Ministry of Trade, Industry and Energy

Trade Promotion Committee discusses IPEF and Korea-EU Digital Trade Agreement

Minister for Trade Inkyo Cheong chaired the 38th Trade Promotion Committee meeting on April 23 and led discussions on the progress of Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain and Clean Economy Agreements and forward-looking measures for their utilization.   With the IPEF Supply Chain Agreement having entered into force on April 17 in Korea, the ministry plans to selectively sort critical items and push joint projects, diversify import channels, and improve logistics through coordination with IPEF partner countries, all of which are anticipated to substantially contribute to Korea’s industrial supply chain stabilization.   Moreover, the Government intends to actively engage in the IPEF Clean Economy Investor Forum and IPEF Catalytic Capital Fund to widen Korean companies’ doors of opportunity in entering the KRW 200 trillion Indo-Pacific clean economy cooperation market.   Next, attendees discussed the progress on Korea-EU Digital Trade Agreement negotiations. As the existing Korea-EU Free Trade Agreement (FTA) does not reflect the recent changes in digital trade, the need for digital trade rules improvement between the two sides is rising. Accordingly, the Korean government declared the commencement of negotiations for the bilateral digital trade agreement in October 2023 and has convened three official negotiating rounds thus far, with plans to swiftly proceed with negotiations in the future for establishing the bilateral digital trade agreement in line with the high standards of the Korea-EU digital trade principles. date2024-04-23

Trade Minister meets President of the Business Council of Canada

Minister for Trade Inkyo Cheong met with Goldy Hyder, President of the Business Council of Canada, on April 22 in Seoul and discussed measures for stronger bilateral economic and trade cooperation. date2024-04-23

Minister Ahn holds export promotion meeting with Korean firms in Japan

Minister Dukgeun Ahn chaired a meeting on April 22 in Tokyo with Korean companies operating in the local Japanese market in various areas, including semiconductors, electrical and electronics, steel, chemicals, aviation, power generation, and agricultural food products, and discussed measures for promoting exports.   Attending the meeting were representatives of companies like Korean Air, POSCO, Hyundai Motor and related associations like the Korea International Trade Association (KITA) and K-SURE. date2024-04-23

Minister Ahn meets with Tokyo Electron CEO

Minister Dukgeun Ahn visited Tokyo Electron Ltd. on April 22 in Tokyo and held talks with its CEO Toshiki Kawai. date2024-04-23

Minister Ahn receives investment pledge from Japan’s Toray Industries

Trade, Industry and Energy Minister Dukgeun Ahn received an investment declaration from Japan’s Toray Industries Vice President on the establishment of an additional plant for producing aramid fibers in Korea on April 22 in Tokyo. date2024-04-23

Trade Minister attends 13th Plenary of ISO/IEC JTC 1/SC 42 AI

Minister for Trade Inkyo Cheong attended the 13th Plenary of ISO/IEC JTC 1/SC 42 Artificial Intelligence through April 22-26 hosted in Seoul at the Korea Chamber of Commerce and Industry (KCCI) with the attendance of approximately 270 global AI experts from 40 countries, including the U.S., UK, Germany, and Japan, and companies like Google, Microsoft, NVIDIA, KT, and Naver. date2024-04-23

Minister Ahn meets Japan's METI Minister

Trade, Industry and Energy Minister Dukgeun Ahn visited Tokyo on April 22 and met with Saitō Ken, Japan’s Economy, Trade and Industry Minister, to discuss follow-up measures to bilateral summit agenda items in industry, trade, and energy, as well as forward-looking cooperation. date2024-04-23

Korea and Canada hold 4th FTA Joint Committee meeting

Minister for Trade Inkyo Cheong attended the 4th Korea-Canada Free Trade agreement (FTA) Joint Committee meeting on April 22 with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng to discuss measures for facilitating investment and trade issues. date2024-04-23

Trade Minister meets Canada’s Minister of Export Promotion, Int'l Trade & Economic Development

Minister for Trade Inkyo Cheong met with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng on April 22 at the Lotte Hotel Seoul to discuss stronger bilateral trade and economic cooperation. date2024-04-23

Korea and Canada discuss measures for stronger trade and economic cooperation

Minister for Trade Inkyo Cheong met with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng, Head of the Canadian business delegation, on April 22 in Seoul and held trade ministerial talks.   During the bilateral talks, Trade Minister Cheong suggested that Korea and Canda bolster their cooperation in natural gas, critical minerals, and batteries, while expanding the scope of cooperation to areas like clean energy and small modular reactors (SMRs). He also requested the Canadian government’s interest and cooperation in facilitating Korean firms’ local investment and supply chain endeavors.   The trade chief also met with Goldy Hyder, President of the Business Council of Canada, on the margins of the business delegation’s visit to Korea and discussed private sector efforts in translating government efforts into concrete joint projects.   Canada’s business delegation visit to Korea is the largest bilateral economic cooperation event following the upgrade of their relations to a Comprehensive Strategic Partnership in 2022, held with participation of more than 170 Canadian firms and institutions for stronger networking and uncovering new joint projects between the two countries’ companies.   Moreover, under the shared understanding that trade and investment cooperation is key, the two sides held the fourth Korea-Canada Free Trade agreement (FTA) Joint Committee meeting on a ministerial level, which is a first. date2024-04-23