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FTA/Economic Cooperation
Korea and EU hold 12th meeting of FTA Committee on Trade in Goods
The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Food and Drug Safety (MFDS) attended the 12th meeting of the Korea-EU Free Trade Agreement (FTA) Committee on Trade in Goods on June 12 in Brussels, Belgium. The above Committee is a communication channel for discussing tariff and non-tariff issues related to the trade of goods. The Korean and EU delegations took stock of the bilateral FTA implementation progress and discussed measures for solving Korean and EU companies’ mutual market entry issues. Since entering into force in 2011, the Korea-EU FTA has served as a pillar in bilateral trade and investment, helping their trade volume achieve an average annual growth rate of three percent amid global uncertainties. Last year’s Korea-EU trade volume hit a record high of USD 136.1 billion on the backs of strong demand for Korean automobiles and locally established plants’ increased parts and facility investment. During the meeting, the Korean delegation (led by MOTIE’s Director General for Trade Policy Chang Sung-gil) focused on issues concerning the EU’s battery regulations, Carbon Border Adjustment Mechanism (CBAM), deforestation-free products regulation, and the steel safeguard extension, while responding to the EU’s questions regarding Korea’s cosmetics safety management system and alcoholic beverage labeling and online retail system. date2024-06-12
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Energy
MOTIE gives briefing on World Climate Industry Expo 2024
The Ministry of Trade, Industry and Energy (MOTIE) gave a briefing on the World Climate Industry Expo 2024 (WCE 2024) to the foreign embassies in Korea on June 12 in Seoul and explained the expo’s main programs and the need for utilizing carbon-free energy sources. MOTIE will be co-hosting WCE 2024 with the International Energy Agency (IEA) from September 4–6 under the theme of “Ushering in a Carbon-Free Energy Era with Climate Technology” and 12 climate and energy related ministries are currently in preparation for the global event. Based on the shared understanding on the need for extensive utilization of carbon-free energy sources, the Korean government and the IEA are calling for participation of countries and international organizations by distributing letters of invitation and promotion material via overseas missions. The briefing was attended by the representatives of 50 embassies, including those from the U.S., EU, Denmark, and Australia. Carbon Free (CF) Alliance Secretary General Yang Euyseok noted that international consensus is building up, as seen in the agreement concluded at the COP28 UN Climate Change Conference declaring carbon-free energy technologies in nuclear power, hydrogen, carbon capture and storage (CCUS), and renewable energy as means of carbon reduction. He added that a global working group will be formed for establishing Carbon Free Energy (CFE) implementation and international standards. WCE 2024 is to host 11 conferences via three summits (CFE, industry/technology, climate) and will showcase the latest future technologies on carbon-free energy at exhibition booths of global companies like Samsung, LG, Hyundai Motor, and RWE. date2024-06-12
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FTA/Economic Cooperation
Korea and ASEAN hold 21st FTA Implementing Committee meeting
Director General for Free Trade Agreement (FTA) Policy Ahn Chang-yong is leading the Korean delegation in the 21st Korea-ASEAN FTA Implementing Committee meeting for furthering discussions on upgrading the bilateral FTA in Seoul through June 12–13. The ASEAN delegation is led by Alpana Roy, Senior Economic Official to ASEAN and Director at the Singaporean Ministry of Trade and Industry. The Korea-ASEAN FTA Agreement on Trade in Goods entered into force in 2007, followed by the Trade in Services Agreement and the Investment Agreement, which both came into effect in 2009. Since 2013, the two sides have been engaging in discussions for further expanding their FTA. During the 20th Implementing Committee meeting held this March, the two sides discussed whether to proceed with phased follow-up negotiations, based on the joint research outcomes on upgrading the FTA. In this 21st meeting, the two sides will be discussing the member countries’ FTA upgrade negotiation schedule; scope and method; joint research projects on new trade issues like digital and supply chains; and conversion of the tariff reduction schedule (TRS) and Product Specific Rules of Origin (PSR) from HS2017 to HS2022. date2024-06-12
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Energy
Korea and Chile hold Critical Minerals Business Roundtable
Trade, Industry and Energy Vice Minister Namho Choe met with Chile’s Mining Minister Aurora Williams on June 11 in Seoul and held a Korea-Chile critical minerals business roundtable to discuss cooperation in critical minerals like lithium and copper. date2024-06-12
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Trade/Investment
Trade Minister meets Vietnam's VASS President
Minister for Trade Inkyo Cheong met with Phan Chí Hiếu, President of the Vietnam Academy of Social Sciences (VASS), on June 11 in Seoul to discuss measures for Korea-Vietnam economic cooperation in trade, investment, critical minerals supply chain, and carbon neutrality. date2024-06-12
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Trade/Investment
Trade Minister discusses economic cooperation with Vietnam’s think tank president
Minister for Trade Inkyo Cheong met with Phan Chí Hiếu, President of the Vietnam Academy of Social Sciences (VASS), on June 11 in Seoul to discuss measures for Korea-Vietnam economic cooperation in trade, investment, critical minerals supply chain, and carbon neutrality, and agreed to continue their policy exchanges for the two countries’ forward-looking cooperative ties. VASS is Vietnam’s leading think tank established under the Prime Minister, overseeing 35 research institutes. Trade Minister Cheong held VASS in high regard in terms of its contribution to strengthening the bilateral strategic communication in academic, political, economic, social, and cultural exchanges. He suggested that the two countries seek detailed cooperation measures through both intergovernmental and policy institutional communication for reaching the USD 150 billion bilateral trade volume target by 2030 declared in 2022. Noting the elevation of Korea-Vietnam relations to a comprehensive strategic partnership in 2022 in commemoration of their 30th anniversary of the establishment of diplomatic ties, the VASS president said that he looked forward to opening doors to a new era of closer cooperation over the next 30 years, and that VASS will help deepen the two countries’ cooperative ties. Lastly, Trade Minister Cheong expressed hope of expanding their trade and economic network across the entire ASEAN region and asked for strong support towards Korea’s Chairmanship of the Asia Pacific Economic Cooperation (APEC) Summit 2025. date2024-06-11
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Energy
Korea and Chile hold critical minerals business roundtable
Trade, Industry and Energy Vice Minister Namho Choe met with Chile’s Mining Minister Aurora Williams on June 11 in Seoul to discuss cooperation in critical minerals like lithium and copper and held a Korea-Chile critical minerals business roundtable on the sidelines to facilitate information sharing for Korean firms seeking to enter the Chilean market. The Korea-Chile roundtable is a follow-up to the Korea-Chile Resource Cooperation Committee meeting held this May to strengthen private sectors’ cooperation in critical minerals. The Committee meeting was held after a 12-year hiatus to activate intergovernmental discussions on lithium salt flat development procedures, tailings recycling, and lithium extraction technology cooperation. Participating in the roundtable were Korean companies interested in energy transition and eco-friendly projects, including EcoPro Innovation, SK enmove, Korea Zinc, LS MnM, LX International, POSCO Holdings, and Hyundai Motor. They discussed key issues and made suggestions and requests to the Chilean government, which introduced its critical minerals policies and investment procedures. Vice Minister Choe remarked that the bilateral business roundtable, held on the heels of the Resource Committee meeting, has helped bolster the two countries’ critical minerals supply chain cooperation a step further and asked for continued effort of their governments on tailings recycling and lithium extraction technology, and of companies concerning Chile’s supply chain diversification of lithium, copper, and other critical minerals. date2024-06-11
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Energy
Korea and Malaysia to kickstart CCS cooperation
Director General for Energy Policy Choi Yeon-woo met Malaysia’s Deputy Secretary General for the Ministry of Economy Luqman Ahmad on June 10 in Seoul to discuss carbon capture and storage (CCS) cooperation between the two countries. The meeting between the Korean and Malaysian CCS policy officials was arranged on the occasion of their participation in the Shepherd CCS Summit, organized by Samsung E&A. Addressing the importance of CCS in achieving the nationally determined contributions (NDCs), Director General Choi requested the Malaysian Economy Ministry’s active support and interest towards establishing the public-private joint Shepherd CCS Project as a global anchor project. Both sides agreed on the need for a bilateral agreement on cross-border transport and storage of CO2 between the two countries and decided to further intergovernmental discussions while factoring in the two countries’ institutional conditions, as well as related international rules and agreements. During the presentation session, Korea and Malaysia’s government officials called attention to CCS policies to the participating representatives of the two countries' industries, academia, and research institutes. MOTIE introduced Korea’s CCS industry nurturing policy and highlighted plans for securing key technology and talents, nurturing specialization companies, creating markets early on by securing domestic and overseas storage sites, and fostering a sustainable ecosystem. date2024-06-10
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Trade/Investment
Korea-Africa Business Summit 2024 Closing Ceremony
Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-Africa Business Summit Closing Ceremony on June 5 in Seoul and gave a closing address to the Korean and African governments’ officials, economic groups and companies’ representatives. date2024-06-07
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Trade/Investment
Trade Minister meets KKR Co-CEO
Minister for Trade Inkyo Cheong met with Joseph Bae, Co-CEO of KKR & Co. Inc, on the margins of the IPEF Clean Economy Investor Forum on June 6 in Singapore and discussed investment in Korea’s clean infrastructure and climate tech startups, and KKR’s investment interests in Korean firms. date2024-06-07