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FTA/Economic Cooperation
Trade Minister meets Kenya’s Ambassador to Korea
Trade Minister Cheong held talks with Emmy Kipsoi, Kenya’s Ambassador to Korea, on September 26 in Seoul and discussed measures for widening bilateral economic cooperation including the Korea-Kenya Economic Partnership Agreement (EPA). date2024-09-27
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FTA/Economic Cooperation
Korea and Serbia launch negotiations for bilateral EPA
Korea’s Minister for Trade Inkyo Cheong and Serbia’s Minister of Domestic and Foreign Trade Tomislav Momirović jointly declared the launching of negotiations for the Korea-Serbia Economic Partnership Agreement (EPA) today in Seoul, announcing Korea’s first trade negotiations with a Balkan country. date2024-09-26
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FTA/Economic Cooperation
Korea and Serbia launch negotiations for bilateral EPA
Korea’s Minister for Trade Inkyo Cheong and Serbia’s Minister of Domestic and Foreign Trade Tomislav Momirović jointly declared the launching of negotiations for the Korea-Serbia Economic Partnership Agreement (EPA) today in Seoul, announcing Korea’s first trade negotiations with a Balkan country. Strategically located in the center of the Balkan Peninsula in Southeast Europe, Serbia is rich in critical resources such as lithium and zinc. It is rapidly rising as Europe’s new production base based on its robust manufacturing sector and is already home to Korea’s car parts and mobility businesses. Going forward, the two countries can anticipate cooperation over advanced industrial supply chains such as battery and electric vehicles (EVs), as well as nuclear reactors in view of the Serbian government’s recent push for nuclear power development. Noting that this year commemorates the 35th anniversary of the establishment of Korea-Serbia diplomatic relations, Trade Minister Cheong expressed his expectations for the EPA negotiations to serve as an institutional basis for opening new horizons on the two countries’ cooperative ties, catalyzing bilateral collaboration across various areas including automobiles, high-tech, renewable energy, and nuclear reactors. In conjunction with the launch of negotiations, MOTIE also held a business conference with Korean companies operating in the Serbian market and other relevant institutions to discuss promising joint projects in information technology, bio, energy, and critical minerals supply chains. date2024-09-26
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FTA/Economic Cooperation
Korea and Thailand launch 2nd official negotiating round for bilateral EPA
Korea’s Minister for Trade Inkyo Cheong met with Thai Deputy Commerce Minister Suchart Chomklin on the margins of the second round of official negotiations for the Korea-Thailand Economic Partnership Agreement (EPA) from September 25–27 in Seoul. In his opening address, Trade Minister Cheong urged the two delegations to partake in the negotiations with a forward-looking mindset to establish a bilateral trade agreement better tailored to the new global trade order and to improving the two countries’ economic cooperation. date2024-09-26
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FTA/Economic Cooperation
Korea and Thailand launch 2nd official negotiating round for bilateral EPA
Korea’s Deputy Minister for FTA Negotiations Roh Keon-ki and Director-General of the Department of Trade Negotiations of the Ministry of Commerce of Thailand Chotima Iemsawasdikul are heading their respective delegations in the second round of official negotiations for the Korea-Thailand Economic Partnership Agreement (EPA) from September 25–27 in Seoul. The Korean government delegation is composed of representatives of various relevant ministries and will engage in negotiations with the Thai government delegation over 12 areas including goods, rules of origin, customs, government procurement, intellectual property rights, technical barriers to trade (TBTs), and economic cooperation. On the occasion of this second negotiating round, Korea’s Minister for Trade Inkyo Cheong met with Thai Deputy Commerce Minister Suchart Chomklin, who is accompanying the Thai delegation to Korea, for talks on bilateral economic issues. The trade chief and the deputy minister attended the opening ceremony today to encourage both delegations as an expression of strong interest towards the EPA on behalf of their governments. In his opening address, Trade Minister Cheong urged the two delegations to partake in the negotiations with a forward-looking mindset to establish a bilateral trade agreement better tailored to the new global trade order and to improving the two countries’ economic cooperation. In this round of negotiations, both sides are aiming to deepen discussions based on their stance and issues affirmed during the first negotiating round held in July and actively seek ways to narrow differences to move the negotiations further forward. date2024-09-25
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FTA/Economic Cooperation
Indo-Pacific Economic Framework for Prosperity (IPEF) ministers’ virtual meeting
Korea’s Minister for Trade Inkyo Cheong attended the Indo-Pacific Economic Framework for Prosperity (IPEF) ministers’ virtual meeting on September 24 and examined IPEF Agreements’ outcomes with the 14 IPEF partner countries and discussed future plans. date2024-09-24
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FTA/Economic Cooperation
3rd RCEP Ministers Meeting
Trade Minister Cheong attended the third Regional Comprehensive Economic Partnership (RCEP) Ministers Meeting and examined several issues including measures for stronger RCEP implementation for regional economic integration, laying down RCEP accession procedures, and setting up an RCEP support organization. date2024-09-24
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FTA/Economic Cooperation
27th ASEAN Plus Three (Korea, China, Japan) Summit
Trade Minister Inkyo Cheong attended the 27th ASEAN Plus Three (Korea, China, Japan) Summit, where he discussed East Timor’s accession to ASEAN and strengthening the multilateral trade-based cooperation amid global economic fragmentation. date2024-09-24
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FTA/Economic Cooperation
12th East Asia Summit (EAS) Economic Ministers Meeting
Trade Minister Cheong attended the 12th East Asia Summit (EAS) Economic Ministers Meeting on September 21 in Vientiane, Lao PDR, and shared views on global issues such as supply chains, digital transition, and climate change with the participation of 17 countries’ economic ministers. date2024-09-24
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FTA/Economic Cooperation
Trade Minister attends 21st Korea-ASEAN Economic Ministers Consultation
Minister for Trade Inkyo Cheong attended the 21st Korea-ASEAN Economic Ministers Consultation held on September 22 in Vientiane, Lao PDR, and took stock of various Korea-ASEAN joint projects including the implementation and upgrade of the Korea-ASEAN Free Trade Agreement (FTA), extending the Korea-ASEAN Startup Policy Dialogue, support for electrical safety infrastructure establishment, and enhancing standards cooperation. date2024-09-24