Ministry of Trade, Industry and Energy

Korea holds JTC3 Inaugural Plenary Meeting

Standards Policy Director General Oh Kwang-hae attended the Inaugural Plenary Meeting of the IEC/ISO JTC 3 (“JTC3”), to be held from May 28–30 at the Plaza Hotel Seoul, where approximately 100 representatives from 22 countries, including the U.S., UK, Germany, and China, gathered to discuss quantum technology development and standards strategies. date2024-05-28

Korea-UAE Business & Investment Forum

Minister for Trade Inkyo Cheong attended the Korea-UAE Business & Investment Forum on May 28 with UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, as well as 200 business leaders of both countries, where Medytox (Korea) and Tecom Group (UAE) signed a letter of intent (LOI) on the establishment of a plant in UAE producing botulinum toxin, the world’s first and only non-animal liquid toxin drug. date2024-05-28

Korea and New Zealand hold 6th FTA Joint Committee meeting

Director General for FTA Policy Ahn Chang-yong led the Korean delegation in the sixth Korea-New Zealand Free Trade Agreement (FTA) Joint Committee meeting held on May 28 in Seoul. His counterpart Greg Andrews from the Ministry of Foreign Affairs and Trade (MFAT) headed the New Zealand delegation. They covered FTA outcomes, measures for enhancing exporters and importers’ convenience, and joint projects in conjunction with FTA among other various issues of interest. date2024-05-28

Trade Minister meets ASEAN Secretary-General

Minister for Trade Inkyo Cheong met with the Association of Southeast Asian Nations (ASEAN) Secretary-General Kao Kim Hourn on May 28 in Seoul to discuss measures for expanding Korea-ASEAN trade, investment, and joint projects. date2024-05-28

Korea hosts Inaugural Plenary of JTC3 for standards development in quantum technology

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) is holding the Inaugural Plenary Meeting of the IEC/ISO JTC 3 (“JTC3”) from May 28–30 at the Plaza Hotel Seoul with the participation of approximately 100 representatives from 22 countries, including the U.S., UK, Germany, and China.   Aware that quantum technology is key to future advanced industries, the International Electrotechnical Commission (IEC) and International Organization for Standardization (ISO) jointly established JTC3 in December 2023 with aim to catalyze both R&D and industrialization of quantum computing, communications, materials, and sensing through standardization, which comes 37 years since launching the ISO/IEC JTC 1 in 1987 as a joint technical committee (JTC) for information technology (IT) like artificial intelligence (AI) and information security. Korea is serving as the inaugural JTC3 Chair since this February and is now holding the first Plenary in Seoul.   The Inaugural Plenary saw the gathering of representatives from various affiliations, including companies like IBM, Microsoft, LG Electronics, and Huawei, research institutes like the UK’s National Physical Laboratory (NPL) and the U.S.’ National Institute of Standards Technology (NIST), as well as government authorities like Japan’s Ministry of Economy, Trade, and Industry (METI) and China’s Ministry of Industry and Information Technology (MIIT).   Over the three-day period, experts will discuss standards development in quantum computing, quantum sensing, basic terminology, and quantum technology classification. The second day will proceed with an international symposium, where countries can share standards strategies and their respective quantum technology development progresses. date2024-05-28

Korea and New Zealand hold 6th FTA Joint Committee meeting

Director General for FTA Policy Ahn Chang-yong led the Korean delegation in the sixth Korea-New Zealand Free Trade Agreement (FTA) Joint Committee meeting held on May 28 in Seoul, breaking the four-year hiatus since the fifth meeting in 2020. His counterpart Greg Andrews from the Ministry of Foreign Affairs and Trade (MFAT) headed the New Zealand delegation.   Now in its 10th year of implementation, the Korea-New Zealand FTA has both markets offering high levels of openness and contributing substantially to the expansion in bilateral trade, which soared 84.8 percent to USD 4.6 billion in 2023 from the $2.5 billion in 2015, the year the FTA entered into force.   The sixth joint committee meeting covered FTA outcomes, measures for enhancing exporters and importers’ convenience, and joint projects in conjunction with FTA among other various issues of interest.   Director General Ahn stated that, as participants of not only the FTA but also the Regional Comprehensive Economic Partnership (RCEP), Indo-Pacific Economic Framework for Prosperity (IPEF), and the Digital Economy Partnership Agreement (DEPA), both countries have agreed to actively cooperate in diffusing intraregional free trade and responding to the rise in trade protectionism. date2024-05-28

Korea and UAE hold Business & Investment Forum on margins of state visit

Minister for Trade Inkyo Cheong attended the Korea-UAE Business and Investment Forum on May 28, co-hosted by Korea’s Ministry of Trade, Industry and Energy (MOTIE) and the United Arab Emirates (UAE)’ Ministry of Economy and co-organized by Korea Chamber of Commerce and Industry (KCCI) and the UAE Embassy in Seoul, with aim to encourage both countries’ business leaders and their new partnerships.   Held on the occasion of the UAE President Sheikh Mohamed bin Zayed’s first state visit to Korea and attended by UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, as well as 200 business leaders of both countries, this forum is significant in that it deepened the economic ties between the two countries through jointly seeking out new investment opportunities.   At the forum, Medytox (Korea) and Tecom Group (UAE) signed a letter of intent (LOI) on the establishment of a plant in UAE producing botulinum toxin, the world’s first and only non-animal liquid toxin drug. The two sides have previously entered an MOU during President Yoon Suk Yeol’s state visit to UAE in January 2023.   In his congratulatory address, Korea’s trade chief mentioned that the 100-fold increase in bilateral trade (from USD 0.2 billion in 1980 to $20.8 billion in 2023) and their advancement towards a special strategic partnership are all outcomes of hard work made by the two countries’ entrepreneurs and expressed anticipation for the forum to further strengthen the Korea-UAE economic cooperation network. date2024-05-28

Korea and ASEAN discuss measures for advancing bilateral economic cooperation

Minister for Trade Inkyo Cheong met with the Association of Southeast Asian Nations (ASEAN) Secretary-General Kao Kim Hourn on May 28 in Seoul to discuss comprehensive economic cooperation between Korea and ASEAN.   Underscoring ASEAN’s position as Korea’s second largest trade and direct investment partner, Trade Minister Cheong noted how the Indo-Pacific Strategy and the Korea-ASEAN Solidarity Initiative (KASI) announced by President Yoon on the margins of the Korea-ASEAN Summit in 2022 are spurring their bilateral economic cooperation. As this year marks the 35th anniversary of the two sides’ dialogue relations, he further expressed anticipation for their cooperation to advance towards a Comprehensive Strategic Partnership (CSP) and to encompass economic, social, and cultural issues along with upgrading the Korea-ASEAN Free Trade Agreement (FTA).   Secretary-General Kao welcomed the Korean government’s specific collaboration measure laid out through KASI proposing to harmoniously combine Korea’s strengths and ASEAN’s industrial demand and assured to make efforts to expand bilateral economic cooperation.   Moreover, both sides agreed to make concerted and continued efforts to produce tangible results in the Korea-ASEAN joint projects that are ongoing for the establishment of electrical safety infrastructure and standards cooperation network. They expressed hope for the ASEAN Economy Ministers’ Meeting and ASEAN Summit slated for the second half of 2024 to catalyze economic cooperation in various areas.   Trade Minister Cheong also suggested that Korea and ASEAN cooperate in digital transition, clean economy, and new trade issues, for which he asked ASEAN’s proactive support and interest in the Carbon Free Energy (CFE) Initiative and the Asia-Pacific Economic Cooperation (APEC) Summit 2025 to be hosted by Korea next year. date2024-05-28

Trade Minister monitors Korea’s exports to major destinations

Minister for Trade Inkyo Cheong led a meeting on May 27 at the Government Complex Sejong to monitor Korea’s exports with officials in charge of major destinations, including the U.S., China, ASEAN, EU, and the Middle East. Noting the upward trajectory drawn across most destinations this year so far, Trade Minister Cheong expressed anticipation for the growth momentum acting as a tailwind for May exports and trade surplus as well. date2024-05-27

Korea's exports to major destinations on upward trajectory

Minister for Trade Inkyo Cheong led a meeting on May 27 at the Government Complex Sejong to monitor Korea’s exports per major destination with officials in charge of each region.   Korea’s exports in 2024 are continuously increasing across key destinations like the U.S., China, and ASEAN, with six out of nine major regions showing growth through January–April in accumulation. Notably, exports to the U.S. (up 17.7 percent year-on-year to USD 42.4 billion) and India (up 4.0 percent to $6.1 billion) set record highs for the period.   U.S.-bound exports advanced, driven by demand for automobiles (up 28.2 percent), general machinery (up 46.6 percent), and semiconductors (up 212.5 percent). To China, the information technology industry’s recovery spurred the expansion of semiconductors (up 34.4 percent) and displays (up 26.7 percent), which boosted the entire China-bound exports by 5.7 percent. Exports to ASEAN (up 3.8 percent) maintained their growth pace on the backs of semiconductors (up 19.0 percent), petroleum products (up 8.6 percent), and petrochemicals (up 20.1 percent). Exports to Latin America increased as those of machinery (up 22.2 percent), steel (up 2.5 percent), and automobile parts (up 4.6 percent) rose, marking the steepest climb (up 25.4 percent) among all destinations.   Noting the upward trajectory drawn across most destinations this year so far, Trade Minister Cheong expressed anticipation for the growth momentum acting as a tailwind for May exports and trade surplus as well. date2024-05-27