Ministry of Trade, Industry and Energy

Korea and Uzbekistan hold 12th Trade and Economic Cooperation Committee meeting

Trade, Industry and Energy Minister Dukgeun Ahn met with Uzbekistan’s Investment, Industry and Trade Minister Laziz Kudratov on May 31 in Seoul for the 12th meeting of the Korea-Uzbekistan Joint Committee on Trade and Economic Cooperation (“Committee”).   Launched in 1994, the Committee is a 30-year running ministerial body co-led by the Korean trade, industry and energy minister and Uzbekistan’s investment, industry, and trade minister with the participation of agenda-relevant ministries and institutions.   During the meeting, the two sides reaffirmed the importance of expanding cooperation in supply chains and transportation infrastructure, also agreeing to strengthen cooperation in areas like trade, investment, science, technology, agriculture, and standards.   Noting the two countries’ mutually complementary industrial structure, Minister Ahn highlighted the need for wider cooperation across all industries, including minerals and plants. date2024-05-31

Trade Minister chairs inaugural meeting of APEC Advisory Group

Minister for Trade Inkyo Cheong led the inaugural meeting of the Asia-Pacific Economic Cooperation (APEC) Advisory Group on May 30, where he presented appointment certificates to the 22 experts making up five key working groups (APEC Vision, Trade and Investment, Economic Security and Supply Chain, Digital, Sustainability and Inclusion) and launched forward preparations for Korea’s APEC chairmanship in 2025.   The meeting was attended by representatives of related institutions and academia, including K-SURE, Korea Institute for International Economic Policy (KIEP), Korea Trade-Investment and Promotion Agency (KOTRA), and Korea University. date2024-05-30

Vice Minister attends Clean Hydrogen Trade Initiative Forum 2024

Trade, Industry and Energy Vice Minister Namho Choe attended the third Clean Hydrogen Trade Initiative Forum on May 30 in Seoul, where international organizations, governments, and experts gathered to discuss measures for invigorating the clean hydrogen ecosystem.   The Forum was attended by related global companies and institutions, including S&P Global, International Renewable Energy Agency (IRENA), and the Hydrogen Council. date2024-05-30

MOTIE launches advisory group for APEC in preparation for Korea's chairmanship in 2025

Minister for Trade Inkyo Cheong led the inaugural meeting of the Asia-Pacific Economic Cooperation (APEC) Advisory Group on May 30, where he presented appointment certificates to the 22 experts making up five key working groups (APEC Vision, Trade and Investment, Economic Security and Supply Chain, Digital, Sustainability and Inclusion) and launched forward preparations for Korea’s APEC chairmanship in 2025.   The trade chief stated that the APEC Advisory Group aims to select themes that align with APEC member countries’ interests as well as the APEC’s vision, while also uncovering timely agenda items. He expressed hopes of fostering solidarity and cooperation among APEC members amid persisting global uncertainties.   MOTIE’s Director General for Multilateral Trade and Legal Affairs Park Dae-kyu shared the “APEC Putrajaya Vision 2020-2040” and its three pillars, on which the four major tasks of MOTIE are based: preparation for the World Trade Organization (WTO)’s 14th ministerial conference (MC14) and recovering the multilateral trade system; establishing a resilient and sustainable supply chain; discussions on artificial intelligence (AI) and digital trade rules; and the diffusion of carbon-free energy sources in light of climate change and attaining carbon neutrality.   Director General Park explained that priority tasks will be pushed forward with private sector experts in line with the APEC’s cooperative vision. date2024-05-30

Government holds 2nd briefing for SMEs on EU's CBAM implementation

The Ministry of Trade, Industry and Energy (MOTIE) held the second briefing on the EU’s Carbon Border Adjustment Mechanism (CBAM) with the Ministry of SMEs and Startups (MSS), Ministry of Environment (ME), and Korea Customs Service (KCS) on May 30 in Seoul, focusing on measures for supporting SMEs based in the Seoul capital area. This briefing comes on the heels of the first pan-ministerial briefing held April.   As the majority of companies affected by the CBAM are located in the Seoul capital region, the number of pre-registration applicants for this second briefing reached 300. SMEs and companies facing difficulties responding to CBAM are highly interested in the event, as they can gain knowhow from other companies that managed to effectively implement corporate response measures.   The Korean government plans to provide education and training on CBAM response jointly with Korea SMEs & Startups Agency (KOSME) and other related institutions on the margins of these briefings and give corporate assistance through the One-stop FTA Support Center run by KCS. Moreover, the Government will voice to the  EU domestic firms’ suggestions concerning CBAM reporting requirements and maintain close communication with the EU to finetune implementation. date2024-05-30

Korea hosts Clean Hydrogen Trade Initiative Forum 2024

Trade, Industry and Energy Vice Minister Namho Choe attended the third Clean Hydrogen Trade Initiative Forum on May 30 in Seoul, hosted by MOTIE and organized by Korea Energy Economics Institute, where international organizations, governments, and experts gathered to discuss key issues on clean hydrogen, defined not by production method but by the quantitative measure of greenhouse gas (GHG) emissions, and countries' carbon reduction efforts.   S&P Global stated that a total of 40 million metric tons of clean hydrogen is estimated to be produced by 60 countries around the world by 2030, emphasizing the role of government support in accelerating the production of green and blue hydrogen. Speakers from the International Renewable Energy Agency (IRENA) and the Hydrogen Council noted that Korea, likely be a major hydrogen buyer and importer, will be able to secure affordable clean hydrogen by utilizing overseas renewable energy and natural gas. The German Federal Ministry for Economic Affairs and Climate Action announced its plans to import a total of 45-90 TWh of clean hydrogen by 2030, mentioning that it intends to buy low carbon hydrogen like blue hydrogen in consideration of the available quantity and economic feasibility.   Japanese energy company JERA introduced its demonstration outcomes from co-firing 20% ammonia fuel at Hekinan power plants and the reduction of NOx and Sox, some of the causes of fine particulate matter.   In his welcome address, Vice Minister Choe said that Korea is earnestly pushing forward the transition into a clean hydrogen ecosystem through launching the clean hydrogen certification system (December 2023) and the world’s first clean hydrogen power bidding market (May 2024). He also called for joint efforts in establishing a mutually complementary supply chain and harmonizing countries’ different clean hydrogen standards. date2024-05-30

Korea and U.S. hold Telehealth / Telemedicine Showcase

The Ministry of Trade, Industry and Energy (MOTIE) and the U.S. Department of Commerce (DOC) held a Korea-U.S. Telehealth / Telemedicine Showcase (“Showcase”) on May 30 with aim to enhance mutual understanding and cooperation between the two countries’ digital health and telehealth industries as part of follow-up measures to the bilateral Supply Chain and Commercial Dialogue (SCCD) held this March. Spurred by rapid aging and heightened quality of life, the global digital healthcare industry is forecast to reach USD 4.09 trillion by 2032 and mobile-based contactless healthcare is also gaining traction.   The Korea-U.S. joint Showcase was held with the participation of both countries’ digital health associations and companies, including the Korea Digital Health Industry Association, American Telemedicine Association, Korea’s contactless healthcare application and platform leaders Carelabs and LULUMedic, U.S.’ contactless healthcare leader Teladoc, and global healthcare company Baxter. The companies shared their business achievements and future plans, followed by a Q&A session.   A MOTIE official stated that the ministry is currently pushing policies for product and service commercialization support and talent training to nurture the digital health industrial ecosystem and that this Showcase will be an opportunity to build on the two countries’ digital health cooperation, adding that “Through the upcoming Bio 2024 (June 3-6), Korea and the U.S. will strengthen across-the-board cooperation in bio, including pharmaceuticals, medical devices, and MPE (materials, parts, equipment).” date2024-05-30

Korea and UAE bolster forward-looking cooperation in trade, industries, and energy

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 29 that Korea and the United Arab Emirates (UAE)’ energy and industrial sectors entered a total of eight agreements and memorandums of understanding (MOUs) on the occasion of the summit meeting between President Yoon Suk Yeol and UAE President Sheikh Mohamed bin Zayed Al Nahyan.   First, MOTIE Minister Dukgeun Ahn and the UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi formally signed the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA) in the presence of both sides’ presidents.   Minister Ahn and the UAE Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber also inked a carbon capture and storage (CCS) cooperation MOU for establishing a clean hydrogen supply chain and joint carbon reduction measures. A first of its kind between the two countries, the MOU aims to support the two countries’ clean hydrogen production and CCS infrastructure projects and covers the interministerial cross-border transfer of CO2. It is also anticipated to help secure overseas storage space for domestically captured CO2 and contribute to achieving the nationally determined contributions (NDCs).   Cooperative ties were forged in the private sector as well. In energy, Korea Electric Power Corporation (KEPCO) agreed to the joint execution of nuclear power plant projects with the UAE’s Emirates Nuclear Energy Corporation (ENEC) in third countries. The two companies plan to form a working group to conduct research on emerging markets and uncover projects for heightening bid competitiveness in the global power plant market.   A consortium composed of Korea National Oil Corporation (KNOC), Samsung E&A, and GS Energy signed a strategic agreement with the Abu Dhabi National Oil Company (ADNOC) on the joint development of clean hydrogen production and supply. According to this agreement, the companies will develop and invest in the entire hydrogen value chain from local blue ammonia production, supply, and domestic distribution infrastructure investment to CCS transfer in line with the blue ammonia project (Harvest 2.0) in Ruwais, UAE.   Moreover, KNOC and ADNOC will discuss expanding the international joint oil stockpile capacity, which is currently at four million barrels. The two companies sealed the joint crude oil stockpiling agreement during President Yoon’s state visit to UAE in January 2023, which enables ADNOC to store crude oil in KNOC’s idle storage space for domestic and overseas sales and guarantee Korea with priority oil access in an emergency situation.   At the UAE’s request for additional storage capacity, the two companies agreed to amend their MOU and expand the scope of collaboration beyond joint oil stockpiling to include oil exploration, development, and R&D for enhanced oil recovery.   Meanwhile, Samsung Heavy Industries and Hanwha Ocean each signed a letter of intent (LOI) with ADNOC on an order for six LNG carriers (app. USD 1.5 billion), and Hyosung entered a joint investment cooperation MOU with ADNOC to seek petrochemicals and LPG joint project opportunities in Asia.   The Korean government intends to give full measure to advancing the Korea-UAE relations to forward-looking cooperation over multiple areas encompassing nuclear power, carbon reduction, clean hydrogen, shipbuilding, and petrochemicals. date2024-05-30

2nd meeting of the Public-Private Committee for Korea-Africa Economic Cooperation

Minister for Trade Inkyo Cheong chaired the second meeting of the Public-Private Committee for Korea-Africa Economic Cooperation on May 29 in Seoul to prepare for the upcoming Korea-Africa Summit 2024 (June 4–5) with major economic groups, companies, and related institutions, including Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), and Korea Chamber of Commerce and Industry (KCCI). date2024-05-29

Korea and UAE hold press briefing on formal signing of bilateral CEPA

Minister for Trade Inkyo Cheong and the United Arab Emirates (UAE) Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi held a press briefing on May 29 in Seoul on the formal signing of the Korea-UAE Comprehensive Economic Partnership Agreement (CEPA). date2024-05-29