Ministry of Trade, Industry and Energy

Trade Minister meets Japan’s METI Vice Minister of International Affairs

Minister for Trade Inkyo Cheong met with Hosaka Shin, Japan’s Vice Minister of International Affairs at the Ministry of Economy, Trade and Industry (METI), on February 29 at ADNEC in UAE on the margins of the WTO’s MC13 to discuss measures for cooperation in hydrogen and other energy areas, multilateral trade and bilateral supply chain cooperation in advanced industries. date2024-03-04

Korea and Oman sign TIPF MOU

Minister for Trade Inkyo Cheong met with Oman’s Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef on February 27 at the Capital Centre Arjaan by Rotana, UAE, where they held the MOU signing ceremony for Trade and Investment Promotion Framework (TIPF) between Korea and Oman, on the margins of WTO’s MC13, for expanding bilateral cooperation in trade, investment, energy and resources supply chain, and in new industries like digital, green and bio. date2024-03-04

Korea and Bulgaria sign TIPF MOU

Minister for Trade Inkyo Cheong and Bulgaria’s Economy and Industry Minister Bogdan Bogdanov met on February 26 at ADNEC in UAE on the margins of WTO’s MC13 and held the MOU signing ceremony for Trade and Investment Promotion Framework (TIPF) between Korea and Bulgaria for expanding bilateral cooperation in trade, investment, industries and supply chain. date2024-03-04

Trade Minister furthers bilateral economic cooperation with trade leaders on margins of WTO's MC13

Minister for Trade Inkyo Cheong met with the trade ministers of 14 countries on the margins of the 13th World Trade Organization (WTO) Ministerial Conference (MC13), held through February 26-29 in Abu Dhabi in the United Arab Emirates (UAE), for discussions to facilitate MC13 outcomes and strengthen commitment towards restoring the WTO-led multilateral trade system, while holding bilateral talks on measures to deepen cooperation in critical minerals, advanced industries and clean energy areas through trade initiatives like the Free Trade Agreement (FTA) and the Trade and Investment Promotion Framework (TIPF).   In talks with the U.S. Trade Representative Katherine Tai, Trade Minister Cheong highlighted the fact that bilateral relations between Korea and the U.S. are advancing towards an alliance on advanced industries and supply chains and requested the U.S.’ continued cooperation with regard to the Inflation Reduction Act (IRA).   The trade chief also met with China’s Commerce Minister Wang Wentao to discuss the two countries’ cooperation in industrial and supply chains, as well as follow-up Korea-China FTA negotiations on service and investment. They also agreed to closely cooperate on incorporating the Investment Facilitation for Development (IFD) Agreement into the WTO system.   With Hosaka Shin, Japan’s Vice Minister of International Affairs at the Ministry of Economy, Trade and Industry (METI), Trade Minister Cheong discussed measures for cooperation in hydrogen and other energy areas, multilateral trade and bilateral supply chain cooperation in advanced industries.   The Korean trade leader also met with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng, Australia’s Trade and Tourism Minister Don Farrell and Singapore’s Trade and Industry Minister Gan Kim Yong to discuss critical minerals, advanced industries, carbon-free and clean energy cooperation measures as key industrial, energy and trade partners, and asked for support in resolving Korean companies’ investment issues in local business operation and other challenges. Moreover, with Uzbekistan’s Deputy Prime Minister for Investments and Foreign Economic Relations and Minister of Investments and Foreign Trade Jamshid Khodjaev, Trade Minister Cheong affirmed continued support for Uzbekistan’s accession to the WTO.   The trade minister also attended the Coalition of Trade Ministers on Climate on the margins of the WTO’s MC13 and highlighted the importance of global efforts for climate change response and the free trade in goods, services, and technologies for mitigating climate change. In the WTO Ottawa Group Trade Ministers' meeting, he conveyed Korea’s expectations towards agenda items and outcomes related to strengthening the deliberative function of the WTO and other reform measures.   Meanwhile, Korea sealed TIPF agreements with Bulgaria and Oman, respectively, establishing the base for bilateral trade and investment expansion as well as economic, technology and people-to-people exchanges with Europe and the Middle East. date2024-03-04

Korea's exports advance 4.8% in February

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 1 that Korea’s export value for February 2024 increased 4.8 percent year-on-year to USD 52.4 billion. Imports decreased 13.1 percent to $48.1 billion and the trade balance stood at a surplus of $4.3 billion.   February monthly exports recorded growth for the fifth consecutive month, despite the seasonal factors and relatively lower number of working days due to the Seollal holidays having landed in January last year. Factoring in the number of working days, the average daily export value ($2.6 billion) for February climbed 12.5 percent year-on-year and 12.2 percent month-on-month.   By item, six out of major 15 export items showed growth. Semiconductors skyrocketed 66.7 percent to $9.9 billion, achieving the steepest climb since October in 2017 (up 69.6 percent) and continuing on the growth pace for the fourth consecutive month.   Displays (up 20.2 percent) and computers (up 18.4 percent) both posted double-digit growth and advanced for the seventh and second consecutive month, respectively.   For wireless communication devices, smartphones gained 57.5 percent, but exports of parts dropped 31.9 percent, resulting in a 16.5 percent fall overall. Exports of general machinery (up 1.2 percent), ships (up 27.7 percent) and bio health (up 9.3 percent) improved for the 11th, seventh and fourth consecutive month, respectively. Automobile exports showed a temporary decline of 7.8 percent due to the Seollal holidays and some automakers’ production line maintenance work.   By destination, exports to five out of nine major export destinations increased in February.   Exports to China (down 2.4 percent) were affected by the Spring Festival holiday, but the daily average export grew 4.8 percent to approximately $0.5 billion. Korea’s trade balance with China snapped the downward streak for the first time in 17 months, recording a $0.2 billion surplus.   Exports to the U.S. posted an all-time high for the month of February, reaching $9.8 billion (up 9.0 percent) and continued on the growth streak for the seventh consecutive month.   Exports to Japan (up 1.0 percent) and ASEAN (up 1.4 percent) grew for the fifth consecutive month, while those to Latin America (up 25.1 percent) advanced for the second consecutive month.   Korea's February imports declined 13.1 percent year-on-year to $48.1 billion. The import of crude oil (up 0.9 percent) inched up, but that of gas (down 48.6 percent) and coal (down 17.3 percent) dropped, contracting overall energy imports by 21.2 percent.   The trade balance stood at a $4.3 billion surplus in February, continuing on the surplus pace for the ninth consecutive month.     * Short version date2024-03-04

Minister Ahn chairs 49th Industrial Technology Protection Committee

Trade, Industry and Energy Minister Dukgeun Ahn chaired the 49th Industrial Technology Protection Committee on February 29 in Seoul and led the deliberation and resolution on the proposed amendment regarding 31 technologies across nine areas out of a total of 75 technologies over 13 areas. date2024-02-29

Korea to make amendments concerning 31 national core technologies to incorporate changing technological landscape

Trade, Industry and Energy Minister Dukgeun Ahn chaired the 49th Industrial Technology Protection Committee (“Committee”) meeting on February 29 in Seoul and led the deliberation and resolution on proposed amendments concerning 31 national core technologies in semiconductors, automobiles, railway transport, steel, nuclear power plants and other sectors for incorporation of new technology designations, revocations, standards adjustment, and scope specification to reflect the shifts in the technological landscape.   The amendment will be touching on 31 technologies across nine areas out of a total of 75 technologies over 13 areas. Details of the amendment will be notified during the first half of this year via administrative notice and other procedures.   The Committee members discussed measures to improve deliberation and resolution standards for technology export and mergers and acquisitions (M&As). Members agreed on the need to clarify deliberation standards for export declaration and approval in order to prevent export delays caused by application of excessive deliberation criteria on technologies mandated for declaration and developed without government support. They also agreed to further specify deliberation standards to reduce ambiguity, and newly install a special criterion for M&As that pose risks of technology leak.   In his opening address, Minister Ahn presented policy measures for the protection of industrial technology in 2024, including plans to introduce the blanket review system and other simplified review procedures not only to areas like semiconductors and biotechnology (2023), but also to shipbuilding, batteries, and automobiles starting this year.   The Committee meeting held this day saw export approval granted to 15 national high-tech strategic technologies and national core technologies in the areas of semiconductors (3), displays (2), secondary batteries (6), automobiles (1), and biotechnology (3). date2024-02-29

Trade Minister meets Costa Rica’s Foreign Trade Minister

Minister for Trade Inkyo Cheong met with Costa Rica’s Foreign Trade Minister Manuel Tovar Rivera on February 28 at ADNEC in UAE on the margins of the WTO’s MC13 to discuss key agenda items for MC13 and measures for expanding bilateral economic cooperation. date2024-02-29

Trade Minister meets U.S. Trade Representative

Minister for Trade Inkyo Cheong met with U.S. Trade Representative Katherine Tai on February 28 at ADNEC in UAE on the margins of the WTO’s MC13 to discuss bilateral trade issues, including the Korea-U.S. FTA Joint Committee, remaining IPEF negotiations and cooperation for implementation. date2024-02-29

Trade Minister meets Australia’s Trade and Tourism Minister

Minister for Trade Inkyo Cheong met with Australia’s Trade and Tourism Minister Don Farrell on February 28 at ADNEC in UAE on the margins of the WTO’s MC13 and discussed cooperation in supply chains and climate change response. date2024-02-29