Ministry of Trade, Industry and Energy

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

Minister Ahn meets with RAND Corporation CEO

Trade, Industry and Energy Minister Dukgeun Ahn held talks with Jason Matheny, CEO and President of the U.S.-based thinktank RAND Corporation, on May 24 in Seoul concerning Korea’s measures in responding to the rapidly changing trade landscape amid the U.S.-China conflict, Russia-Ukraine war, and other geopolitical uncertainties, as well as the intensifying global protectionism and technology and security competition. date2024-05-24

10th meeting of Korea-Kazakhstan Commission on Trade-Economic and Scientific-Technical Cooperation

Trade, Industry and Energy Minister Dukgeun Ahn and Kazakhstan’s Industry and Construction Minister Sharlapaev Kanat Bisimbayevich held the 10th meeting of the intergovernmental Korea-Kazakhstan Commission on Trade-Economic and Scientific-Technical Cooperation on May 23 via teleconferencing, where the two sides also signed the Agreed Minutes of the meeting. date2024-05-24

39th Trade Promotion Committee discusses Trade Policy Roadmap

Minister for Trade Inkyo Cheong chaired the 39th Trade Promotion Committee meeting on May 24 at the Korea Chamber of Commerce and Industry (KCCI) with related ministries to discuss the “Trade Policy Roadmap.”   The trade minister stated that “Over the last two years, the Government has actively responded to trade issues like the U.S.’ Inflation Reduction Act (IRA) and the EU’s Carbon Border Adjustment Mechanism (CBAM) to protect domestic companies’ interests, while expanding Korea’s trade network through various agreements like the Free Trade Agreement (FTA), the Trade and Investment Promotion Framework (TIPF), and the Economic Partnership Agreement (EPA) and achieving trade surpluses and new records in foreign investment.” He further requested the proactive cooperation of relevant ministries in establishing the abovementioned Roadmap, which is to lay out the vision and goals of Korea’s trade policies for the next three years.   At the meeting, the Ministry of Trade, Industry and Energy (MOTIE) and other ministries discussed measures for strengthening multi- and bilateral cooperation with major countries, taking the initiative in new trade norms formulation and multilateral consultative groups, entering new markets through wider cooperation with the Global South, enlarging the trade network, pushing industrial and trade convergence policies for industrial competitiveness, and promoting exports and foreign investment.   MOTIE plans to announce the Trade Policy Roadmap after further consultation with related ministries. date2024-05-24

Korea launches world's first clean hydrogen power bidding market

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 24 that Korea is launching the world’s first clean hydrogen power bidding market. The bidding market is expected to contribute to reducing greenhouse gases (GHGs) through the development of clean hydrogen, while also supplying clean hydrogen at affordable prices through competition.   The clean hydrogen power bidding market is a market for supplying and buying electricity produced by harnessing clean hydrogen. Participants are allowed to harness power generators using only hydrogen that fulfills the domestic clean hydrogen certification standards (GHG of 4㎏CO2e or less per 1kg of hydrogen). This year’s annual bidding volume is 6,500 GWh with a contract period of 15 years. Commercial operation must begin by 2028, following three years of preparation period plus one year of grace period.   The bid notification period will be 24 weeks, considering the length of time needed for power generators to seal their fuel supply contract. The winning bidder will be selected in December based on price indices, clean hydrogen utilization grade, fuel supply stability, and level of contribution to industry and economy and other nonprice elements.   Meanwhile, the power bidding market for general hydrogen is to be launched this year as well. This bidding market aims to catalyze the installation of distributed energy resources (DER), with the bidding volume reaching 1,300GWh and the power generation contract spanning 20 years. Commercial operation must commence by 2026 following two preparatory years. The winning bidder, like last year, will be selected in August after an evaluation of price indices, power system impact, industrial and economic contribution, and nonprice indices.   Bid notifications and further details are to be available at the Korea Power Exchange (KPX) website (kchps.kmos.kr). date2024-05-24

Minister Ahn discusses response measures amid global uncertainties with RAND Corporation CEO

Trade, Industry and Energy Minister Dukgeun Ahn held talks with Jason Matheny, CEO and President of the U.S.-based thinktank RAND Corporation, on May 24 in Seoul.   Held on the occasion of President Matheny’s visit for meetings with Korean companies and experts concerning cooperation in defense, technology, and security, the talks covered Korea’s measures in responding to the rapidly changing trade landscape amid the U.S.-China conflict, Russia-Ukraine war, and other geopolitical uncertainties, as well as the intensifying global protectionism and technology and security competition.   They also discussed the impact on Korea from the U.S.’ recent announcement to levy new tariffs on Chinese imports and China’s complaint filed to the World Trade Organization (WTO) over U.S. subsidies under the Inflation Reduction Act (IRA). date2024-05-24

Trade Minister meets MEDEF France-Korea Business Council Chairman

Minister for Trade Inkyo Cheong met with François Jackow, Chairman of the France-Korea Business Council of MEDEF International, on May 23 at the FKI Tower in Seoul to discuss measures for advancing bilateral economic cooperation. date2024-05-24

Korea and Kazakhstan hold 10th meeting of Trade-Economic and Scientific-Technical Cooperation Commission

Trade, Industry and Energy Minister Dukgeun Ahn and Kazakhstan’s Industry and Construction Minister Sharlapaev Kanat Bisimbayevich held the 10th meeting of the intergovernmental Korea-Kazakhstan Commission on Trade-Economic and Scientific-Technical Cooperation on May 23 via teleconferencing.   Launched in accordance with the bilateral trade agreement that went into force in 1992, the above Commission is a high-level consultative group co-led by Korea’s Trade, Industry and Energy minister and Kazakhstan’s Industry and Construction minister, with the participation of related ministries and institutions. The Commission’s previous meeting was held four years ago in November 2020.   During the 10th meeting, both sides decided to strengthen cooperation across various areas, including critical minerals, energy, trade, investment, infrastructure, and science technology based on the shared understanding of the importance of economic security and wider energy cooperation, which were some of the issues discussed during the Korea-Kazakhstan summit held on the margins of the United Nations General Assembly in September 2023. date2024-05-24

Trade Minister speaks at 1st “Korea-France Business Dialogue for Our Future”

Minister for Trade Inkyo Cheong spoke at the first “Korea-France Business Dialogue for Our Future” jointly launched by the Movement of the Enterprises of France (MEDEF) and the Federation of Korean Industries (FKI) on May 23 in Seoul and discussed measures for bilateral cooperation in aerospace, future mobility, low carbon and other advanced technology and future strategic industry areas. date2024-05-24