Ministry of Trade, Industry and Energy

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

Deputy Minister for FTA Negotiations Roh Keon-ki is leading the Korean delegation in the first official round of negotiations for the Korea-Thailand Economic Partnership Agreement (EPA) through July 9–11 in Bangkok.   With Deputy Minister Roh as Chief Delegate, the Korean delegation is composed of representatives of relevant ministries, including 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 Health and Welfare (MOHW). The Thai delegation is led by Chotima Iemsawasdikul, Director-General of the Department of Trade Negotiations of the Ministry of Commerce of Thailand. The two delegations are to engage in negotiations on goods, services, investment, digital, government procurement, and intellectual property.   Since jointly declaring the commencement of negotiations in March, Korea and Thailand have pushed forward with preliminary procedures for the official negotiating round, during which they aim to lay down the groundwork for accelerating future negotiations.   Deputy Minister Roh stated that while the two countries have already established trade agreements through the Korea-ASEAN Free Trade Agreement (FTA) and the Regional Comprehensive Economic Partnership (RCEP), the level of their trade and economic cooperation has room for improvement, highlighting that a bilateral EPA catered to both countries’ needs will serve as an institutional foundation for upgrading the Korea-Thailand economic cooperation. date2024-07-09

Korea and EU launch 4th negotiating round for Digital Trade Agreement

The Ministry of Trade, Industry and Energy (MOTIE) announced on July 2 that the fourth official negotiating round for the Korea-EU Digital Trade Agreement is held through July 2–4 in Seoul with the participation of both governments’ delegations, composed of roughly 30 members.   With the consensus on establishing a high-level digital trade agreement grounded on the Korea-EU Digital Trade Principles signed in November 2022, the two sides have thus far held three negotiating rounds. In this fourth round, they aim to seek measures for narrowing down differences and make further progress.   It is anticipated that the Korea-EU Digital Trade Agreement will establish the trade order for the digital economy, lay down new digital trade rules for accelerating related innovations, and bolster the Korea-EU digital trade network. date2024-07-02

Korea-U.S. Supply Chain and Commercial Dialogue (SCCD)

Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-U.S. Supply Chain and Commercial Dialogue (SCCD) on June 27 in Washington D.C. with attendance of U.S. Secretary of Commerce Gina Raimondo and the two countries’ government delegations to discuss measures for working group outcomes and wider future cooperation. date2024-06-28

Joint Readout: United States-Korea Supply Chain and Commercial Dialogue Ministerial Meeting

Joint Readout: United States-Korea Supply Chain and Commercial Dialogue Ministerial Meeting   FOR IMMEDIATE RELEASE Thursday, June 27, 2024   WASHINGTON, D.C. - Today, U.S. Department of Commerce Secretary Gina Raimondo and Korean Minister of Trade, Industry, and Energy (MOTIE) Ahn Duk-geun held the second United States-Korea Supply Chain and Commercial Dialogue (SCCD) Ministerial Meeting. The Secretary and Minister reviewed progress made to-date between Commerce and MOTIE to deepen bilateral economic and commercial cooperation between the countries.   Secretary Raimondo and Minister Ahn noted the significant, substantive progress that is being undertaken through the SCCD working groups, which include: Advanced Manufacturing and Supply Chain Resilience including Semiconductors, Dual-Use Export Controls, Healthcare and Healthcare Technologies, and the Digital Economy. They also instructed staff to continue discussions through an SCCD critical minerals Sub-Working group to deepen U.S.–Korea critical minerals supply chain collaboration.   The Secretary and Minister noted deepening semiconductor investment cooperation, including the Department of Commerce recently signing non-binding preliminary memoranda of terms with Samsung Electronics to support a state-of-the-art leading-edge ecosystem in Central Texas, and with Absolics, an affiliate of the Korea-based SKC, to support a facility in Georgia for the development of advanced packaging substrates technology. The Secretary and Minister celebrated this progress at the U.S.-Korea SCCD Semiconductor Forum, co-hosted by the Semiconductor Industry Association and Korea Semiconductor Industry Association, which was held immediately before the SCCD Ministerial meeting. The Forum highlighted U.S.-Korea semiconductor cooperation in the key areas of supply chain, workforce development, and R&D as outcomes of the SCCD.   Secretary Raimondo and Minister Ahn acknowledged the increasing momentum under the SCCD healthcare and healthcare technologies working group, including a joint Commerce–MOTIE telehealth virtual showcase that was held in May 2024 with 72 attendees, and a U.S.-Korea Biopharma Roundtable at the 2024 BIO International Convention in San Diego at the beginning of June. They committed to further strengthening cooperation on healthcare innovation and supply chains between the two countries. The Secretary and Minister also acknowledged the meaningful outcomes of the Advanced Manufacturing working group, including an October 2023 Commerce-MOTIE hosted Additive Manufacturing Industry Showcase with over 100 U.S. and Korean companies who were able to learn about opportunities to compete and invest in one another’s markets.   Recognizing the need to protect our critical and emerging technologies from countries that may misuse them to undermine peace and security, they agreed to continue existing export control cooperation to address national security threats while minimizing supply chain disruption under the dual-use export controls working group. Finally, Secretary Raimondo and Minister Ahn discussed current and future cooperation under the SCCD digital economy working group, including cooperation on standard-related activities, and cooperation between Korean and U.S. industrial Artificial Intelligence companies.   The Secretary and Minister also committed to exploring opportunities for collaboration in third countries, where governments are seeking to increase their access to investment and global markets to enhance economic opportunity for their citizens.   date2024-06-28

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

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

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

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

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

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