Ministry of Trade, Industry and Energy

Korea and Georgia hold 2nd official negotiating round for bilateral EPA

Director General for FTA Negotiations Peob-min Ryu is leading the Korean delegation in the second official round of negotiations for the Korea-Georgia Economic Partnership Agreement (EPA) through May 29–31 in Seoul. Georgia’s delegation is headed by Economy and Sustainable Development Deputy Minister Genadi Arveladze.   Following the launch of negotiations in November 2023, the two sides have managed to swiftly reach agreements in many areas through the first official negotiating round and the intersessional negotiations held in February and April this year, respectively.   In this second round, negotiations will take place across a total of 13 Working Groups on various areas, including goods, services, digital, and cooperation. The Korean government anticipates that the bilateral EPA will contribute to strengthening the two countries’ economic ties. date2024-05-29

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. His counterpart Greg Andrews from the Ministry of Foreign Affairs and Trade (MFAT) headed the New Zealand delegation. They covered FTA outcomes, measures for enhancing exporters and importers’ convenience, and joint projects in conjunction with FTA among other various issues of interest. date2024-05-28

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