Ministry of Trade, Industry and Energy

Korea and ASEAN take initial step in creating permanent trade and economic think tank dialogue

Minister for Trade Inkyo Cheong of the Republic of Korea held the “ASEAN-ROK Think Tank Dialogue on Economic and Trade Policy (AKTD)” roundtable meeting today in Seoul with roughly 30 attendees composed of ASEAN countries’ ambassadors to Korea, representatives of the Economic Research Institute for ASEAN and East Asia (ERIA), and the ASEAN Secretariat to discuss plans for the AKTD’s launch in 2025 and future directions. The AKTD is a research consultation body to be operated through the participation of major government-funded research institutes of Korea and 10 ASEAN countries. It will focus on conducting joint research on trade and economic policy topics suitable for gaining mutually beneficial outcomes such as supply chain and carbon-free energy. Key research outcomes will be reported during the annual Korea-ASEAN economic ministers’ meetings and shared through forums. In today’s opening message, Trade Minister Cheong remarked that this year is significant in light of Korea and ASEAN’s establishment of a comprehensive strategic partnership. He added that AKTD will be the first economic cooperation project to mark the beginning of future bilateral cooperation and asked for strong support and interest from the ambassadors and other ASEAN representatives present. In the following session, Korea Institute for Industrial Economics and Trade (KIET) laid out detailed plans for AKTD and ERIA proposed measures for ERIA-AKTD collaboration. ERIA President Tetsuya Watanabe expressed hopes for AKTD to develop into a platform symbolic of stable Korea-ASEAN cooperation amid the rapidly changing global trade environment and stated that ERIA will also seek ways to create synergy. MOTIE plans to officially launch the AKTD in early 2025 after confirming the participating ASEAN think tanks based on each country’s government recommendations. The ministry will be leading joint research with the ASEAN Secretariat and other think tanks, while also hosting the inaugural AKTD conference in Korea during the first half of 2025 with private sector participation among other various measures to propel the AKTD as a leading Korea-ASEAN trade and economic cooperation platform.   date2024-12-17

Korea and Thailand hold 3rd official negotiating round for bilateral EPA

Korea’s Deputy Minister for FTA Negotiations Roh Keon-ki and Director General of the Department of Trade Negotiations at the Ministry of Commerce of Thailand Chotima Iemsawasdikul are leading their respective delegations in the third official negotiating round for the Korea-Thailand Economic Partnership Agreement (EPA) from December 17–19 in Bangkok. In this third round, the two sides will be newly entering negotiations on communications, finance, environment, labor, and sustainable development in addition to the areas over which negotiations have already been in progress since first launched this March, such as goods, services, investment, rules of origin, government procurement, intellectual property, and cooperation. Thailand is one of Korea’s key partner countries in ASEAN and home to numerous Korean businesses, with an industrial structure suitable for laying down a mutually complementary supply chain with Korea which further increases the two countries’ potential for bilateral industrial collaboration. Deputy Minister Roh stated that the Korean government is actively carrying out trade negotiations with major trade partners according to plan in an effort to boost the Korean economy by promoting overseas market penetration, exports, and trade diversification for stronger global competitiveness.   date2024-12-17

Korea and EU negotiate upgrading bilateral digital trade rules

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that its Office of the Minister for Trade and the European Commission are entering the seventh official negotiating round for a bilateral Digital Trade Agreement (DTA) from December 16–17 in Seoul. On the margins of the bilateral Free Trade Agreement (FTA) Trade Committee meeting in October 2023, the two sides launched the Korea-EU DTA negotiations based on the shared understanding for the need to upgrade e-commerce rules under the Korea-EU FTA in order to adequately respond to the evolving trade landscape amid the digital trade expansion and emergence of new digital trade issues such as data and cybersecurity. Following a series of six negotiating rounds with the aim of establishing high-level digital trade norms, this seventh round seeks to move the previous negotiations forward in an effort to narrow differences. The Korea-EU DTA is expected to help lay down a stable digital trade cooperation base for both sides through invigorating the trade of digital products and services by cutting transaction costs and catalyzing the digitization of the entire trade process, while also facilitating Korean businesses’ data collection and utilization activities with the guarantee of free data transfer.   date2024-12-16

Trade Minister meets Mexican Ambassador to Korea

Minister for Trade Inkyo Cheong of the Republic of Korea met Mexican Ambassador to Korea Carlos Penafiel Soto on December 11 in Seoul to discuss bilateral economic cooperation. date2024-12-12

Trade Minister meets Vietnamese Ambassador to Korea

Minister for Trade Inkyo Cheong of the Republic of Korea met Vietnamese Ambassador to Korea Vu ho on December 11 in Seoul to discuss bilateral economic cooperation. date2024-12-12

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