Ministry of Trade, Industry and Energy

Korea and Lithuania discuss bilateral economic cooperation

Deputy Minister for Trade Yang Byeong-nae met with Lithuania’s Vice Foreign Affairs Minister Egidijus Meilūnas on March 19 in Seoul to discuss measures to widen bilateral trade, investment, and economic cooperation.   Noting the growth of bilateral exchanges and trade following the establishment of Lithuania’s diplomatic mission in Korea in 2021, Deputy Minister Yang proposed that the two countries make further effort to expand their collaboration with focus on advanced industries, in view of Lithuania’s world-leading technology in laser and bio.   The two sides agreed on the importance of R&D cooperation and decided to support business partnering and convene joint seminars to strengthen the two countries' corporate networking and stimulate joint R&D projects.   On the margins of the bilateral talks, Korea Institute for Advancement of Technology (KIAT) and Innovation Agency Lithuania entered a memorandum of understanding (MOU) for industry and technology cooperation to seek various measures to deepen and diversify their collaboration. date2024-03-20

Korea and Africa discuss EPA-based economic cooperation

Minister for Trade Inkyo Cheong held a conference with Moroccan and Tanzanian Ambassadors to Korea Chafik Rachadi and Togolani Mavura and the Chargé d'Affaires of Kenyan Embassy in Korea Kipkosgei Toroitich on March 20 to discuss measures for wider Korea-Africa economic cooperation through the Economic Partnership Agreement (EPA).   At the conference, Trade Minister Cheong said that “Considering the growth potential and geoeconomic significance of Africa in terms of its rich mineral resources and vast single market of 1.4 billion created upon the launch of the African Continental Free Trade Agreement (AFCFTA), economic cooperation with the continent is becoming increasingly important” and added that the EPA is poised to serve as the framework for the two sides’ economic cooperation in trade, investment, supply chain, digital, clean economy and various other areas. He also asked for the ambassadors’ continued interest and support in future EPA cooperation.   Africa’s ambassadors to Korea agreed that the EPA will be a major milestone in developing and expanding bilateral cooperative ties. Both sides are aiming to place strong emphasis on EPA as a framework for strengthening economic relations in light of the numerous upcoming opportunities for building cooperative momentum, including the first Korea-Africa summit slated for June this year in Seoul. date2024-03-20

Korea and UK to hold 2nd official negotiating round on upgrading bilateral FTA

Director General for FTA Negotiations Chang Sung-gil at the Ministry of Trade, Industry and Energy (MOTIE) is heading the Korean delegation in the second official round of negotiations for upgrading the Korea-UK Free Trade Agreement (FTA) to be held through March 19-22 in London. The UK delegation will be led by Adam Fenn, Chief Negotiator at the UK's Department for Business and Trade.   With the Korea-UK FTA signed in 2019 and having come into force in 2021 on the heels of Brexit, the two countries declared the launch of negotiations for the upgrade of the bilateral FTA upon the occasion of President Yoon Suk Yeol’s state visit to the UK last November, and the first negotiating round was held this January in Seoul.   In this second negotiating round, the Korean government aims to strengthen comprehensive and cooperative trade relations and discuss the introduction of new trade rules through negotiations on service, digital, SMEs and Good Regulatory Practices (GRP).   Korea anticipates that the upgrade of the bilateral FTA will contribute to expanding exports and investment through reinforcing advanced trade solidarity with the UK, one of Korea’s core friendly nations, while also stabilizing the supply chain and enhancing cooperation in areas like gender and clean energy. date2024-03-19

Trade Minister meets McLarty Associates' Senior Managing Director

Minister for Trade Inkyo Cheong met with Robert O. Blake, Jr., McLarty Associates' Senior Managing Director leading the Southeast Asia and Climate practices, on March 15 in Washington D.C. to exchange views on future U.S. trade policies, outlook and Korea-U.S. trade issues. date2024-03-19

Trade Minister attends 7th Korea-U.S. FTA Joint Committee meeting

Minister for Trade Inkyo Cheong met with U.S. Trade Representative Katherine Tai on March 15 in Washington D.C. for the 7th Korea-U.S. FTA Joint Committee meeting, where they discussed FTA implementation outcomes, future plans and held a signing ceremony on modifications to certain textile and apparel rules of origin. date2024-03-19

Ministers agree to expand clean economy cooperation at IPEF ministerial meeting

Trade, Industry and Energy Ministry's Deputy Minister for FTA Negotiations Roh Keon-ki attended the Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting on March 14 via videoconferencing.   Ministers attending the meeting agreed to prepare for the entry into force and implementation of the Supply Chain, Clean Economy and Fair Economy Pillars’ Agreements concluded last year, while also pushing forward practical cooperation to enhance connectivity across the Indo-Pacific region through the IPEF Clean Economy Investor Forum and activation of Clean Economy cooperative programs, among other means.   The ministerial meeting will kick off procedures for the Clean Economy and Fair Economy Agreements’ entry into force, including their disclosure and the collection of public opinion. Concluded last November, the Agreements contain measures for cooperation in energy transition, reduction of greenhouse gas emissions in industries and transportation sectors, early transition into the Clean Economy (e.g., carbon market), anti-corruption, and for strengthening the transparency and efficiency of tax administration.   Participating countries plan to proceed with signing and other necessary procedures for the Clean Economy and Fair Economy Agreements’ swift entry into force. The Supply Chain Agreement and pertaining measures for cooperation to stabilize the regional supply chain have come into effect in some countries starting February 24, and Korea will proceed with domestic procedures, including government screening and Cabinet decision-making, for entry into force in April.   Moreover, it is anticipated that this year will set cooperative activities into motion to maximize the outcomes per each IPEF Pillar. Slated for June in Singapore, the Investor Forum will be a venue for investor-project matching and other activities with the participation of governments, investment companies and Multilateral Development Banks (MDBs) for boosting investments in eco-friendly energy, ports, and clean economy infrastructure areas for the Indo-Pacific region. In addition, a detailed cooperation program for the early achievement of the Clean Economy Agreement targets is to be launched, such as those for invigorating the carbon market, clean electricity utilization, and sustainable aviation fuels (SAF), as well as for establishing the hydrogen market and supply chain, and retraining for just transitions and upskilling.   Deputy Minister Roh stated that whereas 2023 was a year focusing on concluding the Agreements for IPEF Pillars, 2024 will be one focusing on their entry into force, preparing for implementation, and seeing actual investment and cooperation happen at the IPEF level. date2024-03-18

Deputy Minister for FTA Negotiations attends IPEF ministerial meeting

Trade, Industry and Energy Ministry's Deputy Minister for FTA Negotiations Roh Keon-ki attended the Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting on March 14 via videoconferencing.   Deputy Minister Roh stated that this year will focus on the concluded Agreements’ entry into force, preparing for their implementation, and seeing actual investment and cooperation happen at the IPEF level. He added that Korea will leverage on advanced technological competitiveness in clean economy areas to initiate cooperation and actively expand Korean firms’ market entry in the Indo-Pacific region. date2024-03-15

Trade Minister meets Singapore's Ambassador to Korea

Minister for Trade Inkyo Cheong met with Singapore’s Ambassador to Korea Eric Teo on March 11 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul to discuss measures for bilateral cooperation. date2024-03-14

Korea and ASEAN to discuss FTA upgrade to enhance companies' utilization

Trade, Industry and Energy Ministry’s Director General for FTA Policy Ahn Chang-yong is leading the Korean delegation in the 20th Korea-ASEAN Free Trade Agreement (FTA) Implementing Committee meeting through March 12-13 in Jakarta, Indonesia, for assessing FTA implementation and discussing measures for upgrading the Agreement. The ASEAN delegation is led by Alpana Roy, ASEAN Division Director at Singapore’s Trade and Industry Ministry.   On the margins of the meeting, Korea and ASEAN member countries will be reviewing the outcomes of past joint research projects and discussing measures for an upgrade of the bilateral FTA through a workshop on the Korea-ASEAN FTA upgrade and digital trade joint research. Both sides have been making effort to take stock of the changing landscape following the Regional Comprehensive Economic Partnership (RCEP) Agreement signed in 2020 and to push forward joint research for upgrading the Korea-ASEAN FTA. The aim of the workshop is to seek detailed directions for upgrading the FTA to enhance companies' utilization, while also incorporating new trade issues like digital and supply chains.   At the meeting, Vietnam will be briefing on its completion of domestic procedures for the ratification and entry into force (November 2023) of the Korea-ASEAN Agreement on Trade in Goods Agreement (AKTIGA), which is significant in that it will allow for a more stable application of the FTA tariff rate and lay the foundation for bilateral discussions on upgrading the Korea-ASEAN FTA.   Meanwhile, the Korean delegation will be holding separate discussions with the ASEAN Secretariat to discuss plans for contribution to RCEP and measures for economic cooperation.   Noting that ASEAN is a core partner for Korea’s Indo-Pacific Strategy, Director General Ahn stated plans to “advance economic cooperation with ASEAN through the Korea-ASEAN FTA and RCEP.” date2024-03-12

Trade Minister holds conference with GCC's ambassadors to Korea

Minister for Trade Inkyo Cheong chaired a conference with ambassadors of GCC to Korea on March 5 at the Four Seasons Hotel Seoul to discuss measures to expand economic cooperation on the momentum of the Korea-GCC FTA concluded last year. date2024-03-06