Ministry of Trade, Industry and Energy

Minister Ahn discusses stronger economic and trade cooperation with UK Secretary of State for Business and Trade

Trade, Industry and Energy Minister Dukgeun Ahn held a videoconference with the UK’s new Secretary of State for Business and Trade Jonathan Reynolds on August 14 to congratulate his appointment and expressed hopes for close ministerial-level communication to build stronger Korea-UK economic cooperative ties going forward. Minister Ahn viewed that Korea and the UK have established solid economic cooperative relations as partners that share core values of free democracy and market economy, with the two countries’ globally competitive businesses in major advanced areas leading the economic ties based on vigorous investments and technology collaboration. He stated that their bilateral cooperation as trustworthy partners and friendly nations is all the more important in light of economic security issues and persisting geopolitical uncertainties, such as the Russia-Ukraine war. Moreover, the minister conveyed Korea’s stance of looking forward to a stronger comprehensive bilateral partnership based on the full implementation of the joint ambitions declared in the Downing Street Accord, which was adopted on the occasion of President Yoon Suk Yeol’s state visit last November. They also discussed measures to bolster the two countries’ economic and trade relations, including ways to make progress on negotiations for upgrading the Korea-UK Free Trade Agreement (FTA). date2024-08-14

Trade Minister meets with NCAPEC

Minister for Trade Inkyo Cheong met with Monica H. Whaley, president of the U.S.’ National Center for Asia-Pacific Economic Cooperation (NCAPEC), and other NCAPEC members on August 6 in Seoul on the margin of their visit to Korea. During the meeting, the NCAPEC shared the U.S.’ knowhow on hosting APEC events last year in light of Korea's hosting them in 2025 and discussed business issues of interest regarding APEC for 2025. date2024-08-08

Trade Minister Cheong’s meeting with NCAPEC on preparations for APEC summit 2025

Minister for Trade Inkyo Cheong met with Monica H. Whaley, president of the U.S.’ National Center for Asia-Pacific Economic Cooperation (NCAPEC), and other NCAPEC members from Google, Airbnb, and Amazon on August 6 in Seoul on the margin of their visit to Korea.  At this meeting, Minister Cheong shared Korea’s preparations for hosting the Asia-Pacific Economic Cooperation (APEC) Economic leaders’ meeting held in 2025, as well as Korea’s plans and major deliverables such as the cooperation of sustainable supply chains and an establishment of artificial intelligence (AI)-based cooperative system within the APEC region.  In addition, he asked NCAPEC to share its knowhow of how it hosted a series of business events such as APEC Business Advisory Council (ABAC) Dialogue with Economic Leaders and the APEC CEO Summit with the Korea Chamber of Commerce and Industry (KCCI) which will host the business events next year. In turn, NCAPEC representatives proposed APEC-level cooperation in establishing digital trade principles and restoring supply chain resilience. Minister Cheong highlighted Korea’s aim to produce tangible outcomes during Korea’s APEC chairmanship in 2025 such as strengthening intraregional business networks through various events for public-private exchanges, and requested NCAPEC to prepare meaningful business events in cooperation with KCCI.   date2024-08-06

Minister Ahn meets Saudi Arabia’s Minister of Commerce

Trade, Industry and Energy Minister Dukgeun Ahn met Saudi Arabia’s Minister of Commerce Majid bin Abdullah Al-Kassabi on July 30 in Seoul to discuss measures for trade and investment expansion, follow-up to the two countries’ economic summit diplomacy, and for the Korea-Gulf Cooperation Council (GCC) Free Trade Agreement (FTA)’s swift entry into force. date2024-07-30

Korea elected as inaugural chair of IPEF Crisis Response Network

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 30 that all three of the supply chain bodies under the Indo-Pacific Economic Framework for Prosperity (IPEF)—Supply Chain Council, Crisis Response Network (“CRN”), and Labor Rights Advisory Board—have officially launched and entered the implementation phase, and that Korea has been elected as the inaugural chair of CRN. CRN is the world’s first supply chain emergency response platform introduced by IPEF for seeking joint response measures among the 14 partner countries through emergency meetings in the case of supply chain disruptions. At the request of a single country, an emergency meeting is convened within 15 days to discuss support measures for joint procurement, swift customs procedures, and securing alternative supply chain and transportation routes, and may be elevated to either ministerial or summit level according to need. During non-crisis times, CRN assists programs for strengthening partner countries’ response capacity, such as developing disruption countermeasure strategies, conducting tabletop exercises, and making assessments on partner countries’ emergency response experience and related policies. On July 24, Korea was elected as the CRN’s chair with unanimous consent, indicating that Korea’s experience and policy know-how in supply chain emergency response were highly appraised by partner countries. Moreover, Japan’s election as vice chair places the two countries in a position to take the joint initiative in building a global cooperative system for supply chain management. Minister for Trade Inkyo Cheong stated that CRN is an innovative platform that enables solidarity and cooperation between industrial powers and resource-rich countries.   date2024-07-30

Korea and Saudi Arabia to make joint efforts for Korea-GCC FTA’s swift entry into force

Trade, Industry and Energy Minister Dukgeun Ahn met Saudi Arabia’s Minister of Commerce Majid bin Abdullah Al-Kassabi on July 30 in Seoul to discuss measures for trade and investment expansion, follow-up to the two countries’ economic summit diplomacy, and for the Korea-Gulf Cooperation Council (GCC) Free Trade Agreement (FTA)’s swift entry into force. Minister Ahn expressed high regard for the summit diplomacy exchanges held over the last two years (Saudi Arabian Crown Prince and Prime Minister Mohammed bin Salman’s visit to Korea in November 2022, followed by President Yoon Suk Yeol’s state visit to Saudi Arabia in October 2023) with respect to bolstering bilateral ties and underscored that the conclusion of the Korea-GCC FTA last year has further solidified the two countries’ institutional economic cooperation. The minister asked Saudi Arabia's support as a member of the GCC for expediting the legal scrubbing process on both sides, as domestic procedures for the FTA’s entry into force can commence only upon the finalization of the FTA Agreement. MOTIE plans to complete the Agreement in September, then consult with GCC countries with aim to make as much progress as possible with the formal signing and necessary domestic procedures. Meanwhile, Minister for Trade Inkyo Cheong attended the Korea-Saudi Business Forum launched on the same day, co-hosted by Korea’s Ministry of Trade, Industry and Energy (MOTIE) and the Saudi Ministry of Commerce and co-organized by both countries’ Chambers of Commerce at the Westin Josun Seoul. From Saudi Arabia, an economic delegation of 80 members participated in the event, including Minister of Commerce Majid bin Abdullah Al-Kassabi among other high-level government officials and business figures. From Korea, roughly 170 representatives from 100 companies attended, including those of Kolon Group and Hyundai Motor Group. Also participating in the Forum are Aljomaih Energy & Water Company (AEC), Abdulaziz Saud Abunayyan Trading, and Al Yamama, which are Saudi companies known to have created economic summit diplomacy outcomes, leading to anticipation that further progress will be made with regard to the timely implementation of contracts and memorandums of understanding (MOUs) signed during the meetings in Seoul (November 2022) and Riyadh (October 2023), as well as the uncovering of additional joint projects. Moreover, with the Korea-GCC FTA poised to open up services markets across Korea and the Middle East, Saudi companies specializing in healthcare, entertainment, food, and other relevant sectors displayed interest by seeking new business opportunities with Korean firms at the Forum.    In his welcome address, Trade Minister Cheong stated that the two countries’ cooperation has, in step with the Saudi Vision 2030, expanded to key industries like automobiles and shipbuilding, and highlighted that the Korea-GCC FTA is expected to not only diversify trade in goods like medical devices, cosmetics, and food products, but also spur services market exchanges in industries like film and healthcare as well.   date2024-07-30

Korea and Canada hold working-level meeting as follow-up to 2+2 High-Level Dialogue on Economic Security

Director General for Trade Policy Chang Sung-gil at the Ministry of Trade, Industry and Energy (MOTIE) and Director-General for Bilateral Economic Affairs Kim Jin-dong at the Ministry of Foreign Affairs (MOFA) held a videoconference with Senior Director for Foreign Investment Review and Economic Security James Burns at Innovation, Science and Economic Development Canada and Director General for North-East Asia Joya Donnelly at Global Affairs Canada on July 24 to exchange views on measures to bolster cooperation in critical minerals, supply chains, and core and emerging technology areas as part of follow-up measures to the Korea-Canada 2+2 High-Level Dialogue on Economic Security launched on May 16, 2023. In light of increasing instability from supply chain disruptions caused by global value chain shifts and rising protectionism, both sides agreed on the importance of close cooperation for stronger supply chain resilience. With the implementation plan for the “Korea-Canada Memorandum of Understanding (MOU) on Cooperation in Critical Mineral Supply Chains, the Clean Energy Transition and Energy Security” established this April, the two sides decided to continue cooperation centered around the Minerals Security Partnership (chaired by Korea) for diversifying the global supply chain, while also furthering standards cooperation in core and emerging technology areas anticipated to spur changes in the global economic security paradigm. Taking note of the enhanced investment cooperation between the two countries’ companies, the Korean delegation requested Canada’s continued support for Korean firms’ smooth local business operations. Meanwhile, both sides reaffirmed the agreed outcomes from the Korea-Canada 2+2 High-Level Dialogue on Economic Security held in May last year and agreed to prepare for the next meeting by leveraging this bilateral working-level communication channel between their industry and foreign affairs authorities. They also plan to share policies regarding major economic security issues and actively exchange opinions to uncover joint projects that would enable more tangible cooperation. date2024-07-24

Korea and India launch 11th negotiating round on upgrading bilateral CEPA

Director General for FTA Negotiations Peob-min Ryu is leading the Korean delegation in the 11th round of official negotiations for upgrading the Korea-India Comprehensive Economic Partnership Agreement (CEPA) through July 17–19 in Seoul. The Korean delegation is composed of representatives of the Ministry of Trade, Industry and Energy (MOTIE), Ministry of Economy and Finance (MOEF), Ministry of Agriculture, Food and Rural Affairs (MAFRA), and the Ministry of Oceans and Fisheries (MOF) and will negotiate goods, services, rules of origin, and investment with the Indian delegation, headed by Additional Secretary for the Department of Commerce Anant Swarup. With aim to further invigorate bilateral trade and investment, the two countries have been engaging in negotiations since 2016 on upgrading the initial Korea-India CEPA, which entered into force in 2010. In this 11th round, the Korean government will be focusing on expediating the negotiation progress by narrowing the differences based on outcomes gained from the 10th official negotiating round that took place this January. date2024-07-17

Korea participates in 7th RCEP Joint Committee Meeting

Director General for Free Trade Agreement (FTA) Policy Ahn Chang-yong is attending the seventh Regional Comprehensive Economic Partnership (RCEP) Joint Committee meeting as Korea’s Chief Delegate through July 15–17 in the Lao People's Democratic Republic (PDR), this year’s ASEAN Chair.   Partner countries hold the RCEP Joint Committee on a quarterly basis to review and discuss various matters concerning the smooth implementation and management of the RCEP Agreement, as well as economic and technological cooperation issues. This year’s Joint Committee Co-Chairs are Indonesia and China, each representing ASEAN and non-ASEAN partner countries.   The seventh RCEP Joint Committee meeting will proceed with the participation of the 15 partner countries’ Chief Delegates and representatives of the ASEAN Secretariat and the Lao PDR’s Ministry of Industry and Commerce.   By the end of this year, partner countries attending this Joint Committee meeting aim to install a support unit in the form of a secretariat for implementing the RCEP, which entered into force in 2022. Other agenda items include RCEP accession procedures and the outcomes of the Joint Committee on RCEP Implementation.   Meanwhile, Director General Ahn plans to visit the Lao Ministry of Industry and Commerce on the occasion of his visit to discuss measures for economic cooperation and launching of joint seminars for RCEP promotion. date2024-07-15

Korea and Thailand enter 1st official negotiating round for bilateral EPA

Deputy Minister for FTA Negotiations Roh Keon-ki and Chotima Iemsawasdikul, Director-General of the Department of Trade Negotiations of the Ministry of Commerce of Thailand, are leading their respective delegations in the first official round of negotiations for the Korea-Thailand Economic Partnership Agreement (EPA) through July 9–11 in Bangkok. date2024-07-09