Ministry of Trade, Industry and Energy

Trade Minister chairs meeting with Korean companies operating in the U.S.

Minister for Trade Inkyo Cheong chaired a conference with representatives of Korean companies operating in the local U.S. market on March 14 in Washington D.C. to gather corporate opinions on business issues.   The conference was attended by representatives of Korean firms and related institutions, including Samsung Electronics, LG Group, Hyundai Motor and Korea Institute for Advancement of Technology (KIAT). date2024-03-18

Trade Minister meets Heritage Foundation's Senior Research Fellow

Minister for Trade Inkyo Cheong met with Bruce Klingner, Senior Research Fellow for Northeast Asia in the Asian Studies Center at the Heritage Foundation, on March 14 in Washington D.C. to discuss the U.S.’ trade policies, future outlook and Korea-U.S. trade issues. date2024-03-18

Trade Minister meets U.S. Representative

Minister for Trade Inkyo Cheong met with U.S. Representative Mike Kelly on March 14 in Washington D.C. to discuss CHIPS Act subsidies, Inflation Reduction Act (IRA), visa issues and measures to resolve Korean companies’ U.S. investment challenges. date2024-03-18

Trade Minister meets Senior U.S. Senator

Minister for Trade Inkyo Cheong met with Senior U.S. Senator Jon Ossoff on March 14 in Washington D.C. to discuss CHIPS Act subsidies, Inflation Reduction Act (IRA), visa issues and measures to resolve Korean companies’ investment challenges. date2024-03-18

Trade Minister meets U.S. Deputy National Security Adviser

Minister for Trade Inkyo Cheong met with Daleep Singh, Deputy National Security Adviser, on March 14 in Washington D.C. to discuss CHIPS Act subsidies, Inflation Reduction Act (IRA), visa issues and measures to resolve Korean companies’ investment challenges. date2024-03-18

Trade Minister meets Council on Foreign Relations (CFR) President

Minister for Trade Inkyo Cheong met Council on Foreign Relations (CFR) President Michael B. Froman on March 14 in Washington D.C. and exchanged views on U.S.’ trade policies, future outlook and Korea-U.S. bilateral trade issues. date2024-03-18

Minister attends seminar on measures for enhancing the potential of CFE sources

Trade, Industry and Energy Minister Dukgeun Ahn attended a seminar on March 15 in Seoul, held to facilitate discussions for enhancing the potential of carbon-free energy sources.   The Minister gave a congratulatory message and led discussions on the measures for transitioning power and industrial processes into a response system against climate change.   The seminar was attended by approximately 200 persons, consisting of representatives from related institutions and organizations, including the CF Alliance Chairman Hoesung Lee and Co-Chairperson of the Presidential Commission on Carbon Neutrality and Green Growth Kim Sang-hyup. date2024-03-18

Korea discusses technical regulation issues with export destination countries at WTO TBT Committee

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 17 that the Korean Agency for Technology and Standards (KATS) President Jin Jong-wook and Food and Drug Safety Minister Yu-Kyoung Oh attended this year’s first World Trade Organization (WTO) Technical Barriers to Trade (TBT) Committee meeting through March 12-15 to discuss issues on technical regulations with Korea’s major export destination countries.   At the TBT Committee meeting, the Korean delegation raised specific trade concerns (STCs) over 10 technical regulations imposed by a number of countries and the EU on some of Korea’s major export items, including batteries, automobiles, cosmetic products, medical devices, and fluorinated greenhouse gases (F-GHGs), which are used as refrigerants for air conditioners.   Meanwhile, regarding the per- and polyfluoroalkyl substances (PFAS) regulations, Korea intends to hold bilateral talks with related countries for cooperation on addressing domestic industries’ concerns and resolving issues arising from the global increase of TBTs. date2024-03-18

Ministers agree to expand clean economy cooperation at IPEF ministerial meeting

Trade, Industry and Energy Ministry's Deputy Minister for FTA Negotiations Roh Keon-ki attended the Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting on March 14 via videoconferencing.   Ministers attending the meeting agreed to prepare for the entry into force and implementation of the Supply Chain, Clean Economy and Fair Economy Pillars’ Agreements concluded last year, while also pushing forward practical cooperation to enhance connectivity across the Indo-Pacific region through the IPEF Clean Economy Investor Forum and activation of Clean Economy cooperative programs, among other means.   The ministerial meeting will kick off procedures for the Clean Economy and Fair Economy Agreements’ entry into force, including their disclosure and the collection of public opinion. Concluded last November, the Agreements contain measures for cooperation in energy transition, reduction of greenhouse gas emissions in industries and transportation sectors, early transition into the Clean Economy (e.g., carbon market), anti-corruption, and for strengthening the transparency and efficiency of tax administration.   Participating countries plan to proceed with signing and other necessary procedures for the Clean Economy and Fair Economy Agreements’ swift entry into force. The Supply Chain Agreement and pertaining measures for cooperation to stabilize the regional supply chain have come into effect in some countries starting February 24, and Korea will proceed with domestic procedures, including government screening and Cabinet decision-making, for entry into force in April.   Moreover, it is anticipated that this year will set cooperative activities into motion to maximize the outcomes per each IPEF Pillar. Slated for June in Singapore, the Investor Forum will be a venue for investor-project matching and other activities with the participation of governments, investment companies and Multilateral Development Banks (MDBs) for boosting investments in eco-friendly energy, ports, and clean economy infrastructure areas for the Indo-Pacific region. In addition, a detailed cooperation program for the early achievement of the Clean Economy Agreement targets is to be launched, such as those for invigorating the carbon market, clean electricity utilization, and sustainable aviation fuels (SAF), as well as for establishing the hydrogen market and supply chain, and retraining for just transitions and upskilling.   Deputy Minister Roh stated that whereas 2023 was a year focusing on concluding the Agreements for IPEF Pillars, 2024 will be one focusing on their entry into force, preparing for implementation, and seeing actual investment and cooperation happen at the IPEF level. date2024-03-18

Experts nod at CFE utilization being key to achieving carbon neutrality and industrial competitiveness

Trade, Industry and Energy Minister Dukgeun Ahn attended a seminar on March 15, sponsored by the Ministry of Trade, Industry and Energy (MOTIE) and jointly hosted by the Korea Chamber of Commerce and Industry (KCCI) and the Carbon Free (CF) Alliance, on enhancing the potential of carbon-free energy sources, where vigorous discussions took place on measures for the transition of electrical power and industrial processes into carbon-free processes in response to climate change.   The seminar was attended by numerous key figures of academia, corporations, and research institutes, including the Co-Chairperson of the Presidential Commission on Carbon Neutrality and Green Growth Kim Sang-hyup and Korea Institute for Industrial Economics and Trade (KIET) President Ju Hyeon, for discussions on the latest, in-depth discourse on carbon neutrality and related industrial and energy issues.   CF Alliance Chairman Hoesung Lee remarked in his opening address on Korea’s role of initiating the global climate crisis response measures, establishing new international rules and leading the technological diffusion of carbon-free energy utilization.   Participants presented various ideas on related issues: expanding the supply of various carbon-free energy sources like renewables, nuclear energy and hydrogen; developing technologies and providing financial support for reducing the unit price of green hydrogen production; maintaining nuclear energy competitiveness through the development of small modular reactors (SMRs); and measures for achieving carbon neutrality without relying on certain technologies or scenarios.   In accordance with the 28th Session of the Conference of Parties (COP28) to the UNFCCC agreements, participants overall agreed that a wide range of carbon-free energy sources should be proactively utilized and that their potential can be translated to actual power supply capacity for the more effective achievement of carbon neutrality and industrial competitiveness, considering Korea’s industrial structure tilted towards advanced industries and manufacturing.   Minister Ahn remarked that “Carbon neutrality is not a choice for firms, but an essential task for survival and a national task directly linked to industrial competitiveness.” He said that efforts will be made to accelerate the establishment of implementation standards with major countries in supporting companies attain carbon neutrality through the global diffusion of the Carbon-Free Energy (CFE) Initiative. date2024-03-15