Ministry of Trade, Industry and Energy

Trade Minister meets Vietnamese Ambassador to Korea

Minister for Trade Inkyo Cheong of the Republic of Korea met Vietnamese Ambassador to Korea Vu ho on December 11 in Seoul to discuss bilateral economic cooperation. date2024-12-12

Minister Ahn meets NGA Vice Chair Oklahoma Governor

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with U.S. National Governors Association (NGA) Vice Chair Oklahoma Governor Kevin Stitt today in Seoul, underscoring how the two countries have advanced to a key economic partnership and security alliance based on investment and technology cooperation. They also discussed the importance of a continued mutually beneficial Korea-U.S. cooperation going forward under the incoming U.S. administration. date2024-12-11

Trade Minister holds conference with AMCHAM Korea delegation

Minister for Trade Inkyo Cheong of the Republic of Korea met the delegation from the American Chamber of Commerce in Korea (AMCHAM Korea) led by its Chairman James Kim today in Seoul to discuss measures for promoting foreign investment and the impact from rapid changes in the global trade environment. date2024-12-11

Trade Minister holds conference with trade experts

Minister for Trade Inkyo Cheong of the Republic of Korea convened a conference on December 10 at the Korea Security Agency of Trade and Industry (KOSTI) in Seoul with trade and international relations experts, where he gave an opening message and led discussions on response strategies regarding the U.S.’ new administration’s trade policies. With the inauguration of the new U.S. administration a month away, the conference was held to share the Korean government’s progress in preparations and to facilitate in-depth discussions among trade experts and related leaders on strategic response measures. Attendees were composed of representatives of KOSTI and KITA as well as attorneys and university professors. date2024-12-11

Ttrade experts discuss strategic measures in response to incoming U.S. administration’s trade policies

Minister for Trade Inkyo Cheong of the Republic of Korea convened a conference on December 10 at the Korea Security Agency of Trade and Industry (KOSTI) in Seoul with trade and international relations experts. With the inauguration of the new U.S. administration a month away, the conference was held to share the Korean government’s progress in preparations and to facilitate in-depth discussions among trade experts and related leaders on strategic response measures. Trade Minister Cheong stated that, powered by large-scale investments, the two countries are highly interconnected in advanced technology and supply chain areas, based on which efforts will continue to maintain mutually beneficial cooperative relations and minimize negative impact on Korean businesses. Korea’s Ministry of Trade, Industry and Energy (MOTIE) plans to closely communicate with businesses while making whole-of-the-government efforts to prevent the recent domestic situation from affecting preparations with respect to the upcoming U.S. regime change.   date2024-12-11

Trade Minister Cheong Discusses Investment Cooperation with AMCHAM Korea to Address Changing Trade Landscape

Minister for Trade Inkyo Cheong of the Republic of Korea met the delegation from the American Chamber of Commerce in Korea (AMCHAM Korea) today in Seoul to discuss measures for promoting foreign investment, propelling Korea as Asia’s leading business hub, and strengthening Korea-U.S. trade cooperation. AMCHAM Korea Chairman and CEO James Kim noted U.S. companies’ strong interest in the Korean market, highlighting the need for Korea to undergo regulatory reforms in labor markets, tax administration, and the digital economy among other areas to take the opportunity amid the recent global supply chain realignment and economic fragmentation to develop into a major business hub in the Asia-Pacific. Trade Minister Cheong expressed appreciation towards AMCHAM Korea’s confidence in the Korean market as well as its contribution to creating quality jobs and boosting local economies, vowing that government policies will be carried out according to plan despite the recent domestic situation so that foreign-invested companies can freely focus on business activities. Starting with today’s talks, the Ministry of Trade, Industry and Energy (MOTIE) plans to maintain communication with other foreign Chambers of Commerce in Korea as well in order to boost foreign investment.   date2024-12-11

Minister Ahn Discusses Korea-U.S. Economic Cooperation with NGA Vice Chair Oklahoma Governor

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with U.S. National Governors Association (NGA) Vice Chair Oklahoma Governor Kevin Stitt today in Seoul, underscoring how the two countries have advanced to a key economic partnership and security alliance based on investment and technology cooperation. They also discussed the importance of a continued mutually beneficial Korea-U.S. cooperation going forward under the incoming U.S. administration. During the talks, Minister Ahn highlighted the need to enhance bilateral economic cooperation and to minimize business uncertainties for Korean firms engaging in close collaboration with U.S. companies through building trust and positive anticipation by maintaining the continuity of major U.S. policies throughout the change of administration. The two sides concurred on the importance of the Korea-U.S. cooperative relations in strengthening their respective industrial ecosystems and stabilizing the global supply chain, agreeing to make concerted efforts to establish constructive and stable Korea-U.S. ties. In addition, Minister Ahn suggested that the two sides seek concrete cooperation measures in view of the considerable potential for synergy from Korea’s aim to secure diverse energy sources to foster a stable energy ecosystem and Oklahoma’s abundance in resources like petroleum, gas, and renewable energy. He asked the NGA Vice Chair’s interest and support towards creating a consistent and stable investment and business environment to encourage Korean companies’ investment in the U.S.   date2024-12-11

Korea and China launch 6th FTA Joint Commission meeting

Minister for Trade Inkyo Cheong of the Republic of Korea and China International Trade Representative and Vice Minister of Commerce Wang Shouwen led their respective delegations for the sixth Korea-China Free Trade Agreement (FTA) Joint Commission (“Commission”) meeting today in Seoul. A follow-up to the Korea-China highest-level talks held this May in Seoul and the summit talks convened this November in Peru, today’s Commission meeting aims to assess the implementation progress of the Korea-China FTA that came into effect in December 2015.  During the meeting, the two sides agreed to accelerate negotiations on services and investment and foster a more predictable business environment. In view of the FTA’s substantial contribution to the two countries’ bilateral trade and investment over the last decade, both sides will keep utilizing the FTA as a major platform for enhancing their mutually beneficial economic cooperation going forward. Moreover, the joint research on Korea-China FTA implementation conducted by the Korea Institute for International Economic Policy (KIEP) and China’s University of International Economics and Trade in commemoration of the upcoming 10th anniversary of the bilateral FTA found that as of 2023, the two countries’ FTA utilization rate reaches 73.3 percent and 85.8 percent for exports and imports, respectively, and that their bilateral trade volume has increased on an average of 4.5 percent per year from 2015 to pre-COVID 2021. The two sides are planning to launch further sessions of the briefing on China’s export controls for Korean companies and the Korea-China supply chain hotline meeting next year to continue cooperation on stabilizing supply chains. date2024-12-09

Korea and China launch 6th FTA Joint Commission meeting

Minister for Trade Inkyo Cheong of the Republic of Korea and China International Trade Representative and Vice Minister of Commerce Wang Shouwen led their respective delegations for the 6th Korea-China Free Trade Agreement (FTA) Joint Commission meeting today in Seoul. Held as follow-up to the Korea-China highest-level talks (May, Seoul) and summit talks (November, Peru), today’s meeting took stock of the implementation progress of the Korea-China FTA that came into effect in December 2015. date2024-12-09

Trade Minister attends Korea-Sweden Strategic Industry Summit

Minister for Trade Inkyo Cheong of the Republic of Korea attended the Korea-Sweden Strategic Industry Summit on December 5 in Seoul with the participation of business leaders of both countries. Trade Minister Cheong gave a congratulatory message and took part in the ceremony for the two countries’ signing of 4 MOUs in industrial digital transformation, small modular reactors (SMRs), e-fuel, and green energy areas. date2024-12-06