Ministry of Trade, Industry and Energy

12th Korea-Uzbekistan Joint Committee Meeting

Trade, Industry and Energy Minister Dukgeun Ahn met with Uzbekistan’s Investment, Industry and Trade Minister Laziz Kudratov on May 31 in Seoul for the 12th meeting of the Korea-Uzbekistan Joint Committee on Trade and Economic Cooperation to discuss trade, investment, supply chains, energy, infrastructure, industries, science, and technology, where they also signed the Agreed Minutes. date2024-06-03

Trade Minister chairs inaugural meeting of APEC Advisory Group

Minister for Trade Inkyo Cheong led the inaugural meeting of the Asia-Pacific Economic Cooperation (APEC) Advisory Group on May 30, where he presented appointment certificates to the 22 experts making up five key working groups (APEC Vision, Trade and Investment, Economic Security and Supply Chain, Digital, Sustainability and Inclusion) and launched forward preparations for Korea’s APEC chairmanship in 2025.   The meeting was attended by representatives of related institutions and academia, including K-SURE, Korea Institute for International Economic Policy (KIEP), Korea Trade-Investment and Promotion Agency (KOTRA), and Korea University. date2024-05-30

MOTIE launches advisory group for APEC in preparation for Korea's chairmanship in 2025

Minister for Trade Inkyo Cheong led the inaugural meeting of the Asia-Pacific Economic Cooperation (APEC) Advisory Group on May 30, where he presented appointment certificates to the 22 experts making up five key working groups (APEC Vision, Trade and Investment, Economic Security and Supply Chain, Digital, Sustainability and Inclusion) and launched forward preparations for Korea’s APEC chairmanship in 2025.   The trade chief stated that the APEC Advisory Group aims to select themes that align with APEC member countries’ interests as well as the APEC’s vision, while also uncovering timely agenda items. He expressed hopes of fostering solidarity and cooperation among APEC members amid persisting global uncertainties.   MOTIE’s Director General for Multilateral Trade and Legal Affairs Park Dae-kyu shared the “APEC Putrajaya Vision 2020-2040” and its three pillars, on which the four major tasks of MOTIE are based: preparation for the World Trade Organization (WTO)’s 14th ministerial conference (MC14) and recovering the multilateral trade system; establishing a resilient and sustainable supply chain; discussions on artificial intelligence (AI) and digital trade rules; and the diffusion of carbon-free energy sources in light of climate change and attaining carbon neutrality.   Director General Park explained that priority tasks will be pushed forward with private sector experts in line with the APEC’s cooperative vision. date2024-05-30

Korea and UAE bolster forward-looking cooperation in trade, industries, and energy

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 29 that Korea and the United Arab Emirates (UAE)’ energy and industrial sectors entered a total of eight agreements and memorandums of understanding (MOUs) on the occasion of the summit meeting between President Yoon Suk Yeol and UAE President Sheikh Mohamed bin Zayed Al Nahyan.   First, MOTIE Minister Dukgeun Ahn and the UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi formally signed the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA) in the presence of both sides’ presidents.   Minister Ahn and the UAE Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber also inked a carbon capture and storage (CCS) cooperation MOU for establishing a clean hydrogen supply chain and joint carbon reduction measures. A first of its kind between the two countries, the MOU aims to support the two countries’ clean hydrogen production and CCS infrastructure projects and covers the interministerial cross-border transfer of CO2. It is also anticipated to help secure overseas storage space for domestically captured CO2 and contribute to achieving the nationally determined contributions (NDCs).   Cooperative ties were forged in the private sector as well. In energy, Korea Electric Power Corporation (KEPCO) agreed to the joint execution of nuclear power plant projects with the UAE’s Emirates Nuclear Energy Corporation (ENEC) in third countries. The two companies plan to form a working group to conduct research on emerging markets and uncover projects for heightening bid competitiveness in the global power plant market.   A consortium composed of Korea National Oil Corporation (KNOC), Samsung E&A, and GS Energy signed a strategic agreement with the Abu Dhabi National Oil Company (ADNOC) on the joint development of clean hydrogen production and supply. According to this agreement, the companies will develop and invest in the entire hydrogen value chain from local blue ammonia production, supply, and domestic distribution infrastructure investment to CCS transfer in line with the blue ammonia project (Harvest 2.0) in Ruwais, UAE.   Moreover, KNOC and ADNOC will discuss expanding the international joint oil stockpile capacity, which is currently at four million barrels. The two companies sealed the joint crude oil stockpiling agreement during President Yoon’s state visit to UAE in January 2023, which enables ADNOC to store crude oil in KNOC’s idle storage space for domestic and overseas sales and guarantee Korea with priority oil access in an emergency situation.   At the UAE’s request for additional storage capacity, the two companies agreed to amend their MOU and expand the scope of collaboration beyond joint oil stockpiling to include oil exploration, development, and R&D for enhanced oil recovery.   Meanwhile, Samsung Heavy Industries and Hanwha Ocean each signed a letter of intent (LOI) with ADNOC on an order for six LNG carriers (app. USD 1.5 billion), and Hyosung entered a joint investment cooperation MOU with ADNOC to seek petrochemicals and LPG joint project opportunities in Asia.   The Korean government intends to give full measure to advancing the Korea-UAE relations to forward-looking cooperation over multiple areas encompassing nuclear power, carbon reduction, clean hydrogen, shipbuilding, and petrochemicals. date2024-05-30

2nd meeting of the Public-Private Committee for Korea-Africa Economic Cooperation

Minister for Trade Inkyo Cheong chaired the second meeting of the Public-Private Committee for Korea-Africa Economic Cooperation on May 29 in Seoul to prepare for the upcoming Korea-Africa Summit 2024 (June 4–5) with major economic groups, companies, and related institutions, including Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), and Korea Chamber of Commerce and Industry (KCCI). date2024-05-29

Korea and UAE hold press briefing on formal signing of bilateral CEPA

Minister for Trade Inkyo Cheong and the United Arab Emirates (UAE) Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi held a press briefing on May 29 in Seoul on the formal signing of the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA). date2024-05-29

Korea and UAE hold formal signing of bilateral CEPA

Trade, Industry and Energy Minister Dukgeun Ahn and the United Arab Emirates (UAE) Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi formally signed the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA) on May 29 at the presidential office in Seoul in the presence of both countries’ presidents.   The Korea-UAE CEPA was pushed forward with the state visit of President Yoon Suk Yeol’s to UAE in January 2023 and concluded in October of same year after intensive negotiations. The Government has since proceeded with legal scrubbing of agreement documents and other domestic procedures necessary for the formal signing.   The Korean government plans to swiftly implement follow-up measures and submit the ratification documents to the National Assembly. Once both countries complete their respective domestic legal procedures for the CEPA’s ratification and entry into force, the bilateral CEPA takes effect on the first day of the second month following the exchange of written notifications certifying the completion of necessary legal procedures.   As of 2023, the UAE is Korea’s 14th largest trade partner and a growing export destination for automobiles, car parts, electronic devices, and synthetic resins, while Korea imports crude oil, petroleum products, natural gas, aluminum, and other energy and resource materials from the UAE. The CEPA is anticipated to spur Korean firms’ entry further into the Middle East, Africa, and South Asia as well. date2024-05-29

Public and private sectors make final preparations for Korea-Africa Summit 2024

Minister for Trade Inkyo Cheong chaired the second meeting of the Public-Private Committee for Korea-Africa Economic Cooperation on May 29 in Seoul with major economic groups, companies, and related institutions to prepare for the upcoming Korea-Africa Summit 2024 (June 4–5).   The meeting was held for a final monitoring of planned events slated for the Summit. Korea International Trade Association (KITA) and five other economic groups are co-organizing the Korea-Africa Business Summit (June 5), where 400 experts and representatives of both sides’ governments and companies are to seek measures for bilateral cooperation in industrialization, stimulating investment, expanding trade and job creation, food and critical minerals security, decarbonization, and climate change response.   Korea Trade-Investment Promotion Agency (KOTRA) will be holding a Business Partnership for one-on-one matching between 200 Korean companies and 50 African companies in areas like energy, infrastructure, automobiles, shipbuilding, bio, and home appliances.   The Ministry of Trade, Industry and Energy (MOTIE) plans to reach tangible results through supporting the private sector’s business-to-business (B2B) contract deals and memorandums of understanding (MOUs) on the sidelines of the Summit, while also pushing forward the Trade and Investment Promotion Framework (TIPF) with  African governments. date2024-05-29

Korea and Georgia hold 2nd official negotiating round for bilateral EPA

Director General for FTA Negotiations Peob-min Ryu is leading the Korean delegation in the second official round of negotiations for the Korea-Georgia Economic Partnership Agreement (EPA) through May 29–31 in Seoul. Georgia’s delegation is headed by Economy and Sustainable Development Deputy Minister Genadi Arveladze.   Following the launch of negotiations in November 2023, the two sides have managed to swiftly reach agreements in many areas through the first official negotiating round and the intersessional negotiations held in February and April this year, respectively.   In this second round, negotiations will take place across a total of 13 Working Groups on various areas, including goods, services, digital, and cooperation. The Korean government anticipates that the bilateral EPA will contribute to strengthening the two countries’ economic ties. date2024-05-29

Korea and New Zealand hold 6th FTA Joint Committee meeting

Director General for FTA Policy Ahn Chang-yong led the Korean delegation in the sixth Korea-New Zealand Free Trade Agreement (FTA) Joint Committee meeting held on May 28 in Seoul. His counterpart Greg Andrews from the Ministry of Foreign Affairs and Trade (MFAT) headed the New Zealand delegation. They covered FTA outcomes, measures for enhancing exporters and importers’ convenience, and joint projects in conjunction with FTA among other various issues of interest. date2024-05-28