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FTA/Economic Cooperation
Trade Minister meets ambassadors to Korea from Pakistan, Bangladesh, Serbia, and Dominican Republic
Minister for Trade Inkyo Cheong met the ambassadors to Korea from Pakistan, Bangladesh, Serbia, and the Dominican Republic on June 26 in Seoul to discuss measures for bilateral Economic Partnership Agreement (EPA). date2024-06-27
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FTA/Economic Cooperation
Korea discusses bilateral EPAs with Pakistan, Bangladesh, Serbia, and Dominican Republic
Minister for Trade Inkyo Cheong held a conference on June 26 with the ambassadors to Korea of Pakistan, Bangladesh, Serbia, and the Dominican Republic to discuss measures for forging bilateral Economic Partnership Agreements (EPAs). MOTIE is currently making effort to diversify supply chains and secure critical mineral resources through flexible and extensive cooperation via EPAs, with plans to further expand the trade network to cover a wider range of emerging markets following Georgia, Mongolia, Thailand, and Tanzania, countries with which Korea is presently engaging in negotiations for bilateral EPAs. Trade Minister Cheong stated that Pakistan, Bangladesh, Serbia, and the Dominican Republic “hold prominent strategic value in terms of population, growth potential, and resources,” and added that Korea intends to enlarge the scope of economic cooperative ties with these countries in various areas through EPAs. The four countries’ ambassadors to Korea agreed to actively cooperate in pushing for bilateral EPAs, sharing the view that the Agreements will serve as a firm institutional foundation for not only trade and investment growth but also for the fundamental development of their economic cooperative relations. date2024-06-26
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FTA/Economic Cooperation
Minister Ahn meets UAE Minister of State for Foreign Trade
Trade, Industry and Energy Minister Dukgeun Ahn met with UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi on June 25 in Washington D.C. on the margins of the first Korea-U.S.-Japan trilateral industrial ministerial and discussed Korea-UAE trade and investment, bilateral CEPA prospects, and ratification timeline. date2024-06-26
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FTA/Economic Cooperation
Minister Ahn meets German Federal Minister for Economic Affairs and Climate Action
Trade, Industry and Energy Minister Dukgeun Ahn met Germany's Vice Chancellor and Federal Minister for Economic Affairs and Climate Action Robert Habeck on June 21 in Seoul to discuss global economic issues and bilateral cooperation measures for strengthening future industrial competitiveness. date2024-06-21
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FTA/Economic Cooperation
Korea and Uzbekistan expand cooperation in trade, supply chains, and energy
The Ministry of Trade, Industry and Energy (MOTIE) announced on June 14 that the ministry entered a total of four agreements and protocols with the Uzbek Government on the occasion of President Yoon Suk Yeol’s state visit, the last destination on his Central Asia tour, where the two countries agreed to expand cooperation in trade, supply chains, infrastructure, and other areas. First, MOTIE entered a protocol for bilateral negotiations on supporting Uzbekistan’s World Trade Organization (WTO) accession, which was signed by Minister Dukgeun Ahn and Azizbek Urunov, the special representative of the President of Uzbekistan on WTO issues. MOTIE also entered an agreement with Uzbekistan’s Investments, Industry, and Trade Ministry for invigorating the Korea-Uzbekistan Joint Committee on Trade and Economic Cooperation, leading to anticipation of deeper bilateral discussions not only in traditional cooperation areas like trade and supply chains but also in new areas like finance, culture, and ICT. In view of the recent global supply chain crisis, MOTIE sealed an agreement for supply chain cooperation on critical minerals with Uzbekistan's Ministry of Mining Industry and Geology to strengthen the two countries' strategic partnership. As the first bilateral intergovernmental critical minerals supply chain partnership, the agreement is assessed to have laid the groundwork for mutually beneficial cooperation for diversifying Korea’s critical minerals supply chain and advancing Uzbekistan’s critical minerals value chain. In addition, MOTIE inked an agreement with Uzbekistan’s Ministry of Energy and the Ministry of Construction and Housing and Communal Services, which aims to enhance the efficiency of Uzbekistan’s energy infrastructure and establish the base for Korea’s district heating companies’ Uzbek market entry. date2024-06-14
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FTA/Economic Cooperation
21st Korea-ASEAN FTA Implementation Committee Meeting
Director General for Free Trade Agreement (FTA) Policy Ahn Chang-yong and Alpana Roy, Senior Economic Official to ASEAN and Director at the Singaporean Ministry of Trade and Industry, led the Korean and ASEAN delegations, respectively, in the 21st Korea-ASEAN FTA Implementation Committee meeting for furthering discussions on upgrading the bilateral FTA in Seoul through June 12–13. The two sides discussed member countries’ FTA upgrade negotiation schedule; scope and method; joint research projects on new trade issues like digital and supply chains; and conversion of the tariff reduction schedule (TRS) and Product Specific Rules of Origin (PSR) from HS2017 to HS2022. date2024-06-13
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FTA/Economic Cooperation
Korea and EU hold 12th meeting of FTA Committee on Trade in Goods
The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Food and Drug Safety (MFDS) attended the 12th meeting of the Korea-EU Free Trade Agreement (FTA) Committee on Trade in Goods on June 12 in Brussels, Belgium. The above Committee is a communication channel for discussing tariff and non-tariff issues related to the trade of goods. The Korean and EU delegations took stock of the bilateral FTA implementation progress and discussed measures for solving Korean and EU companies’ mutual market entry issues. Since entering into force in 2011, the Korea-EU FTA has served as a pillar in bilateral trade and investment, helping their trade volume achieve an average annual growth rate of three percent amid global uncertainties. Last year’s Korea-EU trade volume hit a record high of USD 136.1 billion on the backs of strong demand for Korean automobiles and locally established plants’ increased parts and facility investment. During the meeting, the Korean delegation (led by MOTIE’s Director General for Trade Policy Chang Sung-gil) focused on issues concerning the EU’s battery regulations, Carbon Border Adjustment Mechanism (CBAM), deforestation-free products regulation, and the steel safeguard extension, while responding to the EU’s questions regarding Korea’s cosmetics safety management system and alcoholic beverage labeling and online retail system. date2024-06-12
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FTA/Economic Cooperation
Korea and ASEAN hold 21st FTA Implementing Committee meeting
Director General for Free Trade Agreement (FTA) Policy Ahn Chang-yong is leading the Korean delegation in the 21st Korea-ASEAN FTA Implementing Committee meeting for furthering discussions on upgrading the bilateral FTA in Seoul through June 12–13. The ASEAN delegation is led by Alpana Roy, Senior Economic Official to ASEAN and Director at the Singaporean Ministry of Trade and Industry. The Korea-ASEAN FTA Agreement on Trade in Goods entered into force in 2007, followed by the Trade in Services Agreement and the Investment Agreement, which both came into effect in 2009. Since 2013, the two sides have been engaging in discussions for further expanding their FTA. During the 20th Implementing Committee meeting held this March, the two sides discussed whether to proceed with phased follow-up negotiations, based on the joint research outcomes on upgrading the FTA. In this 21st meeting, the two sides will be discussing the member countries’ FTA upgrade negotiation schedule; scope and method; joint research projects on new trade issues like digital and supply chains; and conversion of the tariff reduction schedule (TRS) and Product Specific Rules of Origin (PSR) from HS2017 to HS2022. date2024-06-12
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FTA/Economic Cooperation
Minister Ahn meets Zimbabwe’s Minister of Foreign Affairs and International Trade
Trade, Industry and Energy Minister Dukgeun Ahn met with Zimbabwe’s Minister of Foreign Affairs and International Trade Frederick Shava on June 5 in Seoul on the margins of the Korea-Africa Summit 2024 and discussed trade and investment cooperation and signed the bilateral Trade and Investment Promotion Framework (TIPF) agreement. date2024-06-07
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FTA/Economic Cooperation
Minister Ahn meets with Central African Republic ministers
Trade, Industry and Energy Minister Dukgeun Ahn met with Minister of Trade and Industry of the Central African Republic Thierry Patrick Akoloza and Minister of Water, Forests, Hunting and Fishing Gervais Mbata on June 5 in Seoul on the margins of the Korea-Africa Summit 2024 and discussed economic and minerals cooperation. date2024-06-07