Ministry of Trade, Industry and Energy

3rd RCEP Ministers Meeting

Trade Minister Cheong attended the third Regional Comprehensive Economic Partnership (RCEP) Ministers Meeting and examined several issues including measures for stronger RCEP implementation for regional economic integration, laying down RCEP accession procedures, and setting up an RCEP support organization. date2024-09-24

27th ASEAN Plus Three (Korea, China, Japan) Summit

Trade Minister Inkyo Cheong attended the 27th ASEAN Plus Three (Korea, China, Japan) Summit, where he discussed East Timor’s accession to ASEAN and strengthening the multilateral trade-based cooperation amid global economic fragmentation. date2024-09-24

12th East Asia Summit (EAS) Economic Ministers Meeting

Trade Minister Cheong attended the 12th East Asia Summit (EAS) Economic Ministers Meeting on September 21 in Vientiane, Lao PDR, and shared views on global issues such as supply chains, digital transition, and climate change with the participation of 17 countries’ economic ministers. date2024-09-24

Trade Minister attends 21st Korea-ASEAN Economic Ministers Consultation

Minister for Trade Inkyo Cheong attended the 21st Korea-ASEAN Economic Ministers Consultation held on September 22 in Vientiane, Lao PDR, and took stock of various Korea-ASEAN joint projects including the implementation and upgrade of the Korea-ASEAN Free Trade Agreement (FTA), extending the Korea-ASEAN Startup Policy Dialogue, support for electrical safety infrastructure establishment, and enhancing standards cooperation. date2024-09-24

Global standards-setting on track to claim super gap in advanced industries

On Tuesday, September 24, the Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) held the Standards Leadership Forum, bringing together leaders from academia, industry, and research to review key achievements under the National Standardization Strategy for Advanced Industries jointly announced by the public and private sectors during a previous forum in May. The key achievements include the timely development of international and national standards in 12 advanced industries including semiconductors and AI, strengthening international cooperation, expanding industrial standardization activities, and nurturing a standardization infrastructure for training standardization professionals. Through a concentrated national effort based on the standardization strategy for advanced industries, Korea developed and proposed 50 international standards from January–August in 12 advanced industries including artificial intelligence and displays—more than double the number compared to previous years. * Number of international standard proposals in 12 advanced industries by year: 23 (2022) → 23 (2023) → 50 (Jan–Aug. 2024) Notably, two international standards were proposed for performance evaluation of displays used in rollable and foldable phones (including multi-folding models) under development by Korean and overseas companies, laying the groundwork for proper assessment of Korea's leading technologies. Additionally, three international standards were proposed to lead in AI technologies, including guidelines for lightweight AI systems applicable to on-device AI, such as smartphones. The increase in these international standard proposal activities has also resulted in a growing number of Korean executives leading international standard development at organizations like the Joint Technical Committee on Quantum Technologies (JTC3). As of August 2024, the number of Korean executives in these roles reached 274, up from 263 of the previous year.   date2024-09-24

Korean autonomous driving traffic signal data standard adopted as U.S. standard

Korea’s proposed Traffic Light Signal Message (TLSM) standard for autonomous driving data has been adopted in the 2024 revision of the U.S. Society of Automotive Engineers (SAE) standard (SAE J2735*), the de facto international standard in the autonomous vehicle sector, which was published on September 16 (U.S. local time). * SAE J2735 (V2X Communication Message Set Dictionary): A standard that defines data formats for autonomous driving, such as Traffic Light Signal Messages (TLSM), widely used as the dominant standard in the global autonomous driving industry. The Korean Agency for Technology and Standards (KATS, President Jin Jong-wook) has been actively engaged in standard cooperation, including participation in SAE standard revision activities, based on the MOU signed with SAE in 2023. This achievement is the result of proposing the content of KS R 1600-3 (Traffic Signal Data)—developed by the Korean National Police Agency and the Korea Road Traffic Authority, and currently in the process of becoming a Korean Standard (KS) under the direction of KATS—for inclusion in the SAE J2735 revision, which was accepted. Since 2020, KATS has been working with relevant government agencies and industries to develop national standards for autonomous driving data (KS R 1600 1-7*). Standardizing data formats for autonomous driving is crucial not only for improving basic safety in communication among autonomous vehicles, traffic infrastructure, and smart devices, but also for expanding future mobility business models, such as car-sharing and remote monitoring. * Seven Korean Standards (KS) related to autonomous driving, including data usage scenarios, vehicle information, traffic signals, maps, control systems, and pedestrian safety data, are under development, with completion targeted for 2025. KATS President Jin Jong-wook stated, "This is the first case where our autonomous driving data standard has been internationally recognized. KATS will continue to pursue the establishment of Korean Standards (KS) for autonomous driving data, which serve as the foundation for building autonomous driving infrastructure and invigorating the industry. We will also support the globalization of Korean technology through international cooperation, including Korea-U.S. standard collaboration." Korean National Police Agency Commissioner General Cho Ji-ho remarked, "The inclusion of Korea's traffic signal data in the U.S. standard is the result of interagency collaboration for the commercialization of autonomous driving. As standardized traffic signal information is essential not only for autonomous vehicles but also for the safe operation of future mobility, we ask for continued support and interest in expanding the infrastructure for data collection and provision."   date2024-09-24

Trade Minister Cheong attends IPEF ministerial meeting, welcoming Agreements’ upcoming entry into force

Korea’s Minister for Trade Inkyo Cheong attended the Indo-Pacific Economic Framework for Prosperity (IPEF) ministers’ virtual meeting today and examined IPEF Agreements’ outcomes with the 14 IPEF partner countries and discussed future plans. Partner countries welcomed the upcoming Clean Economy Agreement and the Fair Economy Agreement’s entry into force scheduled for October 11 and 12, respectively, upon their reaching the requisite threshold following the signing ceremony held this June. Once the Clean Economy Agreement comes into force, they anticipate the innovation of clean energy technology, new project opportunities, and job openings, which in turn will heighten investment for clean infrastructure as well. With aim to eradicate corruption and enhance the transparency of tax administration, the Fair Economy Agreement is expected to contribute to advancing intraregional transparency and fostering a fair management environment. Partner countries agreed to expand the scope of Cooperative Work Programs (CWPs) on carbon market, hydrogen, small modular reactors (SMRs), and clean electricity in tandem with the faithful implementation of the Clean Economy and Fair Economy Agreements. They further decided to widen efforts for strengthening developing nations’ anti-corruption capacity. Meanwhile, ministers assessed the progress of the Supply Chain Agreement that entered into force this February. Going forward, partner countries are aiming to reinforce the IPEF-based Indo-Pacific supply chain cooperation through measures such as the sub-committee on logistics and movement of goods launched during the first in-person IPEF Supply Chain Council and Crisis Response Network meeting held recently in Washington D.C.  Lastly, the ministers stated that the first joint mock drill initiated by Korea as chair of the Crisis Response Network served as an opportunity to seek effective supply chain response measures. The Korean government plans to smoothly implement procedures for the ratification of the Clean Economy and Fair Economy Agreements, while deepening cooperation with major Indo-Pacific countries to create tangible outcomes under the IPEF and increase concrete benefits for Korean businesses.   date2024-09-24

Korea and Germany consult measures for stronger industrial and supply chain cooperation

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that it launched the third Korean-German Industry Working Group meeting, which MOTIE and Germany’s Federal Ministry for Economic Affairs and Climate Action have been regularly hosting on an alternate basis since 2021. The bilateral talks covered industrial supply chain data platform cooperation, supply chain emergency response, and automotive industry issues in depth. With regard to the industrial supply chain data platform to be established by Korea for stable supply chain management, the two countries intend to bolster intergovernmental communication and cooperative ties to fully leverage Germany’s experience and knowhow. In addition, the two sides took stock of the industrial supply chain situation and discussed measures for supply chain response and stabilization. They also discussed the future of the automobile industry, a key pillar for both economies. Agreeing to closely cooperate to secure a stable supply source for future mobility key materials and parts including electric vehicles (EVs) and autonomous vehicles, they further shared views on responding to cybersecurity risks in view of connected cars and other developments in future mobility technology.   date2024-09-24

Korea and ASEAN kick cooperation into high gear in supply chains, economy, and trade

Minister for Trade Inkyo Cheong attended the 56th ASEAN Economic Ministers (AEM) Meeting from September 21–22 in Vientiane, Lao People's Democratic Republic (PDR), and discussed economic agenda items for the coming 44th ASEAN Summit slated for this October. He also agreed to continue expanding cooperation with ASEAN and the Global South countries as part of follow-up measures to the Trade Policy Roadmap the ministry announced in August. Trade Minister Cheong first attended the 12th East Asia Summit (EAS) Economic Ministers Meeting on September 21 and highlighted the need for cooperation at the EAS level to deal with challenging new trade issues such as supply chains, digital transition, and climate change, which are difficult agendas for countries to tackle on an individual basis. At the 21st Korea-ASEAN Economic Ministers Consultation held on September 22, he took stock of various Korea-ASEAN joint projects including the implementation and upgrade of the Korea-ASEAN Free Trade Agreement (FTA), extending the Korea-ASEAN Startup Policy Dialogue, support for electrical safety infrastructure establishment, and enhancing standards cooperation. In commemoration of the 35th anniversary of the establishment of Korea-ASEAN dialogue relations, the trade chief proposed that they launch the Korea-ASEAN Think Tank Dialogue in 2025 as a regular channel for bilateral consultations among ASEAN economic and trade research institutions, which was received favorably by the majority of ASEAN member states. Next, he attended the 27th ASEAN Plus Three (Korea, China, Japan) Summit, where he emphasized the need for the three countries’ cooperation on developing a stable supply chain and built shared consensus on East Timor’s accession to ASEAN and strengthening the multilateral trade-based cooperation amid global economic fragmentation. Moreover, at the third Regional Comprehensive Economic Partnership (RCEP) Ministers Meeting, Trade Minister Cheong examined several issues including measures for stronger RCEP implementation for regional economic integration, laying down RCEP accession procedures, and setting up an RCEP support organization.  The trade minister also held bilateral talks with counterparts from other countries including India, the Philippines, Switzerland, and the UK on ways to expand bilateral cooperation across diverse areas such as trade, investment, supply chains, nuclear reactors, carbon-free energy utilization, and digital transition. MOTIE plans to keep expanding collaboration over supply chains, digital transition, climate change response and other areas in high demand by ASEAN countries to smoothly implement the joint projects discussed during the Korea-ASEAN Economic Ministers Meeting and closely cooperate with ASEAN for the successful launching of the 25th Korea-ASEAN Summit in October.   date2024-09-24

Minister Ahn holds talks with Czech Industry and Trade Minister

Trade, Industry and Energy Minister Dukgeun Ahn and Czech Industry and Trade Minister Jozef Sikela held talks on September 20 in Prague to discuss cooperation in trade, investment, supply chains, advanced manufacturing, carbon-free energy, and nuclear energy. date2024-09-23