Ministry of Trade, Industry and Energy

Korea and Thailand launch 2nd 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 of the Ministry of Commerce of Thailand Chotima Iemsawasdikul are heading their respective delegations in the second round of official negotiations for the Korea-Thailand Economic Partnership Agreement (EPA) from September 25–27 in Seoul. The Korean government delegation is composed of representatives of various relevant ministries and will engage in negotiations with the Thai government delegation over 12 areas including goods, rules of origin, customs, government procurement, intellectual property rights, technical barriers to trade (TBTs), and economic cooperation. On the occasion of this second negotiating round, Korea’s Minister for Trade Inkyo Cheong met with Thai Deputy Commerce Minister Suchart Chomklin, who is accompanying the Thai delegation to Korea, for talks on bilateral economic issues. The trade chief and the deputy minister attended the opening ceremony today to encourage both delegations as an expression of strong interest towards the EPA on behalf of their governments. In his opening address, Trade Minister Cheong urged the two delegations to partake in the negotiations with a forward-looking mindset to establish a bilateral trade agreement better tailored to the new global trade order and to improving the two countries’ economic cooperation. In this round of negotiations, both sides are aiming to deepen discussions based on their stance and issues affirmed during the first negotiating round held in July and actively seek ways to narrow differences to move the negotiations further forward.   date2024-09-25

H2 MEET 2024 takes off at historic scale, accelerating hydrogen economies around the world

The Ministry of Trade, Industry and Energy (MOTIE) announced today that the H2 Mobility Energy Environment Technology (“H2 MEET 2024”) exhibition will be held from September 25–27 at KINTEX in Goyang City. The fifth of its kind, H2 MEET 2024 has drawn participation of a record number of 317 companies and institutions from 24 countries this year and showcases prominent products and technologies representing each area of the hydrogen industry spanning production, storage, transport, and utilization. Major companies from around the world have set up booths displaying hydrogen-powered engines, tractors, cargo bikes and other hydrogen mobility products as well as a variety of items for hydrogen storage and transport such as clean hydrogen production facilities for electrolysis and carbon capture, hydrogen liquefaction tanks, pipelines, and chargers. Also in the lineup are a number of sidelines events: the Leaders Summit for discussing latest trends of the global hydrogen industry and technologies; Country Day for introducing hydrogen policies of Australia, Canada, and the U.S. among other major countries; H2 Innovation Award for selecting innovative and outstanding companies in hydrogen technology; and a trade consultation for supporting Korean businesses’ overseas market entry. MOTIE’s Vice Minister Namho Choe attended the opening ceremony, stating that the Korean government will actively assist the effort to establish a hydrogen ecosystem through various policies such as launching the clean hydrogen power bidding market and increasing the distribution of hydrogen buses.   date2024-09-25

Korea and Zimbabwe discuss trade, investment, and energy cooperation as follow-up to Korea-Africa Summit

Korea’s Minister for Trade Inkyo Cheong held talks with Zimbabwe's Minister of Higher and Tertiary Education, Science and Technology Development Amon Murwira on September 24 in Seoul on the occasion of the Zimbabwean minister’s visit for follow-up to the Korea-Africa Summit 2024 and exchanged views on bilateral cooperation in trade, investment, and energy. Since the establishment of diplomatic ties in 1994, Korea and Zimbabwe have continuously worked together to maintain and develop favorable cooperative relations centering on development cooperation and people-to-people exchange in areas of agricultural technology and healthcare. Trade Minister Cheong remarked that their high-level exchanges have recently gained further traction, such as the Zimbabwean government delegation’s participation in the Korea-Africa Summit, and noted that the Korea-Zimbabwe Trade and Investment Promotion Framework (TIPF) agreement inked on the margins of the event have contributed to advancing the two countries’ relations towards a more tangible partnership. Minister Murwira showed interest in Korea’s development of its own Innovative Small Modular Reactor (i-SMR) for resolving Zimbabwe’s power shortages and the challenge of attaining net zero, to which the Korean trade chief suggested that the two countries discuss detailed cooperation measures as per future technological developments.   date2024-09-25

Korea’s retail industry grows 9.2% in August

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s retail industry advanced 9.2 percent year-on-year for the month of August 2024, with offline and online sales increasing 5.0 percent and 13.9 percent, respectively. 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. Sales increased offline at department stores and hypermarkets as the heat wave (+10 days) and holidays both lengthened (+1) by number of days, in addition to the Chuseok holidays landing earlier by over a week this year compared to 2023. Convenience stores and SSM operators also rose in sales. By offline retail channel, hypermarket sales soared 5.9 percent overall, led by Chuseok gift purchases driving food product sales (up 9.9 percent). Meanwhile, non-food product categories (down 3.7 percent) mostly declined with the exception of clothing (up 4.5 percent). Department store sales hiked 4.4 percent, boosted by food product purchases (up 18.7 percent) soaring on the backs of Chuseok gift consumption. The heat wave and higher number of holidays (+1) drew more visitors to department stores, raising sales across all categories. Convenience store sales rose 4.5 percent overall, with beverages/processed food products (up 6.5 percent) growing from ice cream and beverage sales. Instant food products (up 1.8 percent), foreign tourists’ transit card, and tobacco sales all increased. SSM operators climbed 6.7 percent, with food products (up 7.5 percent) enjoying robust sales in conjunction with increased demand for homecooked meals and seasonal goods like agricultural, fishery, and livestock items (up 8.7 percent), fresh goods (up 6.8 percent), and processed food products (up 6.4 percent). Online retail sales surged 13.9 percent as the heat wave fueled demand for stamina health foods and food delivery, increasing sales of service/other (up 60.4 percent) and food products (up 19.8 percent). Demand for companion animal goods, cosmetic products (up 11.2 percent), and living furniture (up 10.8 percent) expanded, while fashion/clothing (down 17.8 percent) and sports (down 12.7 percent) continued to slow.   date2024-09-24

Trade Minister meets ASEAN Secretary-General

Trade Minister Inkyo Cheong held bilateral talks with Secretary-General of the Association of Southeast Asian Nations (ASEAN) Kao Kim Hourn on September 21 in Lao PDR and discussed economic cooperation measures. date2024-09-24

Trade Minister meets with India’s Minister of Commerce and Industry

Trade Minister Inkyo Cheong held bilateral talks with India’s Minister of Commerce and Industry Piyush Goyal on September 21 in Lao PDR and discussed bilateral trade and investment measures. date2024-09-24

Trade Minister meets Swiss Director of the State Secretariat for Economic Affairs

Trade Minister Inkyo Cheong held bilateral talks with Swiss Director of the State Secretariat for Economic Affairs (SECO) Helene Budliger Artieda on September 20 in Lao PDR and discussed bilateral economic cooperation issues. date2024-09-24

Trade Minister meets UK Minister of State for Trade Policy and Economic Security

Trade Minister Inkyo Cheong held bilateral talks with UK Minister of State for Trade Policy and Economic Security Douglas Alexander on September 19 in Lao PDR and discussed bilateral economic cooperation issues. date2024-09-24

3rd Korean-German Industry Working Group meeting

Industry Policy Deputy Minister Lee Seung-ryeol attended the 3rd Korean-German Industry Working Group meeting on September 24 in Seoul with Bernhard Kluttig, Director for Industrial Policy at the German Federal Ministry for Economic Affairs and Climate Protection and discussed measures for industrial supply chain data platform cooperation, supply chain emergency response, and automotive industry issues. date2024-09-24

Indo-Pacific Economic Framework for Prosperity (IPEF) ministers’ virtual meeting

Korea’s Minister for Trade Inkyo Cheong attended the Indo-Pacific Economic Framework for Prosperity (IPEF) ministers’ virtual meeting on September 24 and examined IPEF Agreements’ outcomes with the 14 IPEF partner countries and discussed future plans. date2024-09-24