Ministry of Trade, Industry and Energy

Korea and Ecuador Sign Strategic Economic Cooperation Agreement for Market Diversification

Korea’s Minister for Trade Yeo Han-koo met with Ecuador’s Minister of Production, Foreign Trade, Investments, and Fisheries Luis Alberto Jaramillo in Seoul on Tuesday, September 2. The two sides held bilateral talks and formally signed the Strategic Economic Cooperation Agreement (SECA). Since launching negotiations in 2016, Korea and Ecuador have held nine rounds of formal discussions, concluding the agreement in October 2023. With the official signing completed, the SECA will enter into force following remaining procedures, including ratification by the National Assembly. As Latin America’s third-largest crude oil producer, Ecuador is rich in energy and mineral resources (such as crude oil and copper) and maintains political stability among its neighbors. Along with its use of the US dollar and commitment to free trade, these factors make Ecuador a promising market with lower investment risks. The Korean government plans to leverage its partnership with Ecuador to accelerate export diversification into Latin America. Once the SECA takes effect, Ecuador will phase out tariffs of up to 40 percent on Korean automobiles within 15 years, including eliminating the 35-percent tariff on hybrid vehicles within five years. This is expected to give Korea an advantage over major competitors, including China and Japan. Ecuador will also eliminate tariffs on Korean pharmaceuticals and consumer goods, such as cosmetics and instant noodles. Exports of these products are expected to grow, driven by the Korean wave’s expanding influence throughout Latin America. In addition, the opening of sectors such as online gaming, distribution, film, and music raises prospects for growth in local consumption and exports of Korean cultural content. Ahead of the signing ceremony, Trade Minister Yeo emphasized during talks with his Ecuadorian counterpart that bilateral FTAs are an effective tool to strengthen export competitiveness and diversify markets amid growing uncertainty in the global trade environment. He expressed hope that the SECA would allow companies from both countries to build future-oriented cooperation, while also serving as a gateway to export expansion and market diversification. Both sides agreed to accelerate remaining procedures for the SECA’s implementation, including ratification by the National Assembly. date2025-09-04

Korea’s Trade Minister Discusses Economic Cooperation and Trade Issues with UK Counterpart

Korea’s Minister for Trade Yeo Han-koo met with the UK’s Minister of State at the Department for Business and Trade Douglas Alexander in Seoul on September 1. The two sides exchanged views on industrial and trade policy directions in the current global trade environment and discussed ways to expand bilateral cooperation. The UK is Korea’s 25th-largest trading partner, with bilateral trade totaling $11.2 billion in 2024. Since the Korea-UK Free Trade Agreement (FTA) entered into force in January 2011, trade between the two countries has remained strong. The UK is also one of Korea’s major investment partners, ranking 3rd among European countries in cumulative investment in Korea as of 2024. Active investment and technological partnerships between companies from both countries serve as the foundation for bilateral cooperation. During the meeting, Trade Minister Yeo confirmed active industrial and trade cooperation between the two countries, citing ongoing Korea-UK FTA upgrade negotiations and supply chain dialogues. He emphasized the importance of building on shared values, such as liberal democracy and the market economy, to sustain a strong economic partnership. Furthermore, he expressed hope that the UK’s industrial and trade strategies announced in June would further strengthen bilateral ties. Regarding the introduction of the UK Carbon Border Adjustment Mechanism, Trade Minister Yeo highlighted the need for sufficient preparation time and measures to ease burdens on businesses. He also requested the UK government to support Korean companies in adapting to recently strengthened steel safeguard measures and the Electric Car Grant system. date2025-09-03

Korea’s Exports Rise 1.3% in August

The Ministry of Trade, Industry and Energy (MOTIE) announced on September 1 that Korea’s exports in August 2025 grew 1.3 percent year-on-year to USD 58.4 billion, while imports fell 4.0 percent to $51.9 billion. The trade balance recorded a surplus of $6.5 billion. Daily average exports for the month, factoring in the number of working days, also rose 5.8 percent to $2.6 billion. Despite having one fewer working day than a year earlier, August exports maintained an upward trajectory and set a monthly record for the third consecutive month. Of Korea’s 15 major export categories, three posted growth in August. Semiconductor exports surged 27.1 percent to $15.1 billion, setting a new all-time high just two months after the previous record. This growth was driven by rising contract prices and sustained global demand from downstream industries, such as the server market. Automobile exports rose 8.6 percent to $5.5 billion for the third consecutive month, supported by increased exports of used cars and eco-friendly vehicles, including electric and hybrid models. Ship exports grew for the sixth straight month (up 11.8 percent to $3.1 billion), fueled by deliveries of vessels ordered in 2022 and 2023. By region, exports increased in three out of nine major markets. Exports to ASEAN climbed 11.9 percent to $10.9 billion, the highest August figure on record and the third straight month of growth, driven by strong performance in semiconductors and ships. Exports to CIS countries (up 9.2 percent to $1.1 billion) grew for the sixth consecutive month, while those to the Middle East edged up 1.0 percent to $1.4 billion, returning to positive growth after one month. MOTIE Minister Kim Jung-kwan stated, “To minimize tariff impacts on small- and mid-sized companies, the ministry plans to announce and implement supportive measures in early September, focusing on three areas: ①easing burdens through short-term operation assistance and boosting domestic demand, ②diversifying export markets to sustain momentum, and ③strengthening the fundamental competitiveness of core and promising industries.” date2025-09-02

Korea Trade Commission Recommends Price Undertakings for Chinese Hot-rolled Steel Plates

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy held its 463rd KTC meeting on Thursday, August 28, 2025, to deliberate and resolve one anti-dumping investigation and four intellectual property (IP) infringement investigations related to exports and imports. The KTC also received a report on the initiation of a new anti-dumping investigation. The deliberated anti-dumping case was launched in October 2024 against Chinese hot-rolled carbon and alloy steel plate imports. The KTC made a determination that dumped imports of these products caused material injury to the domestic industry. While calculating final anti-dumping duties at 27.91 to 34.10 percent for a five-year period, the KTC recommended that the Minister of Economy and Finance accept price undertakings proposed by nine Chinese exporters. Like anti-dumping duties, price undertakings serve as a trade remedy for domestic industries. This protective measure allows exporters to voluntarily set an initial minimum export price and quarterly price adjustment methods, and if violated, anti-dumping duties may be imposed. For Chinese exporters that did not suggest price undertakings, the KTC decided to recommend a five-year anti-dumping duty of 34.10 percent to the Minister of Economy and Finance. Currently, provisional anti-dumping duties ranging from 27.91 to 38.02 percent are in effect for Chinese hot-rolled carbon and alloy steel plates (from April 24 to November 23, 2025). Of the four IP infringement investigations, three were found to constitute unfair trade practices, with respondents determined to have infringed the applicants’ rights. These cases included investigations into interlayers for head-up displays (launched in September 2024), uninterruptible power supply systems (launched in October 2024), and designs for fishing clamps (launched in January 2025). The KTC imposed corrective measures, including orders to halt manufacturing and export of the infringing goods, exclusion from import, and fines. Notably, the head-up display interlayer and uninterruptible power supply cases were investigations where the KTC adjudicated IP disputes between foreign companies, demonstrating the KTC’s potential to emerge as a global venue for IP dispute resolution. This reflects growing recognition of the KTC’s swift and impartial processes compared to traditional litigation. Meanwhile, the investigation into infringement of standard essential patents for connected cars, launched in December 2024, was concluded after the parties reached a licensing agreement. As the investigation process helped clarify contentious issues between the parties, their negotiations accelerated, ultimately leading to withdrawal of the complaint and termination of the investigation. The KTC also received a report on the initiation of an anti-dumping investigation into polyvinyl chloride paste resin from Germany, France, Norway, and Sweden. The KTC will continue to systematically respond to the shifting global trade environment and address unfair trade practices, such as dumping and IP infringement. date2025-09-01

Korea’s Prime Minister Attends Opening Ceremony of 2025 WCE

The 2025 World Climate Industry EXPO (WCE) opened on August 27 in Busan, Korea. This large-scale international event is co-hosted by the Korean government, the International Energy Agency (IEA), and the World Bank (WB) as the flagship of Energy Super Week, held from August 25 to 29. The expo features exhibitions, 12 conferences, and nearly 60 side events and programs under the theme, “Energy for AI & AI for Energy.” ▶Global Energy and Climate Leaders Meet in Busan The opening ceremony brought together more than 1,000 participants, including the IEA Executive Director and WB Vice President. Alongside major figures from international bodies, it also hosted 32 government delegations and 15 ambassadors and other officials from 24 embassies in Korea. Major digital companies such as Microsoft, Google, NVIDIA, and Amazon Web Services; global leading players in clean energy such as RWE, Schneider Electric, Siemens, and Bloom Energy; and homegrown corporations such as Samsung Electronics, Hyundai Motor, SK Innovation, Hanwha Qcells, and Doosan Enerbility, were also present. In his opening remarks, Korea’s Prime Minister Kim Min-seok stated, “Korea will achieve carbon neutrality, energy security, and economic growth by constructing an ‘Energy Highway,’ expanding electricity grids, and transitioning to renewable energy.” He added, “We will work with the international community for a sustainable future powered by AI and energy.” Keynote addresses followed. IEA Executive Director Fatih Birol projected that energy demand could grow up to six times faster in the future due to increasing use of AI, electric vehicles, and air-conditioning. He stressed the importance of grid investment, noting, “Rapid grid expansion is a shared global challenge in the AI era. Powerful and flexible grid systems are the foundation of competitiveness in the AI industry.” Microsoft’s Director of Sustainability Policy Michelle Patron mentioned, “Grid investment is necessary to expand clean energy supply in line with demands from AI and economic growth.” She added, “To secure stable carbon-free energy supply sought by businesses, we must improve procurement methods and coordinate the connection of relevant systems, such as power purchase agreements and renewable energy certification.” ▶New Korean Administration Unveils Visions for Climate and Energy The 2025 WCE operates 6 exhibition halls, where nearly 540 companies demonstrate future energy solutions and industry strategies driven by next-generation grids, AI, and renewable energy. This year’s highlight is the newly launched “Energy Highway” hall featuring Korea’s three major electrical equipment companies—Hyosung Heavy Industries, LS Electric, and HD Hyundai Electric. The hall showcases strategic projects of the new Korean administration, such as a West Coast high-voltage direct current network, while presenting onshore/offshore grid solutions, smart grids, microgrids, ultra-high voltage transformers, and energy storage systems. Other exhibits feature next-generation energy technologies. Doosan Enerbility showcases Korea’s first 10MW-class wind turbine as well as small modular reactor technologies. Korea Zinc introduces a value chain on renewable energy and green hydrogen. Hanwha Qcells presents innovative technologies and products for RE100 industrial complex development, such as floating solar panels and agrivoltaics. Samsung Electronics, LG Electronics, SK Innovation, and Hyundai Motor provide a glimpse into the future of energy-AI convergence through consumer-focused innovations, such as immersion cooling for AI data centers, AI chips and glass substrates, zero-energy buildings, smart homes, eco-friendly heat pumps, and electric vehicle charging robots. ▶100 Global Energy Leaders Discuss AI-Era Energy Strategies The 2025 WCE held 12 in date2025-08-29

Korea’s Retail Industry Grows 9.1% in July

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 27 that Korea’s retail industry grew 9.1 percent year-on-year in July 2025, with offline sales gaining 2.7 percent and online sales surging 15.3 percent. MOTIE's monthly retail sales figures are based on surveys of 23 major retailers, comprising 13 brick-and-mortar retailers and 10 online retailers. By offline retail channel, convenience stores rose 3.9 percent, marking their first gain in four months. This growth was partly driven by use of People’s Livelihood Recovery Consumption Coupons, issued by the Korean government as part of efforts to revitalize the economy. Department stores also climbed 5.1 percent, supported by positive growth across all product categories except miscellaneous goods. Super supermarket operators edged up 1.8 percent, maintaining their upward trajectory for the fifth consecutive month. By category, offline sales expanded in food products (up 2.7 percent), services/others (up 4.4 percent), and luxury goods (up 11.3 percent). Meanwhile, online sales posted solid growth in July, driven by strong performance in the services category (up 24.9 percent) and the food category (up 24.2 percent). date2025-08-28

2025 APEC Energy Ministerial Meeting Opens in Korea

Korea’s Ministry of Trade, Industry and Energy (MOTIE) is hosting the 15th Asia-Pacific Economic Cooperation Energy Ministerial Meeting (APEC EMM) from Wednesday, August 27 to Thursday, August 28 in Busan. In line with the global trend of pursuing both carbon neutrality and energy security, the meeting seeks to set directions and explore collaborative measures for energy transition and innovation within the APEC region. This year marks the first time in 20 years that Korea serves as chair of the APEC EMM. The opening ceremony carries added significance as it took place at Nurimaru APEC House, the same venue that hosted the 2005 APEC Economic Leaders’ Meeting.   <15th APEC Energy Ministerial Meeting> - (Date/Venue) August 27 (Wed) 16:30 - 18:30 Nurimaru APEC House (Korea’s opening remarks available to the public) August 28 (Thu) 09:00 - 16:00 Paradise Hotel Busan - (Agenda) ① Electricity grid & energy security, ② Expanding stable energy supply, ③ AI-driven energy innovation - (Participants) About 340 representatives from 21 APEC member economies, international organizations, and global companies   A key global energy trend today is the rapid advance of electrification, driven by the growth of cutting-edge industries and the proliferation of AI data centers. With energy demand surging, stable supply and stronger grid security are becoming increasingly critical. While AI fuels rising demand, it can also offer solutions by optimizing energy systems and improving their efficiency. Against this backdrop, the 15th APEC EMM is addressing the following three key agendas. The first agenda focuses on expanding stable energy supply. Participants share a common understanding that energy demand within the APEC region is rapidly increasing due to the spread of AI data centers and the electrification of industries and transportation. To address imbalances in supply and demand, they are discussing measures to expand stable, economical, and reliable supply. Senior officials from Mission Innovation and the World Bank are also attending this session to share insights on public-private cooperation for strategic investment and technology innovation. The second agenda addresses strengthening grid security and reliability. This session provides an opportunity for participants to explore measures in bolstering energy security through grid expansion and modernization. Representatives from international organizations, including the Clean Energy Ministerial Secretariat, and global energy companies are participating to discuss grid modernization strategies, technological advances, and opportunities for regional innovation. The third agenda examines AI-driven energy innovation. Participants are building consensus around the idea that in the era of AI transformation, the AI revolution and energy innovation must advance together. They are discussing ways to leverage AI to ensure both the efficiency and reliability of energy systems. The World Economic Forum and the Asian Development Bank are also participating, introducing AI-powered initiatives and programs currently being implemented in energy systems. These three agendas are the central themes of the APEC EMM plenary session. In his opening remarks, Vice Minister of MOTIE Lee Ho-hyeon stated, “Korea is developing various technologies to expand energy supply in response to demand surges, building an ‘Energy Highway’ to enhance grid stability and resilience, and establishing a ‘K-Grid’ that combines microgrid and AI technology to improve efficiency in grid management.” He added, “This 15th APEC EMM will serve as an important milestone in advancing regional energy cooperation.” date2025-08-28

Minister Meets US Secretary of Energy

Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan met with US Secretary of Energy Chris Wright on Friday, August 22, 2025 at the Department of Energy headquarters in Washington, DC. The two sides discussed measures to strengthen bilateral energy cooperation ahead of the Korea-US summit. date2025-08-27

16th Clean Energy Ministerial Meeting and 10th Mission Innovation Ministerial Meeting Begin in Korea

Korea’s Ministry of Trade, Industry and Energy (MOTIE) is hosting the 16th Clean Energy Ministerial Meeting (CEM16) and the 10th Mission Innovation Ministerial Meeting (MI-10) from Monday, August 25 to Wednesday, August 27 at BEXCO in Busan. As part of Energy Super Week, the meetings are being held alongside the 2025 World Climate Industry EXPO and the 15th APEC Energy Ministerial Meeting. CEM and MI are leading global platforms for public-private cooperation, bringing together stakeholders in climate and energy to discuss the expansion of clean energy and to explore collaborative measures for accelerating technological innovation. This year, the events are organized under the theme, “Energizing Cooperation for a Prosperous Future.” Nearly 1,000 participants are attending, including delegates from 41 governments and representatives from 111 international organizations. As chair of CEM16 and MI-10, Korea is leading global energy agendas to address pressing challenges in the era of climate crisis. To facilitate substantive public-private cooperation, four high-level roundtable dialogues were held with ministers, vice ministers, international business leaders, and officials from international organizations. In the Power Transformation session, ministerial and sub-ministerial officials met with global companies with strong technological capabilities in the power sector, including LS Cable & System, Hyosung Heavy Industries, and Bloom Energy. They discussed measures to expand carbon-free power generation facilities and electricity infrastructure to meet growing demand from AI, data centers, and electric vehicles, as well as strategies for innovating power systems to accelerate the transition to clean energy. The Industry Decarbonization & Energy Efficiency session explored private sector efforts to reduce emissions in hard-to-abate industries such as steel, while sharing business models and financial mechanisms to improve energy efficiency. In the Future Fuels session, government officials from countries highly interested in advancing hydrogen and other future fuels met with leading Korean companies in the hydrogen sector, such as Hyundai Motor and Kolon Industries. They reaffirmed the decarbonization potential of future fuels—including clean hydrogen, ammonia, and e-fuels—in industry and transportation and discussed strategies for expanding adoption and investment in future fuels. The Energy & AI session brought together representatives from Microsoft, Google, NVIDIA, LG Energy Solution, and Korea Electric Power Corporation with ministerial officials from participating countries. They examined the dual relationship between AI and energy—rising energy demand driven by AI and energy innovation powered by AI—and discussed prospects for mutually reinforcing development in both sectors. Power transformation and future fuels will also be key topics at the G20 Energy Transitions Working Group Ministerial Meeting in October and the 2025 United Nations Climate Change Conference in November, respectively. CEM16 and MI-10, hosted by Korea, will contribute significantly to advancing these global energy agendas. Vice Minister of MOTIE Lee Ho-hyeon stated that CEM16 and MI-10 provided valuable platforms for discussing energy transition, energy security, and energy technology innovation. He expressed hope that this year’s meetings in Korea would serve as a turning point for spreading innovative energy technologies, developing tangible solutions, and strengthening global solidarity. date2025-08-27

Energy Super Week Opens August 25 in Korea with Global Energy Leaders

Energy Super Week will run from Monday, August 25 to Friday, August 29 at BEXCO and Nurimaru Asia-Pacific Economic Cooperation (APEC) House in Busan, Korea. This international event brings together global energy leaders in conjunction with the 2025 World Climate Industry EXPO (WCE), the 16th Clean Energy Ministerial Meeting (CEM16), the 10th Mission Innovation Ministerial Meeting (MI-10), and the 15th APEC Energy Ministerial Meeting. The five-day event has been organized through active cooperation among Korean ministries, including the Ministry of Trade, Industry and Energy (MOTIE), the Ministry of Foreign Affairs, the Ministry of Science and ICT (MSIT), and the Ministry of Agriculture, Food and Rural Affairs. As chair of APEC 2025 KOREA, CEM16, and MI-10, Korea will lead discussions on advancing global energy agendas and present AI-driven strategies for energy innovation and climate action under the theme “Energy for AI & AI for Energy.” Energy Super Week will bring together 40 government delegations, officials from 65 international organizations, 1,300 prominent figures including global business executives, and representatives from 540 companies. Korea aims to leverage this opportunity to strengthen its role as a hub for international energy cooperation. 2025 WCE: Platform for AI and Energy Innovation ❶ The 2025 World Climate Industry EXPO (WCE) will be co-hosted by the Korean government, the International Energy Agency (IEA), and the World Bank (WB) from August 27 to 29 at BEXCO. Following opening remarks by Korea’s Prime Minister, leading figures in the global energy and climate sectors—including IEA Executive Director Fatih Birol and Microsoft Director of Sustainability Policy Michelle Patron—will deliver keynote addresses. This year’s expo carries added significance as WB joins as a new co-host, reinforcing global cooperation. ❷ The 2025 WCE will feature 12 global conferences, four of which are organized directly by international bodies such as IEA, WB, and the Asian Development Bank (ADB). Key agendas include energy & AI, smart energy, and low-carbon innovation strategies, with participation from major global tech companies including Microsoft, Google, NVIDIA, and General Electric. Korean ministries and organizations will also host sessions to explore climate and energy solutions in collaboration with the international community. Hosts include MOTIE, the Presidential Commission on Carbon Neutrality and Green Growth, Busan Metropolitan City, MSIT, the Korea Meteorological Administration, the Korea Forest Service, and the Korea Chamber of Commerce and Industry. ❸ The 2025 WCE will operate six exhibition halls showcasing nearly 540 companies, including Samsung, LG, and other major Korean corporations. Exhibits will highlight innovations across offshore wind energy, hydrogen, and carbon reduction technologies. A highlight will be the newly launched “Energy Highway” hall, where Korean power equipment companies will present next-generation power grids, high-voltage direct current transmission systems, energy storage systems, and digital power solutions. This new hall is designed as a symbolic space to communicate the new Korean administration’s visions for energy transition to the international community. ❹ Alongside the conferences and exhibitions, visitors can take part in a job fair and global networking program featuring 45 Korean public energy corporations, Germany’s RWE, the Global Green Growth Institute, and WB. Their participation is expected to generate new job opportunities and expand international cooperation. To further enrich the event, experiential programs will include a talk concert by a science YouTuber on August 28, an AI-based photography experience, and a drone light show at Gwangalli Beach on August 27. APEC Energy Ministerial Meeting: Advancing Global Policymaking and Cooperation Ministerial meetings will date2025-08-26