Ministry of Trade, Industry and Energy

Pan-ministerial working group to strengthen corporate assistance for CBAM response

Deputy Minister for Trade Yang Byeong-nae chaired the fourth meeting of the pan-ministerial Carbon Border Adjustment Mechanism (CBAM) Response Working Group with related ministries and discussed measures for strengthening cooperation on supporting domestic companies and submitting Korea’s position on the CBAMs announced by the EU and UK.   The EU is currently preparing its draft for the adoption of CBAM subsections, and the UK has launched a consultation seeking views on proposals for the design and administration of its own CBAM on March 21, 2023, which is to close on June 13, 2024.   To address domestic companies’ requests for preemptive response, the Korean government will actively communicate its position to the EU and UK, while heightening interministerial cooperation for stronger CBAM guidance and information provision to relevant companies. To relevant companies, the Government will be introducing its corporate assistance projects and monitoring firms’ response situation on a weekly basis.   Deputy Minister Yang stated that the Government will “continue to communicate with the EU on improving the mechanism based on suggestions voiced by Korean companies” and highlighted that “related ministries will make concerted efforts to enable domestic companies to effectively adapt and respond to these changes.” date2024-05-21

Korea's exports climbing strong amid expectations for continued growth in May

Trade, Industry and Energy Vice Minister Kang Kyungsung chaired the fifth Export Items Assessment Meeting on May 21 to take stock of this month’s exports situation.   Since snapping the losing streak in October 2023, Korea’s exports are showing strong growth and leading the country’s overall economic advancement in Q1 2024. Early this month, the Organization for Economic Cooperation and Development (OECD) revised its forecast for Korea's economic growth for 2024 to 2.6 percent, up 0.4 percent from its previous February forecast.   Korea’s aggregate export value through January–April in 2024 reached USD 220 billion (up 9.6 percent year-on-year), strongly backed by double-digit growth of IT goods like semiconductors (up 52.0 percent), displays (up 13.4 percent), and computers (up 36.4 percent). Major items like automobiles (up 4.7 percent), ships (up 47.5 percent), and general machinery (up 0.9 percent) likewise achieved growth.   Vice Minister Kang remarked that “Whereas semiconductors spearheaded the export growth in the first quarter, growth was seen across all IT items and major export items during the month of April,” and added that he looks forward to seeing May's exports and trade balance maintain this growth momentum and that public-private joint efforts will be made to reach the record high export target set for this year.   To this end, MOTIE will increase financial, marketing, and certification support for exporters and provide tailored support according to business category and company size. The vice minister stated that further measures for pan-ministerial export support will be established in tandem with the Ministry of Economy and Finance (MOEF) and other related ministries. date2024-05-21

Korea and Mongolia launch 2nd official negotiating round for bilateral EPA

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 21 that the second official negotiating round for the Korea-Mongolia Economic Partnership Agreement (EPA) is to be held through May 21-23 in Ulaanbaatar, Mongolia.   Korea's Director General for FTA Negotiations Peob-min Ryu and State Secretary of Mongolia's Ministry of Economy and Development Batkhuu Idesh are each leading their respective delegations. Negotiations will focus on goods, services, investment, government procurement, country of origin, intellectual property, cooperation, and environment.   Through this second official negotiating round, the two sides aim to make tangible progress by narrowing their differences and covering key issues based on discussions from the first negotiating round held last December in Seoul. date2024-05-21

Minister Ahn meets Climate Group CEO

Trade, Industry and Energy Minister Dukgeun Ahn met Climate Group CEO Helen Clarkson on May 20 on the occasion of her visit to Korea to host the Asia Renewables Growth Forum 2024 and discussed Korea’s renewable energy policy directions and RE100 initiative cooperation. date2024-05-21

Korea and Malaysian state of Sarawak discuss energy cooperation

Deputy Minister for Energy Policy Lee Ho-hyeon met with Sarawak Premier Abang Johari Openg on May 21 in Seoul and discussed measures for energy cooperation in hydrogen and carbon capture and storage (CCS).   A number of Korean firms are pushing joint projects with the Sarawak state of Malaysia at the moment, and the above meeting came about on the occasion of Premier Johari’s visit for meetings with relevant Korean companies for discussions on Sarawak’s development direction.   Deputy Minister Lee asked that Sarawak give active support and interest towards the “Sarawak New Energy Hub” project underway by Korean companies like Samsung E&A and Korea National Oil Corporation (KNOC) for utilizing the state’s rich renewable energy and natural resources to produce clean ammonia and methanol. He also stated that he looks forward to seeing Korea-Sarawak cooperation continue in establishing the supply chain for clean hydrogen.   Moreover, with regard to the Shepherd CCS Project in which both countries’ companies are participating for transport and storage of carbon dioxide to Sarawak, the deputy minister requested interest in commencing talks concerning Korea-Malaysia cross-border carbon dioxide transfer and storage. date2024-05-21

Korea-Cambodia Business Forum

Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-Cambodia Business Forum, co-hosted by the two countries’ Chambers of Commerce, on May 16 in Korea on the occasion of Cambodian Prime Minister Hun Manet’s visit. A total of six memorandums of understanding (MOUs) were signed at the forum.   The forum was attended by approximately 250 persons, consisting of representatives of the two countries' governments, companies, and related institutions, to discuss measures for Korea-Cambodia economic cooperation, investment and promising sectors, and Korean companies’ Cambodia market entry success cases. date2024-05-20

Minister Ahn discusses renewable energy initiatives with Climate Group CEO

Trade, Industry and Energy Minister Dukgeun Ahn met Climate Group CEO Helen Clarkson on May 20 on the occasion of her visit to Korea to host the Asia Renewables Growth Forum 2024 and discussed Korea’s renewable energy policy directions and RE100 initiative cooperation.   Minister Ahn first expressed high regard for the Climate Group’s achievements in expanding the distribution of renewable energy around the world, explaining that the Korean government is pushing the Carbon Free Energy (CFE) Initiative to facilitate the utilization of renewable energy. He highlighted that the strategy MOTIE announced Thursday (May 16) on widening state-led renewable energy distribution and strengthening the supply chain embodies that very policy stance.   The minister also noted that 36 Korean companies have declared their commitment to RE100 in spite of comparatively challenging renewable energy utilization conditions as a manufacturing-intensive country led by power-heavy sectors like semiconductor, steel, and automobiles. He added that the Government promptly established officially recognizable RE100 implementation schemes in step with the companies’ commitments, mentioning that further effort will be made to keep enhancing companies’ renewable energy utilization convenience.   Minister Ahn explained the need for Korea’s carbon-free energy transition and related endeavors in view of the climate crisis and carbon neutrality response, and both sides agreed to bolster mutual cooperation on shared agendas under the CFE and RE100. date2024-05-20

Trade Minister holds bilateral talks on margins of APEC Trade Ministerial

Minister for Trade Inkyo Cheong attended the Asia-Pacific Economic Cooperation (APEC) Trade Ministerial as the Korean government’s Chief Delegate from May 17-18 in Arequipa, Peru, and participated in discussions with other APEC member countries under the themes of "Empower. Include. Grow."   The trade minister attended three sessions on the following agendas: 1) trade liberalization and WTO, 2) Free Trade Area of the Asia-Pacific (FTAAP), and 3) trade and inclusion, where he proposed Korea’s policy efforts and vision for intraregional cooperation in line with its APEC chairmanship in 2025.   In the first session of the above, he called for joint efforts with regard to formulating norms through multilateral negotiations as part of implementing the outcomes gained during the 13th World Trade Organization Ministerial Conference (MC13). In the second session, he proposed that the FTAAP talks also cover digital and supply chain among other new trade agendas in view of the changing trade environment. In the third session, he introduced Korea’s e-commerce platform “uTradeHub” and startup nurturing program for SMEs and women, sharing how digital technology can promote inclusive trade. Moreover, he suggested measures for women’s economic empowerment and trade participation through trade policies during the Joint Meeting of Ministers Responsible for Women and Ministers Responsible for Trade.   Following the meeting, the 21 APEC member countries issued a joint statement, meaningful in that it contains consensuses on new trade agendas like supply chains, digital, and artificial intelligence (AI).   Meanwhile, Trade Minister Cheong held bilateral talks with counterparts from Thailand, the U.S., and Peru, each having served as APEC chair for 2022, 2023 and 2024, respectively, to discuss APEC chairmanship experiences and share Korea’s preparation for APEC 2025 chairmanship. He also met with representatives of Australia, Japan, China, and Indonesia to discuss trade, supply chain stabilization, and inclusive economic trade cooperation measures. date2024-05-20

Korea and Cambodia hold Business Forum

Trade, Industry and Energy Minister Dukgeun Ahn attended the Korea-Cambodia Business Forum, co-hosted by the two countries’ Chambers of Commerce, on May 16 in Korea on the occasion of Cambodian Prime Minister Hun Manet’s visit.   The forum was attended by approximately 250 persons, consisting of representatives of the two countries' governments, companies, and related institutions, to discuss measures for Korea-Cambodia economic cooperation, investment and promising sectors, and Korean companies’ Cambodia market entry success cases.   In his congratulatory address, Minister Ahn stated that it is the optimal opportunity for the two countries to step up their economic cooperation, noting the signing of the bilateral Free Trade Agreement (FTA) and Regional Comprehensive Economic Partnership (RCEP) joint participation, and proposed measures for expanding trade and investment, upgrading advanced industrial cooperation, and achieving carbon neutrality by 2050.   A total of six memorandums of understanding (MOUs) were signed at the forum. Korea Chamber of Commerce and Industry (KCCI) and Cambodia Chamber of Commerce (CCC) entered an MOU for supporting both countries’ companies through business partner matchings and trade and investment information provision. In addition, four financial cooperation MOUs and one infrastructure cooperation MOU were sealed, signaling the vitalization of private economic cooperation as well. date2024-05-20

Trade Minister attends "Trade Liberalisation: FTAAP" session

Minister for Trade Inkyo Cheong attended the "Trade Liberalisation: FTAAP" session at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting on May 18 in Arequipa, Peru and discussed new directions for FTAAP within APEC in view of the changing trade landscape. date2024-05-20