Ministry of Trade, Industry and Energy

Korea and Paraguay launch first intergovernmental cooperation channel for trade, industry and energy

Korean Minister for Trade Inkyo Cheong met Paraguayan Minister of Industry and Commerce Javier Gimenez on August 23 in Seoul, where they signed the Korea-Paraguay Trade and Investment Promotion Framework (TIPF) MOU. Alongside Argentina, Brazil and Uruguay, Paraguay is a full member of the MERCOSUR common market, the world’s fifth largest economic bloc. Paraguay is renowned for its agreeable business climate that offers affordable wages, lower tax rates and rules of origin advantages compared to other MERCOSUR countries, and enjoys a relatively higher economic growth rate than other South American nations.  Notably, Korean automobiles accounted for eight (roughly 40 percent) of Paraguay’s top twenty best-selling new cars in 2023. Moreover, a Korean automotive cable manufacturer operating in Paraguay achieved remarkable success by emerging as Paraguay’s largest local car parts manufacturer and exporter. Against this backdrop, it is anticipated that Korean businesses can look forward to expanding their presence in the Paraguayan market, which can serve as a springboard into manufacturing markets in MERCOSUR as well. During the Korea-Paraguay trade ministers’ meeting immediately following the TIPF MOU signing ceremony, the two ministers exchanged their views on measures for TIPF utilization, industrial and energy cooperation and advancing the Korea-MERCOSUR Trade Agreement (TA). They also decided to hold further discussions on details regarding future cooperation agendas through the Trade and Investment Cooperative Council (TICC) under the TIPF. Trade Minister Cheong stated that the cooperation channel established with Paraguay on this occasion is meaningful as the first bilateral foothold for kicking the two countries’ economic cooperation into high gear across the areas of trade, industry and energy. He also expressed his expectation that the TIPF will serve as the principal platform for identifying and pursuing tangible joint projects.   date2024-08-23

Trade Minister holds press briefing on Trade Policy Roadmap

Minister for Trade Inkyo Cheong held a press briefing on the Trade Policy Roadmap announced on August 22 incorporating the past two years’ trade policy outcome assessments and trade policy response to future trade landscape changes. date2024-08-22

Trade Minister visits Yantai Industrial Park

Minister for Trade Inkyo Cheong was the first high-level Korean government official to visit the Yantai Industrial Park in China, on August 21, and discussed measures for invigorating Korea-China industrial complex cooperation in view of next year marking the 10th anniversary of the two countries’ FTA’s entry into force, and gathered opinions from Korean firms on local business challenges. date2024-08-22

Korea announces Trade Policy Roadmap for enhancing FTA network and economic security

The Korean government held the 44th Ministerial Meeting on Current State Affairs on August 22, chaired by Prime Minister Han Duck-soo, where related ministries jointly announced the Trade Policy Roadmap (“Roadmap”) incorporating their assessments on trade policy outcomes of the past two years and policy directions in response to future changes in the global environment. In spite of difficult conditions, the Government has been active in responding to major countries’ legislations and economic policy revisions to mitigate business uncertainties, achieving all-time high exports and foreign direct investment (FDI) of USD 683.6 billion (as of 2022) and $32.7 billion (as of 2023), respectively, based on comprehensive summit-level sales diplomacy. Just last year alone, Korea sealed five trade agreements and inked the 23rd Trade and Investment Promotion Framework (TIPF) agreement, while bolstering its role with regard to supply chains, digital, clean economy and their new trade rules, including the inaugural chairmanship for the Crisis Response Network (CRN) launched under the Indo-Pacific Economic Framework for Prosperity (IPEF). However, the international trade order is undergoing substantial changes. The multilateral trade system has weakened noticeably, and major countries are shifting closer toward protectionism in the name of economic security, while the super election year is seeing an escalation of geopolitical risks. In view of these paradigm shifts, the Government has established the Roadmap based on cross-ministerial consultations and industry and academia opinions to launch an organized trade policy with a mid-to- long term outlook. The Roadmap lays out key policy tasks as follows. First, the goal is to expand Korea’s Free Trade Agreement (FTA) network to cover an unprecedented 90 percent of the globe in terms of gross domestic product (GDP). To this end, the Government plans to enter into Economic Partnership Agreements (EPAs) with key Asian and African countries rich in resources and growth potential, then extend the trade network to nearby untapped countries.  A southwest trade belt is to be established through EPA negotiations with countries like Mongolia, Pakistan, and Bangladesh, while also laying the groundwork for cooperation with Africa through EPA negotiations with countries like Tanzania and Morrocco. For the Middle Eastern and Latin American countries with which Korea has already concluded FTA deals, swift steps will be taken toward the Agreements’ entry into force. Across the Indo-Pacific region, Korea will work on weaving a more tightly knit trade network through multi-level FTAs and upgrading the existing FTAs. Efforts will be made to expedite the resumption of the Korea-China-Japan FTA negotiations and launching of bilateral FTA negotiations with Malaysia and Thailand. For the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), communication channels with various domestic stakeholders will be activated to build social consensus. Meanwhile, Korea intends to heighten cooperation with the Global South—ASEAN, India, Middle East, Central Asia, Africa, and Latin America—to diversify Korea’s supply chains for export, production, and critical minerals. Economic and industrial cooperation via multilateral platforms, such as the historic Korea-Africa Summit and K-Silkroad, will be strengthened. Simultaneously, the Government will increase trade financing, overseas certification support, and establish more Korea Trade-Investment Promotion Agency (KOTRA) trade centers. With resource-rich nations like Kazakhstan and Uzbekistan, Korea will boost its minerals cooperation partnership. Moreover, the Government will launch an official development assistance (ODA) program tying into homegrown industries in a way that maximizes the interests of both Korea and the Global South countries, so as to establi date2024-08-22

Trade Minister attends MOU signing ceremony in Jinan

Minister for Trade Inkyo Cheong attended the ceremony on August 20 in Jinan for the signing of MOUs and agreements on medical equipment export and new investment LOI, held on the sidelines of the Korea-Shandong Economic and Commercial Cooperation Exchange. date2024-08-22

Trade Minister attends Korea-Shandong Economic and Commercial Cooperation Exchange

Minister for Trade Inkyo Cheong attended the Korea-Shandong Economic and Commercial Cooperation Exchange on August 20 in Jinan with the participation of 250 attendees from the two sides’ governments, businesses, and related institutions, where he gave an opening address and exchanged views on various issues concerning decarbonization, bio, supply chain, and logistics, and discussed bilateral economic cooperation measures. date2024-08-22

Trade Minister meets governor of Shandong province

Minister for Trade Inkyo Cheong met Zhou Naixiang, the governor of Shandong province in East China, on August 20 in Jinan to discuss measures for creating a predictable management environment for Korean local businesses and for enhancing Korea-Shandong economic cooperation. date2024-08-22

Minister Ahn visits EO Technics

Trade, Industry and Energy Minister Dukgeun Ahn visited semiconductor and display laser and equipment manufacturer EO Technics in Anyang on August 20 after the meeting on the ministry’s Super Supplier Project, where he toured the production lines and encouraged workers. date2024-08-22

Trade Minister chairs conference with Korean firms locally operating in China

Minister for Trade Inkyo Cheong chaired a conference with Korean firms locally operating in China on August 20 in Jinan with the participation of companies like Samsung Electronics, Hyundai Motor, CJ China, and SK China, and gathered their opinions on business challenges. date2024-08-22

Preview in Seoul 2024

Spokesperson for the Ministry of Trade, Industry and Energy (MOTIE) Wonju Lee attended the 24th Preview in Seoul (PIS) opening ceremony on August 21 at COEX and toured the exhibition. PIS 2024 showcased a total of 888 booths set up by 576 companies specializing in materials, textile machines, and fashion tech, as well as the participation of relevant associations including the Korea Federation of Textile Industries (KOFOTI) and Korea Fashion Industry Association.   date2024-08-21