Ministry of Trade, Industry and Energy

Korea attends 2nd RCEP Joint Committee Meeting

Trade, Industry and Energy FTA Negotiations Director General Lee Kyung-sik attended the 2nd Regional Comprehensive Economic Partnership (RCEP) Joint Committee Meeting held on August 25 via videoconferencing with 14 RCEP member states’ representatives to discuss RCEP implementation system.   In his opening remarks, Director General Lee stated that South Korea will actively engage in the effective implementation of support for RCEP utilization of SMEs and cooperate with relevant insti date2022-08-26

Korea attends 2nd RCEP Joint Committee meeting

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 25 the launching of the 2nd Regional Comprehensive Economic Partnership (RCEP) Joint Committee Meeting, which was attended by approximately 40 persons from 14 member states via videoconferencing. The Korean government delegation is led by Lee Kyung-sik, MOTIE’s Director General for FTA Negotiations and includes officials of the Ministry of Economy and Finance (MOEF) and Korea Customs Service (KCS). This meeting is th date2022-08-26

MOTIE holds Industry Conference in response to CHIPS Act

Trade, Industry and Energy Minister Lee Chang-yang held the Semiconductors, Cars and Batteries Industry Conference (hereinafter “Conference”) in Seoul on August 25 to seek public-private joint countermeasures in response to the U.S.’ recently passed CHIPS Act (Creating Helpful Incentives to Produce Semiconductors for America Act) and the Inflation Reduction Act. The CHIPS Act enables maximum 25 percent investment tax credits to companies making new investments in U.S. semicond date2022-08-25

Korea and Vietnam hold Ministerial talks for economic cooperation

Trade, Industry and Energy Minister Lee Chang-yang held talks with Vietnamese counterpart Minister Nguyen Hong Dien on the occasion of the latter's visit to South Korea. Mentioning the two countries’ diplomatic ties establishment in 1992, Minister Lee stated that Vietnam is one of South Korea’s four major trading partners after China, the U.S. and Japan, while also being the largest trade and investment partner in the ASEAN region. South Korea's trade with Vietnam amounted to $ date2022-08-02

19th Korea-ASEAN FTA Implementation Committee Meeting

The Ministry of Trade, Industry and Energy (MOTIE) held the 19th Korea-ASEAN FTA Implementation Committee Meeting on July 27 to discuss the furthering of free trade agreements (FTAs) and new trade order issues. MOTIE was represented by a 12-member delegation consisting of officials from relevant ministries and institutions, including MOTIE, the Ministry of Economy and Finance (MOEF), Ministry of Foreign Affairs (MOFA) and the Korea Customs Service (KCS). The ASEAN delegation was composed of r date2022-07-28

Korea and China hold FTA follow-up negotiations on service and investment

The Ministry of Trade, Industry and Energy (MOTIE) held Korea-China FTA service and investment follow-up negotiations at chief delegate-level on July 13 via teleconferencing. MOTIE’s chief FTA negotiator Lee Kyung-sik led the Korean delegation, and Director-General Yu Benlin of China’s Department of International Trade and Economic Affairs led the Chinese delegation, adding up to 20 attendees in total. The two countries have held nine negotiation rounds and meetings since March in date2022-07-13

Trade Minister attends Korea-U.S. Trade Cooperation Roundtable

Trade Minister Ahn Duk-geun attended the Korea-U.S. Trade Cooperation Roundtable on July 8 at the Four Seasons Hotel Seoul to share updates on the Korea-U.S. FTA, Indo-Pacific Economic Framework (IPEF) launch, supply chain communication channel, CHIPS for America Act and U.S. visa quota for highly-skilled Korean workers.   The meeting was convened on the occasion of the Congressional Study Group on Korea (CSGK)’s visit to South Korea, which is co-chaired by U.S. Representatives Ami date2022-07-12

5th Korea-Singapore FTA implementation review

Trade, Industry and Energy Ministry’s Director-General for FTA Policy Yang Kwi-wook led the Korean delegation in the 5th Korea-Singapore FTA implementation review meeting on June 16 via videoconference to assess both sides’ implementation progress regarding the bilateral FTA enforced in 2006. The Singaporean delegation head was Director Tan Lui Hai of Singapore’s Ministry of Trade and Industry. Singapore is second in rank among ASEAN nations in terms of trade and exports, play date2022-06-17

Trade Minister holds talks on the sidelines of OECD 2022 Ministerial Council

Trade Minister Ahn Duk-geun held bilateral talks with EU Trade Commissioner Valdis Dombrovskis and OECD Secretary-General Mathias Cormann, respectively, on the occasion of the OECD 2022 Ministerial Council Meeting through June 9-10 in Paris. First, Minister Ahn met with Commissioner Valdis Dombrovskis on June 9, where the two trade chiefs discussed the Korea-EU FTA, digital, supply chain, environment and other new trade issues. Trade Minister Ahn urged the EU to closely coordinate with the Sou date2022-06-10

5th round of Korea-GCC FTA negotiations

The Ministry of Trade, Industry and Energy (MOTIE) chief FTA negotiator Lee Kyung-sik led the South Korean delegation in the 5th round of Korea-GCC FTA negotiations held through June 6-9 in Riyadh, Saudi Arabia. The 4th round of negotiations were held in March this year after a 13-year hiatus, where the two sides discussed their respective areas of interest. In the 5th round, talks cover products, services, investment, e-commerce, customs clearance, sanitary and phytosanitary measures (SPS), te date2022-06-09