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FTA/Economic Cooperation
Korea and UAE hold formal signing of bilateral CEPA
Trade, Industry and Energy Minister Dukgeun Ahn and the United Arab Emirates (UAE) Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi formally signed the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA) on May 29 at the presidential office in Seoul in the presence of both countries’ presidents. The Korea-UAE CEPA was pushed forward with the state visit of President Yoon Suk Yeol’s to UAE in January 2023 and concluded in October of same year after intensive negotiations. The Government has since proceeded with legal scrubbing of agreement documents and other domestic procedures necessary for the formal signing. The Korean government plans to swiftly implement follow-up measures and submit the ratification documents to the National Assembly. Once both countries complete their respective domestic legal procedures for the CEPA’s ratification and entry into force, the bilateral CEPA takes effect on the first day of the second month following the exchange of written notifications certifying the completion of necessary legal procedures. As of 2023, the UAE is Korea’s 14th largest trade partner and a growing export destination for automobiles, car parts, electronic devices, and synthetic resins, while Korea imports crude oil, petroleum products, natural gas, aluminum, and other energy and resource materials from the UAE. The CEPA is anticipated to spur Korean firms’ entry further into the Middle East, Africa, and South Asia as well. date2024-05-29
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FTA/Economic Cooperation
Public and private sectors make final preparations for Korea-Africa Summit 2024
Minister for Trade Inkyo Cheong chaired the second meeting of the Public-Private Committee for Korea-Africa Economic Cooperation on May 29 in Seoul with major economic groups, companies, and related institutions to prepare for the upcoming Korea-Africa Summit 2024 (June 4–5). The meeting was held for a final monitoring of planned events slated for the Summit. Korea International Trade Association (KITA) and five other economic groups are co-organizing the Korea-Africa Business Summit (June 5), where 400 experts and representatives of both sides’ governments and companies are to seek measures for bilateral cooperation in industrialization, stimulating investment, expanding trade and job creation, food and critical minerals security, decarbonization, and climate change response. Korea Trade-Investment Promotion Agency (KOTRA) will be holding a Business Partnership for one-on-one matching between 200 Korean companies and 50 African companies in areas like energy, infrastructure, automobiles, shipbuilding, bio, and home appliances. The Ministry of Trade, Industry and Energy (MOTIE) plans to reach tangible results through supporting the private sector’s business-to-business (B2B) contract deals and memorandums of understanding (MOUs) on the sidelines of the Summit, while also pushing forward the Trade and Investment Promotion Framework (TIPF) with African governments. date2024-05-29
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FTA/Economic Cooperation
Korea and Georgia hold 2nd official negotiating round for bilateral EPA
Director General for FTA Negotiations Yoo Beop-min is leading the Korean delegation in the second official round of negotiations for the Korea-Georgia Economic Partnership Agreement (EPA) through May 29–31 in Seoul. Georgia’s delegation is headed by Economy and Sustainable Development Deputy Minister Genadi Arveladze. Following the launch of negotiations in November 2023, the two sides have managed to swiftly reach agreements in many areas through the first official negotiating round and the intersessional negotiations held in February and April this year, respectively. In this second round, negotiations will take place across a total of 13 Working Groups on various areas, including goods, services, digital, and cooperation. The Korean government anticipates that the bilateral EPA will contribute to strengthening the two countries’ economic ties. date2024-05-29
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FTA/Economic Cooperation
Korea and New Zealand hold 6th FTA Joint Committee meeting
Director General for FTA Policy Ahn Chang-yong led the Korean delegation in the sixth Korea-New Zealand Free Trade Agreement (FTA) Joint Committee meeting held on May 28 in Seoul. His counterpart Greg Andrews from the Ministry of Foreign Affairs and Trade (MFAT) headed the New Zealand delegation. They covered FTA outcomes, measures for enhancing exporters and importers’ convenience, and joint projects in conjunction with FTA among other various issues of interest. date2024-05-28
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FTA/Economic Cooperation
Korea and New Zealand hold 6th FTA Joint Committee meeting
Director General for FTA Policy Ahn Chang-yong led the Korean delegation in the sixth Korea-New Zealand Free Trade Agreement (FTA) Joint Committee meeting held on May 28 in Seoul, breaking the four-year hiatus since the fifth meeting in 2020. His counterpart Greg Andrews from the Ministry of Foreign Affairs and Trade (MFAT) headed the New Zealand delegation. Now in its 10th year of implementation, the Korea-New Zealand FTA has both markets offering high levels of openness and contributing substantially to the expansion in bilateral trade, which soared 84.8 percent to USD 4.6 billion in 2023 from the $2.5 billion in 2015, the year the FTA entered into force. The sixth joint committee meeting covered FTA outcomes, measures for enhancing exporters and importers’ convenience, and joint projects in conjunction with FTA among other various issues of interest. Director General Ahn stated that, as participants of not only the FTA but also the Regional Comprehensive Economic Partnership (RCEP), Indo-Pacific Economic Framework for Prosperity (IPEF), and the Digital Economy Partnership Agreement (DEPA), both countries have agreed to actively cooperate in diffusing intraregional free trade and responding to the rise in trade protectionism. date2024-05-28
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FTA/Economic Cooperation
Korea and ASEAN discuss measures for advancing bilateral economic cooperation
Minister for Trade Inkyo Cheong met with the Association of Southeast Asian Nations (ASEAN) Secretary-General Kao Kim Hourn on May 28 in Seoul to discuss comprehensive economic cooperation between Korea and ASEAN. Underscoring ASEAN’s position as Korea’s second largest trade and direct investment partner, Trade Minister Cheong noted how the Indo-Pacific Strategy and the Korea-ASEAN Solidarity Initiative (KASI) announced by President Yoon on the margins of the Korea-ASEAN Summit in 2022 are spurring their bilateral economic cooperation. As this year marks the 35th anniversary of the two sides’ dialogue relations, he further expressed anticipation for their cooperation to advance towards a Comprehensive Strategic Partnership (CSP) and to encompass economic, social, and cultural issues along with upgrading the Korea-ASEAN Free Trade Agreement (FTA). Secretary-General Kao welcomed the Korean government’s specific collaboration measure laid out through KASI proposing to harmoniously combine Korea’s strengths and ASEAN’s industrial demand and assured to make efforts to expand bilateral economic cooperation. Moreover, both sides agreed to make concerted and continued efforts to produce tangible results in the Korea-ASEAN joint projects that are ongoing for the establishment of electrical safety infrastructure and standards cooperation network. They expressed hope for the ASEAN Economy Ministers’ Meeting and ASEAN Summit slated for the second half of 2024 to catalyze economic cooperation in various areas. Trade Minister Cheong also suggested that Korea and ASEAN cooperate in digital transition, clean economy, and new trade issues, for which he asked ASEAN’s proactive support and interest in the Carbon Free Energy (CFE) Initiative and the Asia-Pacific Economic Cooperation (APEC) Summit 2025 to be hosted by Korea next year. date2024-05-28
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FTA/Economic Cooperation
10th meeting of Korea-Kazakhstan Commission on Trade-Economic and Scientific-Technical Cooperation
Trade, Industry and Energy Minister Dukgeun Ahn and Kazakhstan’s Industry and Construction Minister Sharlapaev Kanat Bisimbayevich held the 10th meeting of the intergovernmental Korea-Kazakhstan Commission on Trade-Economic and Scientific-Technical Cooperation on May 23 via teleconferencing, where the two sides also signed the Agreed Minutes of the meeting. date2024-05-24
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FTA/Economic Cooperation
Korea and Kazakhstan hold 10th meeting of Trade-Economic and Scientific-Technical Cooperation Commission
Trade, Industry and Energy Minister Dukgeun Ahn and Kazakhstan’s Industry and Construction Minister Sharlapaev Kanat Bisimbayevich held the 10th meeting of the intergovernmental Korea-Kazakhstan Commission on Trade-Economic and Scientific-Technical Cooperation on May 23 via teleconferencing. Launched in accordance with the bilateral trade agreement that went into force in 1992, the above Commission is a high-level consultative group co-led by Korea’s Trade, Industry and Energy minister and Kazakhstan’s Industry and Construction minister, with the participation of related ministries and institutions. The Commission’s previous meeting was held four years ago in November 2020. During the 10th meeting, both sides decided to strengthen cooperation across various areas, including critical minerals, energy, trade, investment, infrastructure, and science technology based on the shared understanding of the importance of economic security and wider energy cooperation, which were some of the issues discussed during the Korea-Kazakhstan summit held on the margins of the United Nations General Assembly in September 2023. date2024-05-24
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FTA/Economic Cooperation
Korea and Czech Republic discuss economic cooperation
Deputy Minister for Energy Policy Lee Ho-hyeon met with the Czech Deputy Minister of Industry and Trade Petr Třešňák on May 22 in Seoul to discuss stronger economic cooperation in energy, industries, and trade. date2024-05-24
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FTA/Economic Cooperation
Minister Ahn meets Indonesia's Coordinating Minister for Economic Affairs
Trade, Industry and Energy Minister Dukgeun Ahn met with Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto on May 22 in Seoul for this year’s first Korea-Indonesia industry and trade ministers’ talks to discuss measures for comprehensive economic cooperation. date2024-05-24