Ministry of Trade, Industry and Energy

Trade Minister holds inaugural Korea-UK FTA Committee Meeting

Trade Minister Yeo Han-koo held the inaugural Korea-UK FTA trade committee meeting with UK’s International Trade Secretary Anne-Marie Trevelyan in London on February 7, a first post-Brexit trade talks between the two countries. This meeting enabled the assessment of the Korea-UK FTA execution status as part of the follow-up measure of the Korea-UK summit talks held in New York in September of last year. Mutual efforts toward their applications to join the Comprehensive and Progressive Agr date2022-02-14

Trade Minister visits Switzerland to promote multilateral trade order

Trade Minister Yeo Han-koo held talks with World Trade Organization Director General Ngozi Okonjo-Iweala on February 10 in Geneva, Switzerland for talks on COVID-19 response, major trade issues, and expanding the Korean presence at the WTO Secretariat. During the two-day stay in Switzerland, the Minister held multiple talks with the chiefs of a number of different international organizations. He met the U.N. Conference on Trade and Development (UNCTAD) Secretary-General Rebeca Grynspan and agre date2022-02-11

Trade Minister holds inaugural Korea-UK FTA Committee Meeting

Trade Minister Yeo Han-koo held the inaugural Korea-UK FTA Committee meeting with UK’s International Trade Secretary Anne-Marie Trevelyan on February 7 in London to discuss the expansion of bilateral trade and collaboration across various areas.   The two trade chiefs touched upon issues ranging from supply chain issues, digital, and climate change response. Also on the table were the Korea-UK new strategic agreement for building supply chain resilience, which is a first for UK wi date2022-02-11

RCEP takes effect for Korea as of February 1

Trade, Industry, and Energy Minister Moon Sung-wook announced that the Regional Comprehensive Economic Partnership Agreement (RCEP) takes effect as of February 1 in Korea. This is in accordance with Agreement provisions on going into force 60 days after parliamentary approval submission to the Secretariat. The culmination of 8-year negotiations involving a total of 15 countries, this trade deal is easily the world’s largest FTA, covering approximately 30 percent of the world in terms of date2022-02-03

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