Ministry of Trade, Industry and Energy

Trade Minister meets leader of Japan’s Democratic Party For the People

Minister for Trade Inkyo Cheong met Yuichiro Tamaki, the leader of Japan’s Democratic Party For the People (DPFP), on January 22 in Switzerland on the margins of the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos and discussed bilateral trade and economic issues and cooperation measures. date2025-02-03

Trade Minister meets Finland’s Minister for Foreign Trade and Development

Minister for Trade Inkyo Cheong met Finland’s Minister for Foreign Trade and Development Ville Tavio on January 22 in Switzerland on the margins of the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos and discussed bilateral economic cooperation. date2025-02-03

Trade Minister meets France’s Minister Delegate for Foreign Trade and French Nationals Abroad

Minister for Trade Inkyo Cheong met Laurent Saint-Martin, France’s Minister Delegate for Foreign Trade and French Nationals Abroad, on January 22 in Switzerland on the margins of the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos and discussed joint measures for responding to global trade uncertainties. date2025-02-03

Trade Minister Cheong discusses key trade issues with major economies at WEF 2025 in Davos

Minister for Trade Inkyo Cheong of the Republic of Korea met with counterparts of various economies at the 2025 Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, for discussions on stronger cooperation. He also attended the session on trade and investment leadership and the informal World Trade Organization (WTO) trade ministerial meeting to share ways to foster a more stable and predictable trade environment. First, Trade Minister Cheong held bilateral talks with counterparts of other major economies such as ASEAN, France, the Gulf Cooperation Council (GCC), Japan, the Philippines, Saudi Arabia, and the UK regarding the changing global trade landscape and reaffirmed a shared understanding for maintaining cooperation within the global trade order. Moreover, he explained how Korea is operating stably in terms of its economy and national security despite recent political uncertainties and highlighted Korea’s aims to advance cooperation with each country on the margins of the upcoming 2025 Asia-Pacific Economic Cooperation (APEC) Summit. With European Commissioner for Trade and Economic Security Maroš Šefčovič, Trade Minister Cheong discussed accelerating the Korea-EU Digital Trade Agreement (DTA) negotiations. Trade Minister Cheong also emphasized that the introduction of new labor and environmental regulations in EU should be carried out in a non-discriminatory manner. With Vice Minister for International Affairs Matsuo Takehiko at Japan’s Ministry of Economy, Trade and Industry (METI), the trade chief  took stock of the forward-looking development of Korea-Japan relations and cooperation momentum affirmed during the bilateral high-level trade talks held last December and reviewed the two countries’ joint progress in supply chains and digital areas. In his talks with ASEAN Secretary-General Kao Kim Hourn and the Philippines’ Secretary of Trade and Industry Cristina Aldeguer-Roque, Trade Minister Cheong discussed the ASEAN-ROK Think Tank Dialogue on Economic & Trade Policy (AKTD) on the occasion of the upcoming APEC trade ministerial meeting in May as well as key trade issues and measures for Korea-ASEAN trade expansion.   Through bilateral talks with UK’s Secretary of State for Business and Trade Jonathan Reynolds, New Zealand’s Deputy Secretary Trade and Economic Vangelis Vitalis, and GCC Secretary General Jasem Mohamed AlBudaiwi, Saudi Arabia’s Minister of Commerce and Investment Majid bin Abdullah Al-Kassabi, and Bahrain’s Minister of Industry and Commerce Abdulla bin Adel Fakhro, Trade Minister Cheong discussed Korea’s respective Free Trade Agreement (FTA) agendas with each economy and confirmed the importance of free bilateral trade. In addition, with Laurent Saint-Martin, France’s Minister Delegate for Foreign Trade and French Nationals Abroad, he exchanged views on electric vehicle (EV) subsidies and other agendas of mutual interest. Following the bilateral talks, Korea’s trade minister took part in the session on trade and investment leadership on January 23, where various economies’ trade ministers and global CEOs engaged in in-depth discussions on future impact from the newly inaugurated U.S. administration’s trade policies, and urged the need for further dialogue in the international community. During the informal WTO trade ministers’ meeting on January 24, the trade minister expressed Korea’s strong commitment to upholding an open and inclusive trade system as this year’s APEC chair and emphasized the need to reinforce the multilateral trade system amid the rise of protectionism, presenting key tasks concerning the WTO reform.  In his subsequent talks with WTO Director General Ngozi Okonjo-Iweala, he articulated the need for the WTO's reform in addressing newly emerging trade issues like climate change and artificial intellige date2025-01-31

Trade Minister Cheong attends informal WTO trade ministerial meeting at WEF 2025

Minister for Trade Inkyo Cheong attended the informal WTO trade ministerial meeting on January 24 in Davos, Switzerland, on the margins of WEF 2025 and discussed the need to strengthen the multilateral trade system amid the global rise of protectionism with trade counterparts of 24 economies. date2025-01-31

Joint press release on the substantial conclusion of discussions for Costa Rica’s accession to the Digital Economy Partnership Agreement

The Parties to the Digital Economy Partnership Agreement (DEPA) are pleased to announce that substantive discussions for Costa Rica to accede to this world-leading digital trade agreement have substantively concluded.   Digitally signed in 2020 by Chile, New Zealand and Singapore, the DEPA is the world’s first standalone digital trade agreement, representing a leading-edge form of economic engagement and trade in the digital era. It reinforces commercially meaningful trade rules, establishes new approaches and collaborations in digital trade issues, promotes interoperability between different settings, and addresses the new issues brought about by digitalisation. It is designed to be an inclusive framework, open to economies that meet the high standards of the Agreement. The Republic of Korea joined the Agreement on 3 May 2024, the first new member economy to do so.   Costa Rica formally requested accession to the DEPA on 23 December 2022, and an Accession Working Group to assess this request was established on 6 October 2023. This Accession Working Group, chaired by New Zealand, has agreed that Costa Rica has demonstrated the means by which it will comply with the DEPA’s high standards, as well as a commitment to working collaboratively on projects of mutual interest, in areas such as electronic invoicing, consumer protection, and cross border data transfers.   The DEPA Parties will now work with Costa Rica to finalise its accession process in a timely manner consistent with each Party’s domestic procedures and the DEPA Accession Process.   Chile’s Vice Minister of International Economic Relations Claudia Sanhueza said, “We are delighted to announce, together with the other DEPA members, the substantive conclusion of Costa Rica's negotiations for its accession. Chile is pleased with this achievement, which will undoubtedly enhance the agreement's impact by extending its high digital economy standards to new members, this time to a Latin American country. Costa Rica has demonstrated remarkable dedication and commitment throughout this process, and we look forward to collaborating on projects of mutual interest for our countries.”   New Zealand’s Minister for Trade Hon. Todd McClay said, “New Zealand is pleased that Costa Rica is on track to become the DEPA’s next member. Costa Rica shares our commitment to progressive, high-quality digital trade rules and aligns with DEPA’s vision. Their accession will strengthen DEPA as a leading agreement and attract other like-minded economies with similar ambitions in the digital economy."   Singapore’s Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong said,  “As the second aspirant economy to accede to the DEPA, Costa Rica will add to the dynamism and diversity of the Agreement, reinforcing the DEPA’s standing as an open, relevant, and inclusive plurilateral agreement for digital trade rules. Singapore, together with DEPA Parties, looks forward to collaborating with Costa Rica to foster an enabling environment for digital trade to thrive. I welcome Costa Rica as the fifth Party to the DEPA and look forward to our continued partnership.”   The Republic of Korea’s Minister for Trade Cheong Inkyo said, “Korea is delighted to see the successful conclusion of substantive discussions for Costa Rica’s accession to the DEPA. This milestone highlights the growing importance of the DEPA in shaping global digital trade rules and enhancing cooperation. We expect that Costa Rica’s accession to the DEPA will unlock new opportunities for digital trade cooperation between DEPA member countries and Costa Rica.”   Costa Rica’s Minister of Foreign Trade Manuel Tovar said, “Costa Rica’s successful conclusion of accession negotiations to the DEPA marks a date2025-01-24

Korea to carry forward innovative momentum towards export growth

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea and the Korea Trade-Investment Promotion Agency (KOTRA) held the CES 2025 Innovation Forum (“Forum”) today at COEX in Seoul.  The Forum was organized as public-private support for translating the innovative outcomes of Korean companies that gained recognition through the Consumer Electrics Show (CES) 2025 into a solid base for their global market entry. At this year’s CES, Korea saw the highest number of innovation awards go to its homegrown businesses, showcased the largest integrated Korean pavilion, reached a historic USD 0.35 billion in estimated export contract amount, and won a place among the new Global Innovation Champions. In view of these achievements, the Korean government launched the Forum to ensure the outcomes lead to actual exports through timely follow-up support. First, a debriefing session introduced the key takeaways of CES 2025 regarding some of the new industrial ecosystems and opportunities to be ushered in by artificial intelligence (AI), including robotaxi, energy, and healthcare. It was followed by a presentation session where five companies shared their CES innovation awards winning strategies and provided participants the opportunity to engage in export promotion activities, such as online export consultations. Meanwhile, various institutions introduced export and financial assistance programs aiming at innovative firms. KOTRA introduced its program providing catered support and preferential treatment for innovative domestic companies as well as assistance in setting up exclusive booths at major exhibitions, participation in Demo Day events, and Korean firms’ entry into global supply chains centering on K-Tech Camps. Also at the Forum were the Korea Credit Guarantee Fund (KODIT) and Industrial Bank of Korea (IBK) offering guarantee support and financial solutions. Moreover, the Korea International Trade Association (KITA) shared plans to support the exports of innovative businesses through NextRise 2025, Korea’s largest startup fair.   date2025-01-23

Public and private sectors join hands in preparations for APEC 2025

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea attended the launching ceremony of the private steering committee (“Committee”) for the Asia-Pacific Economic Cooperation (APEC) CEO Summit Korea 2025 to take stock of preparations and Committee plans and encouraged business leaders’ active cooperation for Korea’s successful hosting of this year’s APEC Economic Leaders' Meeting (AELM). The Korea Chamber of Commerce and Industry (KCCI) plans to establish a private support system for the successful hosting of the APEC CEO Summit and other AELM events held on the margins of the 2025 APEC Summit in Gyeongju. The Committee is led by KCCI Chairman Chey Tae-won and composed of Korea’s leading CEOs representing the country’s major industries. Committee members will be leveraging the networking capacity of their overseas supply chain businesses to promote the participation of promising global business leaders. To increase the participation of global business leaders in AELM events this year, MOTIE plans to carry out promotion activities at home and abroad through related organizations such as overseas missions and the Korea Trade-Investment Promotion Agency (KOTRA). With Korea resuming the APEC chairmanship in 20 years, MOTIE aims to make use of the opportunity to facilitate discussions for cooperation in new trade areas like sustainable development, supply chains, artificial intelligence (AI), and digital, while also furthering the existing discourse on trade cooperation including ways to strengthen the multilateral trade system and free trade.   date2025-01-23

Experts discuss future Korea-ASEAN cooperation at Indo-Pacific policy forum

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held an Indo-Pacific policy forum today in Seoul to discuss measures for Korea-ASEAN cooperation in light of the newly inaugurated U.S. administration by forecasting overall impact on ASEAN, which is not only a key region in the Global South but also home to approximately 40 percent of all Korean companies operating in overseas markets. Hosted by MOTIE and organized by the Korea University ASEAN Center (KUAC), today’s forum was launched with the participation of ASEAN experts from academia and research institutes to take stock of the Korea-ASEAN economic cooperation outcomes and discuss future cooperation. They also touched on issues like global oversupply and strategic response measures against trade risks. On launching the ASEAN-ROK Think Tank Dialogue on Economic & Trade Policy (AKTD) during the first quarter of 2025, MOTIE will be utilizing the dialogue as a new Korea-ASEAN trade and economic cooperation channel, while continuing to support the stable business activities of Korean firms in the ASEAN market by closely communicating with relevant governments and industries.   date2025-01-23

Korea’s annual retail sales grow 8.2% in 2024

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s annual retail sales for 2024 rose 8.2 percent year-on-year. Offline and online sales increased 2.0 percent and 15.0 percent, respectively. MOTIE's 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. By offline retail channel, hypermarket sales decreased 0.8 percent despite the growth of food items (up 2.3 percent) as demand for nonfood categories dropped 7.9 percent.  SSM operators advanced 4.6 percent through their growing number of stores, increasing demand for home dining as well as trends for smaller purchases and shopping local. Convenience store sales (up 4.3 percent) achieved consistent growth throughout the year and even surpassed department store sales at one point but finished 0.1 percentage point short of the annual department store sales share in 2024, as department stores (up 1.4 percent) enjoyed a final spurt from the special seasonal demand in December.  In spite of domestic issues and overseas platforms’ active penetration, online retail sales in 2024 logged growth on the backs of robust demand for food products (up 22.1 percent) and services (up 58.3 percent) such as e-coupons, food deliveries, performances, and travel packages. With the move toward online shopping channels gaining stronger momentum, the percentage point gap between online and offline sales reached 13 percentage points in 2024, a steep climb from the 1.5 percentage point gap of 2023. By category, home appliances/culture (down 0.9 percentage points), fashion/miscellaneous (down 1.2 percentage points), and kids/sports (down 0.6 percentage points) contracted in retail sales share in 2024 owing to receding consumer confidence and the impact from overseas direct purchases (ODP), while food products (up 0.7 percentage points) and service/other (up 2.2 percentage points) expanded. For the month of December, Korea’s retail sales gained 8.9 percent overall as offline sales fell 0.3 percent year-on-year and online sales surged 18.8 percent.   date2025-01-23