Ministry of Trade, Industry and Energy

Korea and EU announce the launch of Digital Trade Agreement negotiations

Minister for Trade Dukgeun Ahn and European Commission Executive Vice-President Valdis Dombrovskis announced on October 31 in Seoul the launch of the Korea-EU Digital Trade Agreement negotiations in the presence of both sides' delegations. date2023-11-03

Korea and EU issue joint statement on the launch of negotiations for Digital Trade Agreement

Minister for Trade Dukgeun Ahn and European Commission Executive Vice-President Valdis Dombrovskis issued a joint statement on October 31 in Seoul announcing the launch of the Korea-EU Digital Trade Agreement negotiations, on the occasion of the Korea-EU Free Trade Agreement (FTA) Trade Committee meeting held on the same day.   It is anticipated that the beginning of negotiations for a digital trade agreement with EU, Korea’s third largest trade partner and the world’s third largest economy (in terms of GDP), will spur e-commerce and data businesses of both sides while also establishing the basis for cooperation in new digital technologies.   The Ministry of Trade, Industry and Energy (MOTIE) has been strategically pushing the expansion of the digital trade network as part of its digital trade policy, sealing thus far digital trade agreements with Singapore, Chile and New Zealand. The Korea-EU Digital Trade Agreement will expand the scope of the digital trade network to the EU region as well, one of Korea’s digital innovation partners.   Moreover, the agreement will contribute to fostering a reliable, open and fair digital trade environment for both corporations and consumers engaging in digital trade, while also strengthening the Korea-EU digital trade partnership through increased business opportunities for their companies, including SMEs, by heightening their competitiveness in the global digital economy.   Trade Minister Ahn remarked that he welcomes the commencement of the Korea-EU Digital Trade Agreement negotiations, and requested that both sides take the lead in the global dialogue on digital trade rules in accordance with the high standards of trade rules based on the Korea-EU digital trade principles signed in November 2022. The joint statement is as follows:   Joint Statement on the Launch of Negotiations for a Korea-EU Digital Trade Agreement   Joint statement by Korean Minister for Trade Dukgeun Ahn and European Commission Executive Vice-President Valdis Dombrovskis on the launch of negotiations on a Korea-EU Digital Trade Agreement.   Today, in the margins of the 11th Korea-EU Trade Committee, we agreed to launch negotiations between the Korea and EU on a Digital Trade Agreement that will provide legal certainty for businesses and consumers engaged in digital trade, enhance their protection in digital transactions, and foster open, free and fair online environment.   The Korea and EU share long-standing and robust economic relations underpinned since 2011 by the Korea-EU Free Trade Agreement. With these negotiations, we aim to bring this partnership into the digital domain. It demonstrates our commitment to being at the forefront of new developments in the digital economy, countering digital protectionism, and playing a leading role in setting digital trade rules which are future-proofed as well as responsive to innovation and emerging technologies.   Building on the cooperation and convergence shown by our Digital Trade Principles, Korea and EU intend to negotiate an ambitious and modern digital trade agreement that contributes to our societies’ digital transformation, corresponds to the fast-evolving nature of the digital economy, and builds on and complements our existing preferential trade framework. The Korea and EU consider that digital trade is an essential part of the digital and green transitions of our societies. It entails a further deepening our trade relations, supports job creation and empowers companies to participate in the global economy, notably micro, small, and medium-sized enterprises. It also responds to online consumer needs and fosters innovation.   Our digital trade rules should build consumer trust, ensure predictability and legal certainty for businesses, remove and prevent the emergence of unjustified barriers to digital trade, and facilita date2023-11-03

Korea and EU hold 11th FTA Trade Committee Meeting

Minister for Trade Dukgeun Ahn attended the 11th Korea-EU Free Trade Agreement (FTA) Trade Committee Meeting on October 31 at the Four Seasons Hotel Seoul to assess the FTA implementation progress and discuss trade issues, including the EU's Carbon Border Adjustment Mechanism (CBAM).   The meeting was attended by European Commission Executive Vice-President Valdis Dombrovskis and both sides’ delegations.   date2023-11-02

Korea and EU assess FTA implementation progress & discuss trade issues

Minister for Trade Dukgeun Ahn and European Commission Executive Vice-President Valdis Dombrovskis chaired the 11th Korea-EU Free Trade Agreement (FTA) Trade Committee Meeting on October 31 in Seoul to assess the FTA implementation progress and discuss trade issues, including the EU's Carbon Border Adjustment Mechanism (CBAM). In presiding the 11th Korea-EU FTA Trade Committee meeting, the trade chiefs of Korea and the EU assessed the FTA implementation progress and agreed to expand free trade date2023-11-02

Korea and Chile solidify cooperation in hydrogen, renewable energy & critical minerals

Trade, Industry and Energy Minister Bang Moon Kyu visited Chile from October 29-November 1 as a Special Presidential Envoy to strengthen economic cooperation with Latin American nations in view of their recently rising strategic importance in terms of critical minerals supply chain and other issues. The visit was accompanied by an economic delegation composed of 39 representatives of public and private organizations and companies, including Korea Trade-Investment Promotion Agency (KOT date2023-11-01

Minister to visit Chile & Trinidad and Tobago for stronger cooperation with Latin America

Trade, Industry and Energy Minister Bang Moon Kyu will be visiting the Republic of Chile and the Republic of Trinidad and Tobago starting October 28 to strengthen industrial and energy cooperation with Latin American nations. For Chile, this visit by the MOTIE Minister is one in eight years since April 2015, while for Trinidad and Tobago, this will be the very first. The minister is to be accompanied by an economic delegation composed of 40 representatives from both public and private organizati date2023-10-30

Korean delegation to participate in WTO's SOM ahead of MC13

The Trade, Industry and Energy Ministry’s Director General for Multilateral Trade and Legal Affairs will be heading the Korean delegation attending the World Trade Organization (WTO) Senior Officials Meeting (SOM) held through October 23-24 in Geneva in preparation for the upcoming ministerial meetings (MC13) in Abu Dhabi in February next year. On the first day of SOM on October 23, attendees will discuss various issues that require the WTO headquarters’ guidance and direction for s date2023-10-23

Korea and GCC to kick off 8th official negotiating round for FTA

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 22 that Korea and the six Middle Eastern countries of the Gulf Cooperation Council (GCC) are holding the eighth round of official negotiations for the Korea-GCC free trade agreement (FTA) through October 23-27 in Seoul. The Korean delegation is headed by MOTIE’s Director General for FTA Negotiations Chang Sung-gil and composed of approximately 30 relevant ministries’ officials, including those from the Ministry date2023-10-23

Korea and UAE strike CEPA deal

Minister for Trade Dukgeun Ahn and the United Arab Emirates (UAE) Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi held the Korea-UAE trade ministerial meeting on October 14 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul, where they signed the joint statement announcing the conclusion of negotiations on the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA). date2023-10-18

Korea and UAE strike CEPA deal

Minister for Trade Dukgeun Ahn and the United Arab Emirates (UAE) Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi held the Korea-UAE trade ministerial meeting on October 14 in Seoul, where they signed the joint statement announcing the conclusion of negotiations on the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA), which is Korea’s 24th free trade agreement (FTA). In accordance with the anticipated “New Middle East Boom” fostered subsequent to Pr date2023-10-17