Ministry of Trade, Industry and Energy

Korea and China launch 6th FTA Joint Commission meeting

Minister for Trade Inkyo Cheong of the Republic of Korea and China International Trade Representative and Vice Minister of Commerce Wang Shouwen led their respective delegations for the sixth Korea-China Free Trade Agreement (FTA) Joint Commission (“Commission”) meeting today in Seoul. A follow-up to the Korea-China highest-level talks held this May in Seoul and the summit talks convened this November in Peru, today’s Commission meeting aims to assess the implementation progress of the Korea-China FTA that came into effect in December 2015.  During the meeting, the two sides agreed to accelerate negotiations on services and investment and foster a more predictable business environment. In view of the FTA’s substantial contribution to the two countries’ bilateral trade and investment over the last decade, both sides will keep utilizing the FTA as a major platform for enhancing their mutually beneficial economic cooperation going forward. Moreover, the joint research on Korea-China FTA implementation conducted by the Korea Institute for International Economic Policy (KIEP) and China’s University of International Economics and Trade in commemoration of the upcoming 10th anniversary of the bilateral FTA found that as of 2023, the two countries’ FTA utilization rate reaches 73.3 percent and 85.8 percent for exports and imports, respectively, and that their bilateral trade volume has increased on an average of 4.5 percent per year from 2015 to pre-COVID 2021. The two sides are planning to launch further sessions of the briefing on China’s export controls for Korean companies and the Korea-China supply chain hotline meeting next year to continue cooperation on stabilizing supply chains. date2024-12-09

Korea and China launch 6th FTA Joint Commission meeting

Minister for Trade Inkyo Cheong of the Republic of Korea and China International Trade Representative and Vice Minister of Commerce Wang Shouwen led their respective delegations for the 6th Korea-China Free Trade Agreement (FTA) Joint Commission meeting today in Seoul. Held as follow-up to the Korea-China highest-level talks (May, Seoul) and summit talks (November, Peru), today’s meeting took stock of the implementation progress of the Korea-China FTA that came into effect in December 2015. date2024-12-09

Korea and Sweden to enhance cooperation in strategic industries

Minister for Trade Inkyo Cheong of the Republic of Korea attended the Korea-Sweden Strategic Industry Summit (“Summit”) today in Seoul. Co-hosted by the Korea International Trade Association (KITA) and Business Sweden, the Summit was first launched in 2019 following the two countries’ mutual state visits and convenes on an annual basis to promote bilateral economic cooperation. Attending the Summit were approximately 140 business leaders of both countries to engage in presentations and discussions under the following themes: stronger industrial and technological competitiveness; advancing strategic technological collaboration among industries, academia, and research institutions to bolster economic security; and sustainable mobility and energy industries. In his congratulatory address, Trade Minister Cheong stated that Korea is making careful preparations against crisis factors through close monitoring for possible changes across the trade landscape, highlighting the importance of international cooperation in strategic industries. He also expressed anticipation for this Summit to spur synergy over various areas in view of Korea’s designation of special complexes to innovate its high-tech strategic industrial ecosystem and Sweden’s strategic push to boost trade, investment, and global competitiveness. During the Summit opening ceremony, the two countries signed four memorandums of understanding (MOUs) for deeper cooperation in industrial digital transformation, small modular reactors (SMRs), e-fuel, and green energy areas.   date2024-12-05

Korea and Bangladesh announce launch of EPA negotiations

Minister for Trade Inkyo Cheong of the Republic of Korea and the commerce adviser of Bangladesh's interim government, Sheikh Bashir Uddin, jointly announced the launch of negotiations for the Korea-Bangladesh Economic Partnership Agreement (EPA) on November 28 in Seoul. The two sides also entered into a Trade and Investment Promotion Framework (TIPF) to foster a comprehensive cooperation base. date2024-12-02

Korea and Morocco to make swift push for bilateral EPA

Minister for Trade Inkyo Cheong of the Republic of Korea met Karim Zidane, Morocco’s Minister Delegate in charge of Investment, Convergence, and the Evaluation of Public Policies, today in Seoul on the occasion of the latter’s visit for the investment roadshow “Morocco Now” and exchanged views on measures for expanding bilateral economic cooperation. A follow-up to the Korea-Africa Summit 2024 held this June, the talks touched on ways to carry forward the summit momentum towards a bilateral Economic Partnership Agreement (EPA). Trade Minister Cheong emphasized the importance of swiftly launching the EPA negotiations with respect to expanding investment and asked the Moroccan government’s interest and support for Korean companies’ local business issues and participation in Morocco’s rail train and new renewable energy projects. Minister Delegate Zidane responded by agreeing that they accelerate discussions for the bilateral EPA and expressed hope for Korean companies’ entry into Morocco’s automobile, aviation, shipbuilding, clean energy, and other high-tech markets in view of Morocco’s rich Free Trade Agreement (FTA) network spanning 55 countries and geological advantages as an investment hub and gateway into Europe and the Middle East. Following the talks, Trade Minister Cheong gave a congratulatory speech at the investment roadshow hosted by Morocco, promising support in creating diverse opportunities for both countries’ business leaders and closely cooperating with the Moroccan government to reach the Korea-Morocco EPA. The investment roadshow was also attended by roughly 100 representatives of Korean companies and related institutions seeking to promote business collaboration, including LG Energy Solution, Samsung E&A, HD Hyundai Heavy Industries, LX International, the Korea-Africa Foundation, and the Korea Importers Association (KOIMA).   date2024-11-28

Korea and Bangladesh to launch negotiations for bilateral EPA

Minister for Trade Inkyo Cheong of the Republic of Korea and the commerce adviser of Bangladesh's interim government, Sheikh Bashir Uddin, jointly announced the launch of negotiations for the Korea-Bangladesh Economic Partnership Agreement (EPA) today in Seoul. The two sides also entered into a Trade and Investment Promotion Framework (TIPF) to foster a comprehensive cooperation base. The eighth most populous country in the world, Bangladesh is a fast-growing economy in Southwest Asia with an average growth rate of 6.6 percent per year over the last three years and home to many Korean textile and sewing businesses. As functional textiles and other local clothing industries in Bangladesh are seeking to create higher value-added products, Korean firms can look forward to wider opportunities for supply chain collaboration. Moreover, the Bangladeshi government is currently pushing policies for establishing public-led infrastructure for power supply, roads, and aviation to spur economic growth, which is expected to further boost Korean construction and engineering companies’ local project participation. Trade Minister Cheong remarked that the TIPF agreement signed today lays down the basic framework for comprehensive bilateral economic cooperation, through which the two countries can engage in EPA negotiations for opening of markets and establish a solid institutional base for broader cooperation. He added that through these efforts, Korea and Bangladesh can diversify their bilateral trade items and move forward towards electronics, digital, and other areas that Bangladesh is aiming to nurture.  The two countries plan to hold the first official negotiating round for a bilateral EPA during the first half of 2025.   date2024-11-28

Korea and Georgia Strike EPA Deal

Minister for Trade Inkyo Cheong of the Republic of Korea and Georgia’s Deputy Minister of Economy and Sustainable Development Genadi Arveladze announced today in Seoul the conclusion of negotiations for the Korea-Georgia Economic Partnership Agreement (EPA). date2024-11-27

Korea and Georgia Strike EPA Deal

Minister for Trade Inkyo Cheong of the Republic of Korea and Georgia’s Deputy Minister of Economy and Sustainable Development Genadi Arveladze announced today in Seoul the conclusion of negotiations for the Korea-Georgia Economic Partnership Agreement (EPA). This Agreement is Korea’s first concluded EPA and 26th Free Trade Agreement (FTA) by order of conclusion. Since agreeing to launching the Korea-Georgia EPA negotiations in November 2023, the two sides have been making effort to narrow differences through official and intersessional negotiations, which culminated in today’s conclusion of the Agreement during Deputy Minister Arveladze’s visit to Korea. Trade Minister Cheong assessed that as the two countries are committed to a high level of open trade and extensive cooperation in areas like supply chains, transportation, logistics, and energy through this EPA, it is anticipated that the Agreement will contribute not only to expanding bilateral trade but also to establishing a stable global supply chain. According to the bilateral Agreement, it is conclusive that within 10 years of entry into force, 93.3 percent of Korean items open to Georgia free of tariffs and 91.6 percent of Georgian items open to Korea duty-free. As the Agreement ensures Korea’s access to Georgia’s marine and road cargo transport, warehousing, and cargo brokerage markets, Korean businesses can look forward to diversifying their transport and logistics network, facilitating exports, and stabilizing the supply chain in preparation against geopolitical risks. Furthermore, Georgia’s markets for publication, exhibition, education services, and the music industry will open up to Korea, enhancing opportunities to promote Korea’s cultural content in the Caucasus country. The Korean government plans to swiftly proceed with legal scrubbing among other procedures for the formal signing so that the two countries can move forward their respective domestic process towards the Agreement’s prompt entry into force.   date2024-11-27

Trade Minister meets State Secretary of Mongolia’s Ministry of Economy and Development

Trade Minister Inkyo Cheong met State Secretary of Mongolia’s Ministry of Economy and Development Batkhuu Idesh on November 26 in Seoul at the 4th Korea-Mongolia EPA negotiations and discussed agenda items. date2024-11-27

Korea and Malaysia sign economic cooperation MOUs

Minister for Trade Inkyo Cheong of the Republic of Korea met with Malaysia’s Minister for Investment, Trade and Industry Tengku Zafrul Aziz on November 25 in Seoul on the occasion of Malaysian Prime Minister Anwar Ibrahim’s visit to Korea and took part in the signing of four MOUs for bilateral economic cooperation. date2024-11-27