Ministry of Trade, Industry and Energy

Korea and Nepal sign TIPF & launch business forum marking half-century of diplomatic relations

Minister for Trade Inkyo Cheong of the Republic of Korea attended the Korea-Nepal Business Forum and the Korea-Nepal Trade and Investment Promotion Framework (TIPF) MOU signing ceremony today in Seoul at the Korea Chamber of Commerce and Industry (KCCI) in Seoul, held on the occasion of Nepalese Minister of Industry, Commerce and Supplies Damodar Bhandari’s visit to Korea. Co-hosted by Korea’s Ministry of Trade, Industry and Energy (MOTIE) and Nepal’s Ministry of Industry, Commerce and Supplies through joint organization by the KCCI and the Embassy of Nepal in Korea, today’s events were held with the participation of approximately 80 business leaders of both countries and served as a venue for discussions on the investment environment in Nepal, market entrance strategies, and bilateral cooperation measures. In his congratulatory message, Trade Minister Cheong stated that this year is a prime time to advance the bilateral economic cooperation a step further as it marks the 50th anniversary of the two countries’ establishment of diplomatic ties, proposing that Korea and Nepal step up exchanges for trade and investment expansion as well as the diversification of industrial collaboration based on the TIPF signed today. The TIPF with Nepal is Korea’s 29th in total and second with a Southwest Asian country following the one with Bangladesh, and is believed to help widen investment and trade with the Global South countries. Today’s Korea-Nepal Business Forum is significant in that both countries can secure fresh momentum for economic cooperation in commemoration of the 50th anniversary of diplomatic relations. Going forward, MOTIE plans to leverage various government channels to help Korean firms engage in stable business activities in Nepal.   date2024-12-19

Korea Launches CF Alliance International Conference 2024

Minister for Trade, Industry and Energy (MOTIE) Dukgeun Ahn attended the CF Alliance International Conference 2024 today in Seoul with the participation of CF Alliance Chairman Hoesung Lee, former Executive Director of the International Energy Agency (IEA) Nobuo Tanaka, and former Assistant Secretary to the U.S. Department of Energy (DOE) David Sandlow among a number of other climate, energy, and industry experts. Minister Ahn gave an opening message, stating that within the one year since Korea’s proposing the CFE Initiative, it has won the support of the IEA and 11 countries and launched the CFE Global Working Group (October 2024) in which the Czech Republic, Japan, the United Arab Emirates (UAE), Korea, and the IEA are taking part. He added that these achievements were made possible thanks to the international community’s shared consensus on the need to utilize diverse carbon-free energy sources. date2024-12-18

KORAD selects Taebaek City as site for underground high-level radioactive waste research facility

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced that the site evaluation committee under the Korea Radioactive Waste Agency (KORAD) has made the final selection of Taebaek City, Gangwon Province, as the site for underground high-level radioactive waste research facilities during today’s committee meeting. The call for the radioactive waste research facility site proposal was announced in June this year, to which Taebaek City became the sole applicant. Composed of 20 private sector committee members, the site evaluation committee confirmed Taebaek City as the research facilities site through a fair and objective review process based on eight assessment criteria. The underground research facilities are for conducting studies on Korea’s rock mass properties and disposal system performance at 500m underground, at a depth similar to that of disposal facilities. Radioactive waste or used nuclear fuel will not be admitted inside the area. Technologies developed in the facilities will be utilized in the process of site selection, construction, and operation of radioactive waste disposal facilities following the legislation of the Special Act on High-Level Radioactive Waste Management (“Special Act”). After completion, the research facilities will be open to the general public to provide the opportunity to experience an environment quite similar to that of a high-level radioactive waste disposal facility. MOTIE plans to commence construction of the facilities beginning in 2026 ensuing a prefeasibility study in 2025 and other necessary procedures and make continued effort for the pending Special Act to swiftly pass the National Assembly.   date2024-12-18

Korea launches CF Alliance International Conference 2024

The Ministry of Trade, Industry and Energy (MOTIE), Korea Chamber of Commerce and Industry (KCCI), and the Carbon Free (CF) Alliance held the CF Alliance International Conference 2024 today in Seoul with the participation of MOTIE Minister Dukgeun Ahn, CF Alliance Chairman Hoesung Lee, former Executive Director of the International Energy Agency (IEA) Nobuo Tanaka, and former Assistant Secretary to the U.S. Department of Energy (DOE) David Sandlow among a number of other climate, energy, and industry experts. The Carbon-Free Energy (CFE) Initiative, introduced by Korea to the international community in September 2023, is a technology-neutral campaign aiming at carbon reduction without targeting specific energy sources. Conference attendees shared the view that the CFE Initiative is advantageous for companies in terms of supply stability and cost effectiveness considering the rapidly increasing power demand driven by the rise of artificial intelligence (AI) and high-tech industries. In his congratulatory message, MOTIE Minister Ahn said that within the one year since Korea’s proposing the CFE Initiative, it has won the support of the IEA and 11 countries and launched the CFE Global Working Group (October 2024) in which the Czech Republic, Japan, the United Arab Emirates (UAE), Korea, and the IEA are taking part. He added that these achievements were made possible thanks to the international community’s shared consensus on the need to utilize diverse carbon-free energy sources as shown at the United Nations Climate Change Conference COP28 in November 2023. MOTIE and the CF Alliance are committed to establishing a CFE certification system for Scope 1 and 2 through the Global Working Group next year to expedite the CF Initiative’s diffusion across major governments and private sectors worldwide.   date2024-12-18

MOTIE Holds Emergency Real Economy Meeting

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea chaired the “Public-Private Emergency Strategic Meeting on the Real Economy” at the Korea International Trade Association (KITA) on December 17 in Seoul with the participation of the Trade, Industry and Energy Ministry (MOTIE)’s vice ministers and trade minister as well as economic groups and representatives of major industry associations for discussions on key industrial, energy, and trade issues. date2024-12-18

Trade Minister attends ASEAN-ROK Think Tank Dialogue

Minister for Trade Inkyo Cheong of the Republic of Korea held the “ASEAN-ROK Think Tank Dialogue on Economic and Trade Policy (AKTD)” roundtable meeting on December 17 in Seoul with roughly 30 attendees composed of ASEAN countries’ ambassadors to Korea, Economic Research Institute for ASEAN and East Asia (ERIA) President Tetsuya Watanabe, and the ASEAN Secretariat to discuss plans for the AKTD’s launch in 2025 and future directions. date2024-12-18

Korea and Thailand Hold 3rd Official Negotiating Round for Bilateral EPA

Korea’s Deputy Minister for FTA Negotiations Roh Keon-ki and Director General of the Department of Trade Negotiations at the Ministry of Commerce of Thailand Chotima Iemsawasdikul led their respective delegations in the third official negotiating round for the Korea-Thailand Economic Partnership Agreement (EPA) on December 17 in Bangkok, discussing goods, services, investment, rules of origin, government procurement, intellectual property. date2024-12-18

MOTIE holds emergency real economy meeting to fully manage domestic & external uncertainties

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea chaired the “Public-Private Emergency Strategic Meeting on the Real Economy” at the Korea International Trade Association (KITA) today in Seoul with the participation of the Trade, Industry and Energy Ministry (MOTIE)’s vice ministers and trade minister as well as economic groups and representatives of major industry associations for discussions on measures to effectively respond to internal and external uncertainties amid the recent passing of the impeachment motion against the incumbent president and the upcoming change of the U.S. administration. Minister Ahn highlighted that MOTIE is firmly committed to carrying out trade and industrial policies according to plan to support Korean businesses and respond to uncertainties through public-private joint efforts. He added that a real-time communication system will be established among the Government, relevant associations, and companies to swiftly resolve issues. As for the upcoming inauguration of the new U.S. administration, the minister shared plans to closely communicate with companies with an aim to reinforce mutually beneficial Korea-U.S. relations. In view of the situation, MOTIE will be closely monitoring the real economy and continue to push its ongoing industrial policies such as nurturing high-tech industries and strengthening the supply chain. Moreover, it will make full preparations against unexpected export setbacks by bolstering trade finance resilience, while maintaining efforts to improve regulations and establish a business support system to encourage both proactive and foreign investments. The ministry also plans to monitor domestic energy prices alongside exchange rates, while thoroughly inspecting the energy supply and related facilities’ operations on a daily basis to prevent disruptions. Attendees shared the understanding that establishing a real-time government-industry communication channel is crucial, with industry representatives expressing commitment to engaging in close information exchanges with the Government and consulting on response measures in an effort to make various endeavors to overcome current uncertainties. date2024-12-17

Korea and ASEAN take initial step in creating permanent trade and economic think tank dialogue

Minister for Trade Inkyo Cheong of the Republic of Korea held the “ASEAN-ROK Think Tank Dialogue on Economic and Trade Policy (AKTD)” roundtable meeting today in Seoul with roughly 30 attendees composed of ASEAN countries’ ambassadors to Korea, representatives of the Economic Research Institute for ASEAN and East Asia (ERIA), and the ASEAN Secretariat to discuss plans for the AKTD’s launch in 2025 and future directions. The AKTD is a research consultation body to be operated through the participation of major government-funded research institutes of Korea and 10 ASEAN countries. It will focus on conducting joint research on trade and economic policy topics suitable for gaining mutually beneficial outcomes such as supply chain and carbon-free energy. Key research outcomes will be reported during the annual Korea-ASEAN economic ministers’ meetings and shared through forums. In today’s opening message, Trade Minister Cheong remarked that this year is significant in light of Korea and ASEAN’s establishment of a comprehensive strategic partnership. He added that AKTD will be the first economic cooperation project to mark the beginning of future bilateral cooperation and asked for strong support and interest from the ambassadors and other ASEAN representatives present. In the following session, Korea Institute for Industrial Economics and Trade (KIET) laid out detailed plans for AKTD and ERIA proposed measures for ERIA-AKTD collaboration. ERIA President Tetsuya Watanabe expressed hopes for AKTD to develop into a platform symbolic of stable Korea-ASEAN cooperation amid the rapidly changing global trade environment and stated that ERIA will also seek ways to create synergy. MOTIE plans to officially launch the AKTD in early 2025 after confirming the participating ASEAN think tanks based on each country’s government recommendations. The ministry will be leading joint research with the ASEAN Secretariat and other think tanks, while also hosting the inaugural AKTD conference in Korea during the first half of 2025 with private sector participation among other various measures to propel the AKTD as a leading Korea-ASEAN trade and economic cooperation platform.   date2024-12-17

Korea and Thailand hold 3rd official negotiating round for bilateral EPA

Korea’s Deputy Minister for FTA Negotiations Roh Keon-ki and Director General of the Department of Trade Negotiations at the Ministry of Commerce of Thailand Chotima Iemsawasdikul are leading their respective delegations in the third official negotiating round for the Korea-Thailand Economic Partnership Agreement (EPA) from December 17–19 in Bangkok. In this third round, the two sides will be newly entering negotiations on communications, finance, environment, labor, and sustainable development in addition to the areas over which negotiations have already been in progress since first launched this March, such as goods, services, investment, rules of origin, government procurement, intellectual property, and cooperation. Thailand is one of Korea’s key partner countries in ASEAN and home to numerous Korean businesses, with an industrial structure suitable for laying down a mutually complementary supply chain with Korea which further increases the two countries’ potential for bilateral industrial collaboration. Deputy Minister Roh stated that the Korean government is actively carrying out trade negotiations with major trade partners according to plan in an effort to boost the Korean economy by promoting overseas market penetration, exports, and trade diversification for stronger global competitiveness.   date2024-12-17