Ministry of Trade, Industry and Energy

Trade Minister holds talks with U.S. representatives on bilateral trade and cooperation

Trade Minister Yeo Han-koo held multiple talks with various counterparts during his visit to the U.S. (Jan 25-Feb 2). Meetings were held mostly in Washington, D.C. and New York.   Korea-U.S. discussions centered around the revision of Section 232 steel export tariff rules, expanding onto talks on broadening the Asia-Pacific cooperation regarding supply chain, digital transition, technology, and trade relations. The two countries’ Free Trade Agreement (KORUS) approaches its 10th anni date2022-02-03

Korea and GCC sign joint statement for resuming FTA negotiations

Trade Minister Yeo Han-koo and the Gulf Cooperation Council Secretary General Nayef Falah M. Al-Hajraf signed a joint statement on January 19 at the Secretariat General of the Gulf Cooperation Council in Riyadh, under which Korea and GCC will resume talks to settle a formal FTA deal, which had been on hold since last negotiations in 2009. Minister Yeo noted the significance of this official declaration in view of global trade, which has currently been dampened from the COVID-19 pandemic as well date2022-01-21

Korea and Saudi Arabia hold 3rd Vision 2030 Committee Meeting

Trade, Industry, and Energy Minister Moon Sung-wook co-hosted the 3rd Korea-Saudi Vision 2030 Committee Meeting in Riyadh with Saudi Investment Minister Khalid al-Falih on January 18 to discuss major achievements and future cooperation. Several major accomplishments were noted during the meeting, one of which is the MOU for a USD 940 million joint casting-forging plant within the King Salman International Maritime Industries Complex in Ras Al-Khair, Saudi Arabia. Construction is to kick off thi date2022-01-20

Korea and Saudi Arabia hold 3rd Vision 2030 Committee Meeting

Trade, Industry, and Energy Minister Moon Sung-wook co-hosted the 3rd Korea-Saudi Vision 2030 Committee Meeting in Riyadh with Saudi Investment Minister Khalid al-Falih on January 18 to discuss major achievements and future cooperation.   The Korea-Saudi Vision 2030 is a joint vision of the two countries in line with Saudi Vision 2030, a blueprint for realizing sustainable growth and new economic drivers while reducing Saudi Arabia’s dependence on its oil income.    In j date2022-01-20

MOTIE holds Korea-India talks for bilateral cooperation

Trade Minister Yeo Han-koo held talks with India’s Commerce and Industry Minister Shri Piyush Goyal at the Taj Mahal Hotel in New Delhi on January 11, 2022.  During the meeting, the Ministers agreed to hold further talks for an upgrade of the two countries’ Comprehensive Economic Partnership Agreement (CEPA), which was initially enforced in January 2010.  Other issues of bilateral cooperation were also addressed by the two countries, including climate change, digital trad date2022-01-14

MOTIE holds meeting for global supply chain cooperation

Trade Minister Yeo Han-koo held a meeting with representatives from 10 resource-rich partner nations to discuss global supply chain cooperation at the Lotte Hotel Seoul on January 7, 2022. The 10 nations are Indonesia, Malaysia, Vietnam, the Philippines, Kazakhstan, Kyrgyzstan, the United Arab Emirates, Mexico, Brazil and Chile.   Noting the recent urea shortage, Trade Minister Yeo expressed hopes that this meeting would be the first step towards building solidarity and partnership in are date2022-01-12

Minister Moon visits Saudi Arabia to discuss Korea-Saudi energy cooperation

Trade, Industry and Energy Minister Moon Sungwook held Korea-Saudi Energy policy talks with Saudi Energy Minister, Prince Abdulaziz bin Salman al-Saud at Saudi Arabia’s Riyadh Chamber of Commerce and Industry on January 5, 2022. Addressing the strong energy cooperation of the two countries regarding oil, nuclear power and such conventional energy sources, the two Ministers agreed to strengthen their public-private policy efforts for bringing about an energy transition to a lower carbon ec date2022-01-10

Minister Moon visits Saudi Arabia to discuss Korea-Saudi energy and economic cooperation

Trade, Industry and Energy Minister Moon Sungwook visited Saudi Arabia on January 5 at the invitation of Saudi Arabia’s Saudi Energy Minister, Prince Abdulaziz bin Salman al-Saud, to discuss matters on energy and economic cooperation, together with Riyadh Chamber of Commerce and Industry Chairman Ajlan Al Ajlan. In talks with Minister Abdulaziz bin Salman, Minister Moon addressed the strong energy cooperation of the two countries, regarding oil, nuclear power and such conventional en date2022-01-06

Korea, Vietnam to strengthen cooperation for trade, industry, energy

Trade, Industry and Energy Minister Moon Sungwook (right) and his Vietnamese counterpart Nguyen Hong Dien held joint committee meetings in Seoul on December 22, to discuss cooperative measures on trade/investment, industrial technology, and energy resources. Minister Moon said, in his opening remarks, that close cooperation between the two countries will greatly help mutual development by restoring the global free trade order and enabling the establishment of resilient supply chains. In additi date2021-12-22

Korea, Uzbekistan promise stronger cooperation in trade, rare metals, and EVs

The Ministry of Trade, Industry and Energy organized a business roundtable with Uzbekistan on the occasion of Uzbek President Shavkat Mirziyoyev’s state visit to Korea, on December 17, to expand investment between the two countries and improve Korean firms’ business environment in Uzbekistan. The two countries also signed memorandum of understandings (MOUs) to establish a communication channel for energy, cooperate in the production of rare metals, and join efforts in developing ind date2021-12-17