Ministry of Trade, Industry and Energy

APEC Business Advisory Council (ABAC) meeting

Trade Minister Cheong met with APEC Business Advisory Council (ABAC) members on November 14 in Peru on the margins of APEC 2024 and encouraged the private and public sector to join hands to prepare for Korea’s hosting of APEC 2025 Gyeongju. date2024-11-18

Trade Minister attends APEC Ministerial Meeting AMM

Minister for Trade Inkyo Cheong of the Republic of Korea attended the 35th Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting (AMM) Session 3 on November 14 in Lima, Peru, where he emphasized the need for global solidarity amid the uncertain economic environment and proposed measures to maintain the WTO-centered multilateral trade system and realize the FTAAP. date2024-11-18

Korea and Peru to bolster critical minerals supply chain cooperation

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea entered into a memorandum of understanding (MOU) on critical minerals cooperation with the Ministry of Energy and Mines of Peru on November 16 in Lima on the margins of Korean President Yoon Suk Yeol’s state visit to Peru for the Asia-Pacific Economic Cooperation (APEC) Summit 2024. Peru is the only Latin American country to have established a comprehensive strategic partnership with Korea (2012), and the two countries’ economic cooperation is steadily expanding. Their trade volume has doubled since inking a bilateral Free Trade Agreement (FTA) in 2011.  In commemoration of the 60th anniversary of the establishment of diplomatic relations, the two countries held a bilateral summit in San Francisco last year in November on the occasion of APEC Summit 2023, agreeing to bolster cooperation across various areas like defense, supply chains, and infrastructure. The MOU sealed this year is part of the aim to boost supply chain collaboration. The world’s second largest producer of copper and iron, Peru is also richly endowed with lithium and other mineral resources. Korea and Peru have mainly been engaging in official development assistance (ODA) projects for mine hazard prevention and reclamation, but this MOU lays the grounds for cooperation in critical minerals policy and supply chain information sharing, joint exploration and development, and technical exchanges as well. Based on the MOU, MOTIE plans to uncover further minerals collaboration measures and preemptively support Korean businesses’ entry into Peru’s critical minerals projects to catalyze the diversification of the critical minerals supply chain.   date2024-11-18

Trade Minister Cheong speaks at NCAPEC luncheon

Minister for Trade Inkyo Cheong of the Republic of Korea attended a luncheon meeting held by the National Center for APEC (NCAPEC) on November 13 on the occasion of 2024 APEC Economic Leaders’ Week (AELW) in Lima, Peru, and introduced Korea’s preparations for APEC Gyeongju 2025. date2024-11-15

Korea’s trade and foreign affairs chiefs attend APEC Ministerial Meeting 2024

Minister for Trade Inkyo Cheong and Minister of Foreign Affairs Cho Tae-yul of the Republic of Korea attended the 35th Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting (AMM) on November 14 in Lima, Peru.  This year’s AMM was chaired by Peru’s Minister of Foreign Affairs Elmer Schialer and Foreign Trade and Tourism Minister Desilu León with the participation of the foreign affairs and trade ministers of the 21 APEC member economies. Under this year’s theme of “Empower. Include. Grow.”, attendees discussed innovation and digitalization to promote the transition to a formal and global economy (Session 1), sustainable growth for resilient development (Session 2), and trade and investment for inclusive and interconnected growth (Session 3). In the third session of AMM, Trade Minister Cheong emphasized the need for intraregional cooperation for inclusive, interconnected, and sustainable growth amid economic uncertainties and proposed measures to enhance economic cooperation within APEC such as maintaining the WTO-based multilateral trade system and promoting freer trade and investment through the realization of the Free Trade Area of the Asia-Pacific (FTAAP). The trade chief stated that Korea is aiming to further facilitate the discourse on intraregional sustainable growth to gain tangible outcomes in artificial intelligence (AI), digital trade, and carbon-free energy diffusion.  In preparation of Korea’s hosting of APEC 2025, during the AMM a turnover (promotion) video was played and Foreign Minister Cho introduced the theme and priorities of APEC 2025. The Foreign Minister explained that Korea would lead discussions on sustainable growth in the region under the theme of “Building a Sustainable Tomorrow,” focusing on the priorities of “Connect,” “Innovate” and “Prosper.” In response, member economies expressed keen interest in and support for Korea’s hosting of APEC 2025. date2024-11-15

Trade Minister Cheong attends 2024 APEC Economic Leaders’ Week in Peru

Minister for Trade Inkyo Cheong of the Republic of Korea attended the 2024 APEC Economic Leaders’ Week (AELW) on November 14 in Lima, Peru, to participate in a number of events including the 4th APEC Business Advisory Council (ABAC) Meeting and the APEC CEO Summit, where he convened with CEOs for a breakfast meeting to discuss major outcomes of APEC 2024 as well as preparations for next year’s APEC AELW. Prior to the breakfast meeting, Minister Cheong attended a luncheon meeting held by the National Center for APEC (NCAPEC) on November 13, where he highlighted the need for stronger collaboration between U.S. and Korean businesses on AI semiconductors and other major supply chain items during talks with Antony Cook, Microsoft’s Regional Vice President for Asia.  During the meeting, the trade chief also explained to the 200 business leaders present the preparations Korea is making for APEC 2025, including the Korean government’s key economic policies on AI application and the Carbon Free Energy (CFE) Initiative. On the margins of these APEC meetings, Trade Minister Cheong held bilateral talks with various member countries regarding trade issues and asked business leaders for their active participation and cooperation for Korea’s successful hosting of APEC events next year.   date2024-11-15

Vice Minister visits Ulsan petroleum storage facility

Trade, Industry and Energy Vice Minister Namho Choe visited the Ulsan petroleum storage facility on November 14 and received a briefing on petroleum storage operations and issues and encouraged employees. date2024-11-15

Vice Minister attends Korea Energy Terminal (KET) completion ceremony

Korea’s Trade, Industry and Energy Vice Minister Namho Choe attended the Korea Energy Terminal (KET) completion ceremony on November 14 in Ulsan with the attendance of executive leaders and employees from the Korea National Oil Corporation (KNOC), SK Gas, Ulsan Metropolitan City, and Ulsan Port Authority (UPA), and gave a congratulatory message and presented government awards to project contributors. date2024-11-15

Minister Ahn attends Korea Sale FESTA

Minister for Trade, Industry and Energy Dukgeun Ahn visited the major designer brand stores at the Korea Sale FESTA on November 13 in Pangyo and introduced the event at a live show. date2024-11-15

Korea’s auto industry enjoys triple growth in October

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s automobile production, domestic sales, and exports all posted growth in October, a first in 16 months since June 2023. October automobile production reached 367,624 units (up 7.8 percent year-on-year), which can be attributed to automakers’ new model releases as well as the higher number of working days (+ 1 weekday) in the month compared to last year. Domestic sales snapped the 11-month downward streak and recorded 145,756 units (up 3.1 percent), helped by a new model release and hybrid electric vehicles (HEVs) selling a historic 49,257 units (up 50.3 percent). Meanwhile, exports advanced 5.5 percent to $6.2 billion, selling 243,367 units overseas and coming in at an all-time high for October. HEVs achieved $1.1 billion in export, surpassing the previous record set in August 2024 and driving Korea’s January–October accumulated export value over $59.1 billion (up 2.0 percent year-on-year).   date2024-11-14