Ministry of Trade, Industry and Energy

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

Korea and Mongolia enter 4th negotiating round for bilateral EPA

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that the fourth official negotiating round for the Korea-Mongolia Economic Partnership Agreement (EPA) will convene from November 26–29 in Seoul. Director General for FTA Negotiations Kwon Hye-jin and State Secretary of Mongolia’s Ministry of Economy and Development Batkhuu Idesh are each leading their respective delegation. In this fourth negotiating round, the two sides plan to make progress in 19 key areas including goods, services, investment, digital, government procurement, intellectual property, rules of origin, and economic cooperation. Rich in resources like rare earth elements and tungsten, Mongolia is currently seeking to diversify its trade network. Through the EPA, the Korean government is aiming to boost Mongolia-bound exports of Korea’s promising items and expand its services market presence and investment, while further stabilizing the supply chain of key materials for advanced industries by establishing a legal and institutional framework for the bilateral development and cooperation in mineral resources and energy. Trade Minister Inkyo Cheong attended the opening ceremony of the fourth official EPA negotiating round and asked both delegations to make concerted effort to swiftly conclude a mutually beneficial agreement.   date2024-11-26

Minister Ahn discusses stronger economic cooperation with U.S.-Korea Business Council Chairman

Minister for Trade, Industry and Energy (MOTIE) Dukgeun Ahn of the Republic of Korea met U.S.-Korea Business Council Chairman Evan Greenberg today on the occasion of Chairman Greenberg’s visit to Korea and discussed the two countries’ business and economic cooperation.  Minister Ahn noted that Korea-U.S. relations are advancing towards an economic alliance centering on semiconductors, batteries, and other high-tech industries based on mutually beneficial cooperation in areas like bilateral trade and investment and asked for the U.S.-Korea Business Council chief’s interest and support towards facilitating the two countries’ investment and cooperation in advanced industries under the new U.S. regime. Moreover, he shared the Korean government’s plans to strengthen direct and indirect communication with the U.S. government and Congress to prepare against possible shifts in the global trade landscape as well as U.S. trade policies, ensuring government-level support to invigorate discussions on measures for boosting private sector economic cooperation via business council exchanges and other channels. Chairman Greenberg replied that active efforts will be made to promote communication and cooperation between the two countries’ governments and businesses with an aim to further solidify the Korea-U.S. alliance, concurring on the importance of nurturing an environment favorable to both sides’ businesses to the end of expanding bilateral trade and investment.   date2024-11-20

Trade Minister attends DEPA meeting on Peru's accession working group

Korea’s Trade Minister Inkyo Cheong attended the Digital Economy Partnership Agreement (DEPA) meeting on November 14 in Peru to announce the launch of the accession working group for Peru. date2024-11-20

Trade Minister attends DEPA meeting in Peru

Korea’s Trade Minister Inkyo Cheong attended the Digital Economy Partnership Agreement (DEPA) meeting on November 14 in Peru to discuss China’s accession progress. date2024-11-20

APEC Business Advisory Council (ABAC) meeting

Trade Minister Cheong met with APEC Business Advisory Council (ABAC) members on November 14 in Peru on the margins of APEC 2024 and encouraged the private and public sector to join hands to prepare for Korea’s hosting of APEC 2025 Gyeongju. date2024-11-18

Korea and Peru to bolster critical minerals supply chain cooperation

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea entered into a memorandum of understanding (MOU) on critical minerals cooperation with the Ministry of Energy and Mines of Peru on November 16 in Lima on the margins of Korean President Yoon Suk Yeol’s state visit to Peru for the Asia-Pacific Economic Cooperation (APEC) Summit 2024. Peru is the only Latin American country to have established a comprehensive strategic partnership with Korea (2012), and the two countries’ economic cooperation is steadily expanding. Their trade volume has doubled since inking a bilateral Free Trade Agreement (FTA) in 2011.  In commemoration of the 60th anniversary of the establishment of diplomatic relations, the two countries held a bilateral summit in San Francisco last year in November on the occasion of APEC Summit 2023, agreeing to bolster cooperation across various areas like defense, supply chains, and infrastructure. The MOU sealed this year is part of the aim to boost supply chain collaboration. The world’s second largest producer of copper and iron, Peru is also richly endowed with lithium and other mineral resources. Korea and Peru have mainly been engaging in official development assistance (ODA) projects for mine hazard prevention and reclamation, but this MOU lays the grounds for cooperation in critical minerals policy and supply chain information sharing, joint exploration and development, and technical exchanges as well. Based on the MOU, MOTIE plans to uncover further minerals collaboration measures and preemptively support Korean businesses’ entry into Peru’s critical minerals projects to catalyze the diversification of the critical minerals supply chain.   date2024-11-18

Trade Minister Cheong speaks at NCAPEC luncheon

Minister for Trade Inkyo Cheong of the Republic of Korea attended a luncheon meeting held by the National Center for APEC (NCAPEC) on November 13 on the occasion of 2024 APEC Economic Leaders’ Week (AELW) in Lima, Peru, and introduced Korea’s preparations for APEC Gyeongju 2025. date2024-11-15