Ministry of Trade, Industry and Energy

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

Korea’s trade and foreign affairs chiefs attend APEC Ministerial Meeting 2024

Minister for Trade Inkyo Cheong and Minister of Foreign Affairs Cho Tae-yul of the Republic of Korea attended the 35th Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting (AMM) on November 14 in Lima, Peru.  This year’s AMM was chaired by Peru’s Minister of Foreign Affairs Elmer Schialer and Foreign Trade and Tourism Minister Desilu León with the participation of the foreign affairs and trade ministers of the 21 APEC member economies. Under this year’s theme of “Empower. Include. Grow.”, attendees discussed innovation and digitalization to promote the transition to a formal and global economy (Session 1), sustainable growth for resilient development (Session 2), and trade and investment for inclusive and interconnected growth (Session 3). In the third session of AMM, Trade Minister Cheong emphasized the need for intraregional cooperation for inclusive, interconnected, and sustainable growth amid economic uncertainties and proposed measures to enhance economic cooperation within APEC such as maintaining the WTO-based multilateral trade system and promoting freer trade and investment through the realization of the Free Trade Area of the Asia-Pacific (FTAAP). The trade chief stated that Korea is aiming to further facilitate the discourse on intraregional sustainable growth to gain tangible outcomes in artificial intelligence (AI), digital trade, and carbon-free energy diffusion.  In preparation of Korea’s hosting of APEC 2025, during the AMM a turnover (promotion) video was played and Foreign Minister Cho introduced the theme and priorities of APEC 2025. The Foreign Minister explained that Korea would lead discussions on sustainable growth in the region under the theme of “Building a Sustainable Tomorrow,” focusing on the priorities of “Connect,” “Innovate” and “Prosper.” In response, member economies expressed keen interest in and support for Korea’s hosting of APEC 2025. date2024-11-15

Trade Minister Cheong attends 2024 APEC Economic Leaders’ Week in Peru

Minister for Trade Inkyo Cheong of the Republic of Korea attended the 2024 APEC Economic Leaders’ Week (AELW) on November 14 in Lima, Peru, to participate in a number of events including the 4th APEC Business Advisory Council (ABAC) Meeting and the APEC CEO Summit, where he convened with CEOs for a breakfast meeting to discuss major outcomes of APEC 2024 as well as preparations for next year’s APEC AELW. Prior to the breakfast meeting, Minister Cheong attended a luncheon meeting held by the National Center for APEC (NCAPEC) on November 13, where he highlighted the need for stronger collaboration between U.S. and Korean businesses on AI semiconductors and other major supply chain items during talks with Antony Cook, Microsoft’s Regional Vice President for Asia.  During the meeting, the trade chief also explained to the 200 business leaders present the preparations Korea is making for APEC 2025, including the Korean government’s key economic policies on AI application and the Carbon Free Energy (CFE) Initiative. On the margins of these APEC meetings, Trade Minister Cheong held bilateral talks with various member countries regarding trade issues and asked business leaders for their active participation and cooperation for Korea’s successful hosting of APEC events next year.   date2024-11-15

Korea and UK launch third official negotiating round for upgrading bilateral FTA

Director General for FTA Negotiations Kwon Hye-jin at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea is heading the Korean delegation in the third official round of negotiations for an upgraded Korea-UK Free Trade Agreement (FTA) through November 11–14 in Seoul. The UK delegation is led by Adam Fenn, Chief Negotiator at the UK's Department for Business and Trade. Having inked the bilateral FTA in 2019 and seen its entry into force in 2021, the two countries declared the launch of negotiations for an upgraded Agreement on the occasion of Korean President Yoon Suk Yeol’s state visit to the UK in November 2023. The first two rounds of negotiations for the upgraded Agreement were held this January and March, in Seoul and London, respectively. With this third negotiating round being the first to convene since the UK Labor Party’s inauguration in July, the Korean government is aiming to accelerate discussions across services, supply chains, digital, bio, and other areas. Highlighting that the UK is Korea’s key friendly nation and economic cooperation partner in new trade areas like advanced industries and energy, Director General Kwon expressed anticipation towards not only upgrading the existing Agreement, but also the introduction of emerging norms in supply chains, gender, and bio.   date2024-11-11