Ministry of Trade, Industry and Energy

Korea-Japan-China joint press briefing

The Ministry of Trade, Industry and Energy (MOTIE) of Korea, the Ministry of Economy, Trade, and Industry (METI) of Japan, and the Ministry of Commerce (MOFCOM) of China held a joint press briefing on the sidelines of the 13th Korea-Japan-China Economic and Trade Ministers’ Meeting on March 30 in Seoul. date2025-03-31

13th Korea-Japan-China Economic and Trade Ministers’ Meeting

Minister for Trade, Industry and Energy Dukgeun Ahn attended the 13th Economic and Trade Ministers’ Meeting between the Republic of Korea, Japan and the People’s Republic of China on March 30 in Seoul with the participation of Japan’s Minister of Economy, Trade and Industry Muto Yoji and China’s Commerce Minister Wang Wentao, where they discussed follow-up measures to the ninth trilateral summit held in May 2024 and reaffirmed the need for cooperation among the three countries for the regional and global economic prosperity and stability. date2025-03-31

Joint Media Statement of the Thirteenth Economic and Trade Ministers’ Meeting between the Republic of Korea, Japan and the People’s Republic of China

Joint Media Statement of the Thirteenth Economic and Trade Ministers’ Meeting between the Republic of Korea, Japan and the People’s Republic of China 30 March 2025, Seoul, Korea   1.      We, the Economic and Trade Ministers of the Republic of Korea, Japan and the People’s Republic of China, convened in Seoul, Korea, on 30 March 2025, to hold the Thirteenth Korea-Japan-China Economic and Trade Ministers’ Meeting.   2.      We reaffirmed our conviction that trilateral efforts in the economic and trade sectors are essential for fostering the prosperity and stability of the regional and global economy, as emphasized in the Joint Declaration of the Ninth Trilateral Summit in May 2024.    3.      We noted with satisfaction the advancements made in trilateral cooperation between our three countries and held fruitful discussions on the future trajectory of our cooperation. We especially recognized the need for ongoing trilateral economic and trade cooperation to effectively address emerging challenges and achieve tangible outcomes in key areas.    4.      We shared the view that the Thirteenth Trilateral Economic and Trade Ministers’ Meeting plays a vital role in strengthening our trilateral cooperation. The Minister of Economy, Trade and Industry of Japan and the Minister of Commerce of the People’s Republic of China expressed their appreciation for the efforts of the Minister of Trade, Industry and Energy of the Republic of Korea as Chair to ensure the continual progress of trilateral economic and trade cooperation.   5.        (WTO Reform) We support the rules-based, open, inclusive, transparent, non-discriminatory multilateral trading system with the World Trade Organization (WTO) at its core. We emphasized the need to advance the necessary reform of the WTO and strengthen all its functions, including negotiation, monitoring, deliberation and dispute settlement so that the organization can become more responsive and resilient in addressing current trade challenges, particularly in the lead up to the 14th WTO Ministerial Conference (MC14). We also reiterated our support for the extension of the moratorium on customs duties on electronic transmissions at MC14. We commended the efforts to intensify discussions in the WTO on contemporary key issues.   6.        (WTO JSIs) Acknowledging the value of ongoing plurilateral discussions under the WTO, including the Joint Statement Initiatives (JSIs), we highlighted their potential to address emerging trade issues, foster inclusive economic growth, and build momentum towards multilateral outcomes. We urged WTO Members to support the early incorporation of the Investment Facilitation for Development (IFD) Agreement and the Agreement on Electronic Commerce into the WTO legal framework and encouraged wider participation in the Agreements.   7.      (RCEP) We highlight the importance of the transparent, smooth and effective implementation of the Regional Comprehensive Economic Partnership (RCEP) Agreement. We encourage the RCEP Joint Committee to finalise the Terms of Reference of the Accession Working Group (AWG) for new membership to the RCEP as soon as possible.   8.        (Trilateral FTA) We keep discussions for speeding up negotiations for a Trilateral FTA with a view to realizing a free, fair, comprehensive, high-quality and mutually beneficial FTA with its own value.   9.       (Predictable and Reliable Business Environment) We will continue to work to ensure a global level playing field to foster a free, open, fair, non-discriminatory, transparent, inclusive and predictable trade an date2025-03-31

Trade Minister meets Ambassador of the Dominican Republic to Korea

Minister for Trade Inkyo Cheong of the Republic of Korea held talks with Federico Cuello, Ambassador of the Dominican Republic to the Republic of Korea, on March 27 in Seoul to exchange views on the global trade landscape and discuss measures for stronger bilateral economic cooperation. date2025-03-28

Minister meets with Alaska Governor

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with Alaska Governor Mike Dunleavy on March 25 in Seoul and discussed measures for stronger Korea-Alaska energy cooperation and wider Korea-U.S. trade and investment. Minister Ahn also requested the Alaska state government’s support and interest towards Korean firms’ stable investment in the local U.S. market. date2025-03-28

Korea and Dominican Republic discuss trade and economic cooperation

Minister for Trade Inkyo Cheong of the Republic of Korea held talks with Federico Cuello, Ambassador of the Dominican Republic to the Republic of Korea, on March 27 in Seoul to exchange views on the global trade landscape and discuss measures for stronger bilateral economic cooperation. During the talks, Trade Minister Cheong noted the rising need for economic cooperation between Korea and Latin America amid the rapidly changing global trade environment and requested Ambassador Cuello’s active role in this respect as the Dean of the Group of Latin American and Caribbean Countries (GRULAC). In view of the Dominican Republic being Korea’s major economic partner in the Latin American and Caribbean region, Trade Minister Cheong proposed that the two countries widen their trade and industry cooperation based on the bilateral Trade and Investment Promotion Framework (TIPF) signed on the occasion of the Dominican Republic Vice President Raquel Peña’s visit to Korea in April 2023. Moreover, the trade minister asked the Dominican Republic’s cooperation with regard to the bilateral Economic Partnership Agreement (EPA) negotiations for the establishment of a stable basis for greater trade and investment between the two countries. He also requested support towards facilitating Korean businesses’ participation in the Dominican Republic’s energy infrastructure projects going forward.   date2025-03-28

Korea and Japan to boost joint efforts in hydrogen economy

Director General for Hydrogen Economy Policy Choi Woo-hyuk at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea attended the second Korea-Japan Hydrogen Cooperation Dialogue meeting today in Tokyo with Sadanori Ito, Director General for Energy Efficiency and Renewable Energy Department at Japan’s Economy, Trade and Industry Ministry (METI), with the participation of both countries’ 11 hydrogen-related institutions. On the margins of the Korea-Japan industry ministerial talks and the first Hydrogen Cooperation Dialogue meeting held in June 2024, the two countries have since then launched working groups for the development of a clean hydrogen supply chain, carbon intensity and certification, standards and criteria, and safety. During today’s second meeting, the two sides reviewed the details of these four working groups’ progress on cooperation agendas and discussed measures for wider collaboration going forward. Noting the private sector’s critical role in clean hydrogen supply chain cooperation, the two sides decided to establish a private Korea-Japan cooperative platform for hydrogen supply chain utilization alongside their intergovernmental cooperation channel. They also agreed to convene bilateral hydrogen seminars to make tangible progress in joint efforts regarding clean hydrogen supply chains, hydrogen co-firing, and hydrogen mobility expansion. In the area of carbon intensity and certification, the two countries will be working together to advance the methodologies of measuring greenhouse gas emissions generated over the process of producing clean hydrogen, for which they will also be making joint visits to major overseas sites. For standards and criteria, joint efforts will go toward the international standardization of primary hydrogen technologies. In the area of safety, Korea and Japan will boost exchanges in hydrogen safety information and best practice sharing.   date2025-03-26

Korea’s retail industry grows 4.4% in February

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s retail industry advanced 4.4 percent year-on-year in February 2025, with offline sales declining 7.7 percent and online sales growing 16.7 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. With this year’s Seollal holidays landing in January and the number of working days for February coming short by a day compared to last year, retail sales across all offline channels decreased.  Hypermarkets slowed in most sales categories such as food products (down 19.7 percent), home appliances/culture (down 10.9 percent), clothing (down 23.6 percent), and home/living (down 22.5 percent). Department stores showed growth in foreign designer labels (up 4.5 percent) and household goods (up 4.3 percent), while food products (down 21.2 percent), miscellaneous goods (down 6.5 percent), and kids/sports (down 7.6 percent) shrank. Convenience stores and SSMs experienced retreating sales in both food and non-food categories. As for the online retail industry, food products (up 14.9 percent) and service/other (up 76.3 percent) sales expanded on the backs of stronger online delivery services and robust demand for food delivery and e-coupons, whereas fashion/clothing (down 9.7 percent) and sports (down 9.8 percent) contracted. Meanwhile, back-to-school demand drove sales for home appliances/consumer electronics (up 3.6 percent) and helped snap their five-month downward streak.   date2025-03-25

Minister Ahn holds roundtable with foreign business community in Korea

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held a roundtable with the foreign business community in Korea today in Seoul with the participation of representatives from foreign-invested companies and the foreign chambers of commerce in Korea. Noting the global rise of uncertainties such as protectionism and supply chain shifts, Minister Ahn stated that the Ministry of Trade, Industry and Energy (MOTIE) intends to drastically increase incentives for foreign investors, improve the investment environment in accordance with global standards, and carry out strategic outreach activities irrespective of internal and external changes in an effort to spur foreign investment. date2025-03-24

Minister Ahn attends foreign investment declaration ceremony

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea attended a foreign investment declaration ceremony today in Seoul for investment declarations made by global companies Vena Energy and Corning to Korea worth USD 0.3 billion in areas of offshore wind power and advanced materials. date2025-03-24