Ministry of Trade, Industry and Energy

Korea and Vietnam discuss trade remedy issues and stronger cooperation

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held meetings with the Trade Remedies Authority of Vietnam today in Seoul to discuss trade remedy cooperation. Through the bilateral Free Trade Agreement (FTA) and trade remedy cooperation memorandum of understanding (MOU) signed in December 2015 and March 2018, respectively, the two countries have engaged in close exchanges on import control issues and trade remedies. Today’s discussions focused on ongoing investigations and controls including Vietnam’s anti-dumping investigation into Korean galvanized steel sheets commenced this June, on which KTC asked for minimal regulatory measures and care in investigations.   date2024-11-06

Trade Minister Cheong checks APEC 2025 preparations

Minister for Trade Inkyo Cheong of the Republic of Korea held talks with three new members of the APEC Business Advisory Council (ABAC) on October 31 as part of preparations for Korea’s APEC chairmanship in 2025. Placing emphasis on the importance of public-private cooperation for a successful hosting of APEC 2025, they discussed plans and preparation progress with regard to the Economic Leaders’ Week to be held on the sidelines of the APEC Summit, as well as ABAC activities. The ABAC members shared their anticipation for Korea’s tangible business outcomes through next year’s economic leaders’ events such as the APEC CEO Summit and the ABAC Dialogue with APEC Leaders by inviting global business leaders of promising future industries like semiconductors and artificial intelligence (AI). Today, Trade Minister Cheong is visiting the host city Gyeongju to check the city’s infrastructure situation including traffic, lodging, and venue sites and encourage Gyeongju City Hall workers for their hard work with preparations. The trade chief is also convening a meeting with the advisory body APEC Vision Group at the city’s Hwabaek International Convention Center (HICO), where the APEC Summit is to be held, to review the Vision Working Group’s proposed tasks and gather suggestions and strategies for narrowing down next year’s APEC trade agenda items.   date2024-11-01

Korea and Algeria discuss wider economic cooperation

The Republic of Korea’s Minister for Trade, Industry and Energy Dukgeun Ahn met Algeria's National People's Assembly (APN) President Brahim Boughali on October 23 in Seoul to discuss measures for wider economic cooperation between the two countries. date2024-10-24

Korea and Algeria to bring back Joint Commission after 17-year hiatus for stronger economic cooperation

The Republic of Korea’s Minister for Trade, Industry and Energy Dukgeun Ahn met Algeria's National People's Assembly (APN) President Brahim Boughali today in Seoul to discuss measures for wider economic cooperation between the two countries. The bilateral meeting was convened on the occasion of Assembly President Boughali’s visit to Korea, succeeding the Algerian president’s visit in 2003. As a follow-up to the recent Korea-Africa Summit (June), today’s high-level exchanges aim to strengthen Korea’s economic cooperation with Algeria, the only African country at present with which Korea is in a strategic partnership. Minister Ahn expressed appreciation for Assembly President Boughali’s strong support towards resolving the challenges experienced by Korean plant companies operating in the Algerian market and asked for the Algerian Assembly and government’s interest in Korean firms’ participation in Algeria’s social overhead capital (SOC) plant projects going forward. He also requested that Algeria’s recently tightened import regulations be eased, proposing that the two countries continue their cooperative ties for a forward-looking relationship through the signing of a bilateral Free Trade Agreement (FTA). Assembly President Boughali stated that Korea and Algeria are mutually complementary partners in view of Korea’s advanced technology and development know-how and Algeria’s rich population and resources. He expressed hope for Korean companies’ participation in Algeria’s industrial diversification efforts, suggesting that they swiftly resume the joint commission that has been on hiatus for 17 years. Minister Ahn welcomed the joint commission’s resumption and shared plans to activate working-level consultations, maintaining that the two countries’ trade and industry ministries promptly enter the Trade and Investment Promotion Framework (TIPF) memorandum of understanding (MOU) proposed by Korea as a platform for trade and economic cooperation.   date2024-10-23

Korea and Malaysia launch 5th negotiating round for bilateral FTA

Director General for FTA Negotiations Kwon Hye-jin at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea is heading the Korean delegation in the fifth negotiating round for the Korea-Malaysia Free Trade Agreement (FTA) from October 22–25 in Seoul.  The Malaysian delegation is led by Senior Director for Strategic Negotiations Sumathi Balakrishnan at the Ministry of Investment, Trade and Industry (MITI). The two delegations, comprising roughly 60 members, will seek to move negotiations forward across 13 working groups including those on goods, services, investment, rules of origin, economic cooperation, digital, and bio. Following the joint declaration to resume Korea-Malaysia FTA negotiations this March, the two countries held the fourth official negotiating round this August in Kuala Lumpur. This fifth negotiating round is to focus on narrowing differences and accelerating discussions per each area based on previous negotiations.   date2024-10-22

Trade Minister meets Austria’s Federal Minister for Labor

The Republic of Korea’s Minister for Trade Inkyo Cheong met with Austria’s Federal Minister for Labor Martin Kocher on October 21 in Sejong City for talks on bilateral measures for stronger cooperation in trade, investment, industries, and Korea-EU trade. date2024-10-21

Korea and Austria discuss stronger economic cooperation

The Republic of Korea’s Minister for Trade Inkyo Cheong met with Austria’s Federal Minister for Labor Martin Kocher on October 21 in Sejong City for talks on bilateral measures for stronger cooperation in trade, investment, industries, and Korea-EU trade. Austria is Korea’s 12th largest trade partner in the EU, their trade volume reaching USD 2.9 billion in 2023. In terms of investment, the two countries are expanding the scope of business cooperation centering on high-tech areas such as electric vehicle (EV) batteries and semiconductors. With Korea’s strength in industrial technology and Austria’s competitiveness in basic science fields, the two countries can look forward to extensive collaboration across diverse future-oriented areas like advanced manufacturing, digital, and hydrogen. In view of increasing bilateral cooperation in wide-ranging areas including bio and information and communications technology (ICT) through Eureka and other R&D platforms, Trade Minister Cheong proposed that Korea and Austria continue to support bilateral cooperation in high-tech industry sectors like hydrogen and artificial intelligence (AI) to further invigorate industrial technology collaboration among their companies and research labs. Moreover, addressing hydrogen energy as a future growth engine and an effective means for decarbonization, the trade chief noted the two countries’ progressing joint research in hydrogen mobility and suggested that they continue these efforts for the realization of hydrogen economies. Lastly, he articulated that Korean firms’ entry into Austria’s EV battery and car parts market is contributing to the Central European country’s economic growth, and asked the Austrian government’s interest and support with regard to Korean companies’ concerns over the EU’s battery bills and other economic legislations. date2024-10-21

Minister Ahn meets Governor of North Dakota

The Republic of Korea’s Trade, Industry and Energy Minister Dukgeun Ahn held talks with U.S. Governor of North Dakota Doug Burgum on October 18 and discussed measures for stronger Korea-U.S. economic cooperation. date2024-10-21

Korea and Japan’s business leaders seek synergy from bilateral economic cooperation

The Republic of Korea’s Minister for Trade, Industry and Energy Dukgeun Ahn attended the 31st Korea-Japan Business Conference today in Seoul, co-hosted by the Federation of Korean Industries (FKI) and the Japan Business Federation.  Launched in 1983, the Korea-Japan Business Conference is held on a regular basis as a channel for highest-level private-sector economic cooperation and has contributed with valuable suggestions to developing the bilateral economic cooperation. In his congratulatory message, Minister Ahn expressed appreciation for both countries’ business leaders’ efforts to advance Korea-Japan relations and vowed support for bilateral economic cooperation through close intergovernmental communication amid increasing global uncertainties. In commemoration of next year marking the 60th anniversary of the normalization of diplomatic relations between Korea and Japan, the minister shared plans to deepen bilateral cooperation through the Asia-Pacific Economic Cooperation (APEC) Summit in Gyeongju City and the Osaka Expo, both slated for 2025. He ensured the Korean government’s active assistance in gaining outcomes over areas such as economic security cooperation, global green growth leadership through the Carbon Free Energy (CFE) Initiative, and joint efforts with the Global South and other third countries.   On the margins of the bilateral conference, Korean and Japanese economic groups discussed measures for cooperation with regard to realizing a sustainable society through digital transformation and hydrogen utilization, trade and investment issues including the Korea-U.S.-Japan trilateral cooperation, as well as future collaboration for expanding people-to-people exchanges and making preparations for the 60th anniversary of the normalization of diplomatic relations.   date2024-10-18

Minister Ahn discusses Korea-U.S. economic cooperation with North Dakota Governor

The Republic of Korea’s Trade, Industry and Energy Minister Dukgeun Ahn held talks with U.S. Governor of North Dakota Doug Burgum today on the occasion of the governor’s visit to Korea and discussed the importance of establishing stable cooperative relations for Korea and the U.S.’ development, noting that the two countries’ alliance is advancing towards one of high-tech industries and supply chains through concerted efforts such as the Korea-U.S. summit and the joint statement declared at Camp David in 2023. During the talks, Minister Ahn addressed the need for continuity of U.S. major policies that are capable of directly impacting the Korea-U.S. economic and investment cooperation, including the Inflation Reduction Act (IRA) and CHIPS and Science Act, so as to spur positive business expectations among Korean firms collaborating with U.S. counterparts. Both sides shared the understanding on the importance of Korea-U.S. relations in view of the two countries’ cooperation as key economic partners and agreed to further efforts in establishing stable and forward-looking bilateral relations. Minister Ahn also expressed high regard for the cooperation potential between Korea and North Dakota in light of Korea’s aim to nurture its hydrogen industry and achieve carbon neutrality through enhanced carbon capture technologies, as well as North Dakota’s key role in the Heartland Hydrogen Hub, and asked for Governor Burgum’s interest and support towards fostering a stable investment and business management environment to promote Korean companies’ investments in not only North Dakota but across the whole of U.S.   date2024-10-18