooperation, Minister Ahn proposed in his opening address that they further the strategic partnership ties established in 2008 by building on their manufacturing industrial cooperation to expand into other areas like industrial technology, nuclear energy, defense, and infrastructure.   In view of the bilateral trade volume having achieved a record high last year, both sides agreed to expand bilateral trade and investment through exchange of trade data and participation in trade show exhibitions. The Korean delegation stated interest in joint research and development in areas like information and communications, chemicals, and bio, and the Romanian delegation introduced Romania’s energy mix policy on expanding nuclear and renewables. The two sides agreed to work together to achieve their shared goal of carbon neutrality and make joint effort towards the global diffusion of the Carbon-Free Energy (CFE) Initiative.   Furthermore, Romania expressed interest in defense cooperation with Korea, to which the Korean delegation highlighted the prospects of creating economic gains through related local investment and technology transfer. date2024-03-25