Ministry of Trade, Industry and Energy

Korea and Algeria hold talks to resume Joint Economic Committee

Korea’s Ministry of Trade, Industry and Energy launched the first Korea-Algeria director general-level working meeting via videoconferencing on May 27 with a view to resume the Korea-Algeria Joint Economic Committee, which is the two countries’ ministerial-level cooperative channel. The only African country to have forged a strategic partnership with Korea, Algeria is known for its largest land area in the continent, abundance in energy and mineral resources, comparatively younger demographic structure, and favorable position as a gateway to Africa and Europe.  The Korea-Algeria Joint Economic Committee, which had convened three times by 2007, was thereafter suspended due to weakened momentum for economic cooperation from the drop in global oil prices and the COVID-19 pandemic. Recently, the two countries have opened talks on resuming the Committee in anticipation of wider cooperation and industrial diversification. Over the years, Korea’s plant and construction companies have been actively participating in Algeria’s various infrastructure projects including those on combined cycle power plants, freeways, and container terminals, and cooperation is expected to expand to automobiles, home appliances, and such other manufacturing industries. As the first working-level meeting held as a preliminary to the fourth ministerial-level Korea-Algeria Joint Economic Committee meeting, the virtual talks took stock of the two countries’ respective levels of interest and prospects for concrete cooperation across a wide range of agendas spanning industries, energy, digital, ICT, agriculture, environment, healthcare, and culture.  The Korean delegation proposed, as an agenda item for the Joint Economic Committee, that the two sides consider entering an Economic Partnership Agreement (EPA) as a legal and institutional framework for the bilateral expansion of trade and investment cooperation. They also agreed to discuss hosting a joint event for promoting business cooperation in conjunction with the ministerial-level Committee meeting. Noting the significant potential for economic cooperation with Algeria, Korea’s Director General for International Trade Relations Kim Jong-chul stated that additional working-level meetings will be held in the near future to settle bilateral agenda items, so that the two countries can resume the ministerial-level joint Committee after the 18-year hiatus.   date2025-05-28

Korea’s retail industry grows 7.0% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s retail industry advanced 7.0 percent year-on-year in April 2025, with offline sales receding 1.9 percent and online sales climbing 15.8 percent. MOTIE's monthly retail sales figures are based on surveys of 23 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 10 are online retailers. Offline sales were affected by weakened consumer confidence, increasing online purchases, and the rapidly shifting weather patterns observed recently, which led to a decline in outdoor activities. As a result, hypermarkets and department stores saw sales shrink 3.1 percent and 2.9 percent, respectively. Meanwhile, SSMs gained 0.2 percent while convenience stores (down 0.6 percent) slowed for the second time this year following their previous decline in February. Online sales are on an upward trajectory, driven by the expansion of online shopping, heightened competition among delivery services, and the wider range of available services. Most categories of offline sales slid with the exception of luxury goods (up 1.1 percent), while online retail sales continue to grow on the backs of food products (up 21.3 percent) and services (up 50.1 percent) such as food delivery, e-coupons, and travel packages. Online sales of fashion/clothing (down 8.6 percent) are still sluggish, whereas cosmetics (up 11.6 percent) are maintaining growth.   date2025-05-28

57th Korea-Japan Business Conference preliminary talks

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn, on May 26 in Seoul, chaired the preliminary talks held on the margins of the 57th Korea-Japan Business Conference with the participation of both countries’ business leaders and led discussions on measures for the two countries’ sustainable growth and development.  date2025-05-27

Korea and Japan’s business leaders expand economic cooperation

Korea’s Minister for Trade Inkyo Cheong attended the 57th Korea-Japan Business Conference today in Seoul, co-organized by Korea’s Ministry of Trade, Industry and Energy (MOTIE), Korea-Japan Economic Association, Japan-Korea Economic Association, and the Japan-Korea Industrial Technology Co-Operation Foundation in commemoration of the 60th anniversary of the two countries’ normalization of diplomatic relations.  Since launched in January 1969 following the normalization of relations in 1965, the Korea-Japan Business Conference has served as a major platform for bilateral consultation in advancing the two countries’ economic cooperation. In his congratulatory message, Trade Minister Cheong expressed gratitude to both countries’ business leaders for their commitment to economic cooperation over the past 60 years and proposed that the two countries’ governments and business leaders work together in setting new milestones to open a new chapter of cooperation for the next 60 years.  Noting the increase of global trade uncertainties, Trade Minister Cheong stated that joint efforts will be made for trade collaboration through close intergovernmental communication, while also providing strong support towards expanding the scope of bilateral economic cooperation in supply chain stabilization, transition to carbon-free and new energy sources, as well as joint entry into Global South and other third countries. Moreover, he asked that the business leaders actively leverage Korea and Japan’s hosting of international events like APEC 2025 and the Osaka-Kansai World Expo. In accordance with this year’s conference theme of broader and deeper Korea-Japan cooperation, the two countries’ economic groups discussed joint measures in establishing and building trust, enhancing economic partnerships in carbon neutrality, AI, semiconductors, bio, and supply chains, utilizing the FTA network, and boosting people-to-people exchanges. They also agreed to further cooperation in these areas going forward.   date2025-05-27

“K-FEZ Day in Europe” launches in London and Frankfurt

Korea’s Ministry of Trade, Industry and Energy (MOTIE) launched “K-FEZ Day in Europe” from May 19–23 in London and Frankfurt. Co-organized by MOTIE, the FEZ Planning Office, and the Korea Trade-Investment Promotion Agency (KOTRA), K-FEZ Day initially kicked off in Singapore last year with an aim to introduce Korea’s Free Economic Zones (FEZs) to investors in major cities around the world. This year’s K-FEZ Day was launched in the UK and Germany, countries ranking first and second in Europe by number of investments made in Korea as of 2024. Five of Korea’s FEZs (Incheon, Busan-Jinhae, Gwangyang Bay Area, Ulsan, Chungbuk) took part in the event. In the UK, a Korea-UK Investment Seminar was held to articulate the strengths of Korea’s FEZs and introduce investment strategies of each FEZ, held with roughly 30 UK-based potential and real estate investors such as Leonard Design Architects and Pure Data Centres Group. Following the seminar, participants and investors engaged in one-on-one business consultations on hotels, offices, healthcare facilities, and logistics. In Germany, a Korea-Germany Advanced Industries Roundtable was convened to heighten interest in FEZs with the participation of local companies holding track records of Korea-bound investments, such as DB Schenker, AMDT, Prettl, and Wilo. Participants discussed further commitments in future mobility, electrical and electronics, bio, machinery, and robotics. Head of Korea’s FEZ Planning Office Lee Hyunjo led the delegation for K-FEZ Day in Europe, stating that K-FEZ Day is a valuable opportunity for in-person promotions of Korea’s FEZs across major investor countries and that outcomes of the event will be managed by KOTRA Business Centers.   date2025-05-23

Trade Minister meets China’s Ambassador to Korea

Korea’s Minister for Trade Inkyo Cheong met China’s Ambassador to Korea Dai Bing on May 21 in Seoul to discuss Korea-China economic cooperation. date2025-05-23

Trade Minister holds conference with Latin America’s ambassadors to Korea

Korea’s Minister for Trade Inkyo Cheong attended a conference with Latin America’s ambassadors to Korea, including Ambassador of the Dominican Republic to Korea Federico Alberto Cuello Camilo, on May 20 in Seoul to discuss Korea-Latin America trade and economic cooperation. date2025-05-23

Korea Trade Commission holds 460th meeting

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) held the 460th KTC meeting today at the Government Complex Sejong for deliberation and resolution on one anti-dumping investigation and received a report on the roll-out of three other anti-dumping investigations. Regarding the anti-dumping investigations on Chinese and Taiwanese petroleum resin initiated in August 2024, the KTC gave the determination confirming the dumping of imports and its injury on domestic industries. Accordingly, the KTC will be proposing a five-year anti-dumping duty of between 2.26% and 18.52% on the said products to Korea’s economy and finance minister. The KTC also received a report on the launch of anti-dumping investigations on fiberboards imported from Thailand, Japanese and Chinese industrial robots, and Saudi Arabian butyl glycol ether (BGE). On the same day, the KTC held a public hearing on the domestic industry’s injury from dumped imports of Chinese hot-rolled carbon and other alloy steel plates, for which investigations were initiated in October 2024, to grant interested parties sufficient opportunity to make statements and ensure their rights of defense. The said products are currently subject to a provisional anti-dumping duty of between 27.91% and 38.02% through April 24–August 23, 2025, and await a final determination in the latter half of this year following domestic and overseas due diligence procedures.   date2025-05-22

Korea leads tabletop exercise with IPEF partners to enhance crisis response capacity to supply chain disruptions

Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced that Korea, as the Chair of the Indo-Pacific Economic Framework for Prosperity (IPEF) Crisis Response Network (CRN), is holding a virtual supply chain emergency tabletop exercise today to strengthen cooperation among IPEF partners in responding to supply chain disruptions and enhance their capacity for swift and coordinated joint response. The tabletop exercise simulates a scenario in which partner “Country A” experiences a shortage of therapeutic agents amid an outbreak of an unidentified acute respiratory infection and requests that CRN Chair Korea convene an emergency meeting to assist with the supply of therapeutic agents. Through the simulation, IPEF partners aim to assess the infection’s impact on the intraregional supply chain and explore cooperative measures for mutual support. As the second tabletop exercise following last year’s, today’s simulation is designed not only to more accurately replicate a real emergency situation—reflecting input from the pharmaceutical supply chain experts and partner countries—but also to involve the participation of ministries overseeing pharmaceuticals in order to maximize the effectiveness of the exercise. On the sidelines of the virtual tabletop exercise, Korea and Australia will introduce to IPEF partners the details of their joint supply chain capacity building project. The two countries plan to provide tailored education on supply chain management and crisis response policymaking to reinforce IPEF partners’ supply chain crisis response capacity. They will also be sharing best practices and discussing ways to improve CRN operations. MOTIE plans to launch an in-person CRN tabletop exercise in the second half of this year, while actively pushing the Korea-Australia IPEF supply chain capacity building project forward.   date2025-05-22

Deputy Trade Minister meets Papua New Guinea’s International Trade and Investment Secretary

Korea’s Deputy Minister for Trade Park Jong-won met Papua New Guinea’s International Trade and Investment Secretary Jacinta Warakai-Manua on May 14 at ICC Jeju on the sidelines of the 2025 APEC MRT Meeting and discussed bilateral trade issues. date2025-05-21