Ministry of Trade, Industry and Energy

Korea and Japan’s business leaders expand economic cooperation

Korea’s Minister for Trade Inkyo Cheong attended the 57th Korea-Japan Business Conference today in Seoul, co-organized by Korea’s Ministry of Trade, Industry and Energy (MOTIE), Korea-Japan Economic Association, Japan-Korea Economic Association, and the Japan-Korea Industrial Technology Co-Operation Foundation in commemoration of the 60th anniversary of the two countries’ normalization of diplomatic relations.  Since launched in January 1969 following the normalization of relations in 1965, the Korea-Japan Business Conference has served as a major platform for bilateral consultation in advancing the two countries’ economic cooperation. In his congratulatory message, Trade Minister Cheong expressed gratitude to both countries’ business leaders for their commitment to economic cooperation over the past 60 years and proposed that the two countries’ governments and business leaders work together in setting new milestones to open a new chapter of cooperation for the next 60 years.  Noting the increase of global trade uncertainties, Trade Minister Cheong stated that joint efforts will be made for trade collaboration through close intergovernmental communication, while also providing strong support towards expanding the scope of bilateral economic cooperation in supply chain stabilization, transition to carbon-free and new energy sources, as well as joint entry into Global South and other third countries. Moreover, he asked that the business leaders actively leverage Korea and Japan’s hosting of international events like APEC 2025 and the Osaka-Kansai World Expo. In accordance with this year’s conference theme of broader and deeper Korea-Japan cooperation, the two countries’ economic groups discussed joint measures in establishing and building trust, enhancing economic partnerships in carbon neutrality, AI, semiconductors, bio, and supply chains, utilizing the FTA network, and boosting people-to-people exchanges. They also agreed to further cooperation in these areas going forward.   date2025-05-27

“K-FEZ Day in Europe” launches in London and Frankfurt

Korea’s Ministry of Trade, Industry and Energy (MOTIE) launched “K-FEZ Day in Europe” from May 19–23 in London and Frankfurt. Co-organized by MOTIE, the FEZ Planning Office, and the Korea Trade-Investment Promotion Agency (KOTRA), K-FEZ Day initially kicked off in Singapore last year with an aim to introduce Korea’s Free Economic Zones (FEZs) to investors in major cities around the world. This year’s K-FEZ Day was launched in the UK and Germany, countries ranking first and second in Europe by number of investments made in Korea as of 2024. Five of Korea’s FEZs (Incheon, Busan-Jinhae, Gwangyang Bay Area, Ulsan, Chungbuk) took part in the event. In the UK, a Korea-UK Investment Seminar was held to articulate the strengths of Korea’s FEZs and introduce investment strategies of each FEZ, held with roughly 30 UK-based potential and real estate investors such as Leonard Design Architects and Pure Data Centres Group. Following the seminar, participants and investors engaged in one-on-one business consultations on hotels, offices, healthcare facilities, and logistics. In Germany, a Korea-Germany Advanced Industries Roundtable was convened to heighten interest in FEZs with the participation of local companies holding track records of Korea-bound investments, such as DB Schenker, AMDT, Prettl, and Wilo. Participants discussed further commitments in future mobility, electrical and electronics, bio, machinery, and robotics. Head of Korea’s FEZ Planning Office Lee Hyunjo led the delegation for K-FEZ Day in Europe, stating that K-FEZ Day is a valuable opportunity for in-person promotions of Korea’s FEZs across major investor countries and that outcomes of the event will be managed by KOTRA Business Centers.   date2025-05-23

Korea Trade Commission holds 460th meeting

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) held the 460th KTC meeting today at the Government Complex Sejong for deliberation and resolution on one anti-dumping investigation and received a report on the roll-out of three other anti-dumping investigations. Regarding the anti-dumping investigations on Chinese and Taiwanese petroleum resin initiated in August 2024, the KTC gave the determination confirming the dumping of imports and its injury on domestic industries. Accordingly, the KTC will be proposing a five-year anti-dumping duty of between 2.26% and 18.52% on the said products to Korea’s economy and finance minister. The KTC also received a report on the launch of anti-dumping investigations on fiberboards imported from Thailand, Japanese and Chinese industrial robots, and Saudi Arabian butyl glycol ether (BGE). On the same day, the KTC held a public hearing on the domestic industry’s injury from dumped imports of Chinese hot-rolled carbon and other alloy steel plates, for which investigations were initiated in October 2024, to grant interested parties sufficient opportunity to make statements and ensure their rights of defense. The said products are currently subject to a provisional anti-dumping duty of between 27.91% and 38.02% through April 24–August 23, 2025, and await a final determination in the latter half of this year following domestic and overseas due diligence procedures.   date2025-05-22

Korea leads tabletop exercise with IPEF partners to enhance crisis response capacity to supply chain disruptions

Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced that Korea, as the Chair of the Indo-Pacific Economic Framework for Prosperity (IPEF) Crisis Response Network (CRN), is holding a virtual supply chain emergency tabletop exercise today to strengthen cooperation among IPEF partners in responding to supply chain disruptions and enhance their capacity for swift and coordinated joint response. The tabletop exercise simulates a scenario in which partner “Country A” experiences a shortage of therapeutic agents amid an outbreak of an unidentified acute respiratory infection and requests that CRN Chair Korea convene an emergency meeting to assist with the supply of therapeutic agents. Through the simulation, IPEF partners aim to assess the infection’s impact on the intraregional supply chain and explore cooperative measures for mutual support. As the second tabletop exercise following last year’s, today’s simulation is designed not only to more accurately replicate a real emergency situation—reflecting input from the pharmaceutical supply chain experts and partner countries—but also to involve the participation of ministries overseeing pharmaceuticals in order to maximize the effectiveness of the exercise. On the sidelines of the virtual tabletop exercise, Korea and Australia will introduce to IPEF partners the details of their joint supply chain capacity building project. The two countries plan to provide tailored education on supply chain management and crisis response policymaking to reinforce IPEF partners’ supply chain crisis response capacity. They will also be sharing best practices and discussing ways to improve CRN operations. MOTIE plans to launch an in-person CRN tabletop exercise in the second half of this year, while actively pushing the Korea-Australia IPEF supply chain capacity building project forward.   date2025-05-22

Korea’s automobile exports record $6.5 billion in April

Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced today that domestic automobile sales for the month of April 2025 logged 150,622 units, increasing month-on-month for the third consecutive month. Domestic sales advanced 6.7 percent year-on-year on the backs of continued demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs), each gaining 50.3 percent and 29.9 percent year-on-year, respectively, in terms of units. Their aggregate sales volume accounts for 46 percent (68,048 units) of Korea’s entire domestic sales in April. Korea’s automobile exports for April (USD 6.5 billion) saw growth in destinations like the EU, Asia, Middle East, Latin America, and Africa. Exports to the EU advanced 26.7 percent year-on-year, based on strong demand for Korean EV models in the local market. Moreover, the robust exports of secondhand cars helped boost auto exports to non-EU European countries (up 11.6 percent) and Asia (up 53.9 percent). Meanwhile, U.S.-bound automobile exports shrank 19.6 percent from the impact of tariffs and other factors, including a major Korean automaker’s opening of a new production plant in Georgia, U.S. Automobile production inched down by only 2.2 percent to 385,621 units in spite of growing trade uncertainties, powered by surging domestic sales and Korean automobiles’ solid performance in the EU and non-U.S. markets.   date2025-05-20

Korea strengthens cooperation with Asia-Pacific economies to address global trade uncertainties

Korea’s Minister for Trade Inkyo Cheong of the Ministry of Trade, Industry and Energy (MOTIE) held high-level bilateral talks with trade representatives of 14 APEC member economies and the World Trade Organization (WTO) through May 14-16 on Jeju Island, as part of a series of bilateral meetings convened on the sidelines of the 2025 APEC Ministers Responsible for Trade (MRT) Meeting. During the talks, he took stock of the recent developments in U.S. tariff consultations with major economies and discussed measures to enhance trade and economic cooperation in addressing global trade uncertainties. First, Trade Minister Cheong met with U.S. Trade Representative Jamieson Greer on May 15 to discuss the status of U.S. tariff consultations with major economies and to exchange views on the Korea-U.S. technical discussions launched on May 1. Representative Greer noted Korea’s efforts to deliver meaningful outcomes through this year’s APEC MRT Meeting as chair of APEC 2025. On May 16, Trade Minister Cheong held a meeting with Masaki Okushi, Vice Minister of Japan’s Ministry of Economy, Trade and Industry (METI), and Miyaji Takuma, Vice Minister of Japan’s Ministry of Foreign Affairs (MOFA). Commemorating the 60th anniversary of the normalization of diplomatic relations, the two sides agreed to deepen collaboration in key areas like advanced industries, hydrogen and other emerging energy sectors, and supply chain resilience. They also pledged to work together toward the success of APEC 2025 and the Osaka-Kansai Expo and to actively leverage both Korea-Japan and Korea-U.S.-Japan cooperation platforms. In the meeting with Budi Santoso, Indonesia’s Minister of Trade, Trade Minister Cheong emphasized that more than 2,000 Korean companies are currently operating in Indonesia, requesting the Indonesian government’s support in resolving challenges faced by Korean firms including local certification and import restriction issues so as to ensure stable business operations. Meanwhile, Korea’s Deputy Minister for Trade Park Jong-won met with Ian McKay, Canada’s Special Envoy for the Indo-Pacific and Ambassador to Japan, to discuss ways to expand Korea-Canada cooperation in celebration of the 10th anniversary of the two countries’ bilateral FTA and to address support for Korean companies operating in Canada. He also met with Claudia Sanhueza Riveros, Chile’s Undersecretary for International Economic Relations, to review progress on the Korea-Chile FTA upgrade negotiations and to request the Chilean government’s support for Korean companies seeking to participate in Chile’s lithium development projects. Trade Minister Cheong stated that the bilateral talks with 14 Asia-Pacific economies’ trade leaders and the WTO Director-General have helped to promote the sharing of insights on global developments and trade response measures, while also advancing close cooperation on key issues such as building resilient critical minerals supply chains, expanding trade networks, and addressing challenges faced by Korean companies operating overseas. He added that the ministry will strive to mitigate trade uncertainties and external risks based on the newly gained insights and strengthened intraregional cooperation.   date2025-05-19

2025 APEC Ministers Responsible for Trade Joint Statement

2025 APEC Ministers Responsible for Trade Joint Statement Jeju, Republic of Korea | 15-16 May 2025   1. We, the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT), met in Jeju, Republic of Korea, from 15-16 May 2025, under the chairmanship of H.E. Inkyo Cheong, Minister of Trade of the Republic of Korea. We welcome the participation of the Director-General of the World Trade Organization (WTO), the Deputy Secretary-General of the Organisation for Economic Co-operation and Development (OECD), the APEC Business Advisory Council (ABAC), the Association of Southeast Asian Nations (ASEAN), and the Pacific Economic Cooperation Council (PECC).   2. Taking inspiration from Korea's APEC 2025 theme "Building a Sustainable Tomorrow", we have advanced APEC’s agenda through three thematic priorities: Connectivity through Multilateral Trading System, Artificial Intelligence (AI) Innovation for Trade Facilitation, and Prosperity through Sustainable Trade.   3. We remain committed to the Putrajaya Vision 2040, including through the implementation of the Aotearoa Plan of Action to build an open, dynamic, resilient, and peaceful Asia-Pacific community for the prosperity of all our people and future generations. We are concerned with the fundamental challenges faced by the global trading system. We remain committed to APEC as the premier forum for regional economic cooperation and emphasize the importance of its role in bringing us together to address the economic challenges facing our region and create a more resilient and prosperous Asia-Pacific region.   4. We recognize the importance of the WTO to advance trade issues, and acknowledge the agreed upon rules in the WTO as an integral part of the global trading system. We recognize the WTO has challenges and needs meaningful, necessary, and comprehensive reform to improve all its functions, through innovative approaches, to be more relevant and responsive in light of today’s realities.   5. We welcome the acceptance by 16 APEC economies of the WTO Agreement on Fisheries Subsidies, and call on remaining economies to complete their domestic procedures, and encourage all WTO Members to conclude negotiations on additional disciplines as soon as possible. We recognize the need for a constructive engagement on agriculture at the WTO. We also note the extension of the moratorium on customs duties on electronic transmissions as decided at MC13. We note the importance of enhancing predictability for the development of the digital economy. We welcome efforts to continue to reinvigorate work under the Work Program on Electronic Commerce.   6. We recognize the positive role of plurilateral negotiations at the WTO, including the Joint Statement Initiatives (JSIs), for advancing issues of interest to Members and to make the WTO more relevant. We welcome the progress made and emphasize their roles to address contemporary trade issues, foster new ideas, facilitate economic growth, and build momentum toward multilateral outcomes. We note the efforts of participating Members of the WTO JSIs to incorporate the Investment Facilitation for Development Agreement and the Agreement on Electronic Commerce into the WTO legal framework. We note the Statement of the APEC Committee on Trade and Investment together with the APEC Investment Experts’ Group Supporting the Investment Facilitation for Development Agreement, which reaffirms APEC’s strong commitment to a more transparent, predictable and business-friendly investment environment.   7. Recognizing its importance to APEC, we reaffirm our shared commitment to advancing economic integration in the Asia-Pacific region in a manner that is market-driven, including through the work on Free Trade Area of the Asia-Pacific (FTAAP) agenda. We welcome the study conducted by the APEC Policy Support Unit (PSU) on areas of convergence an date2025-05-19

Global trade leaders gather on Jeju Island for 2025 APEC MRT Meeting

Korea’s Ministry of Trade, Industry and Energy (MOTIE) is holding the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) meeting from May 15–16 at the International Convention Center Jeju (ICC Jeju). As Korea is resuming APEC chairmanship in 20 years since 2005, Minister for Trade Inkyo Cheong is chairing the MRT meeting with the participation of trade ministers from 21 major economies in the Asia-Pacific region, including Australia, Canada, Chile, China, Japan, and the U.S., as well as the WTO Director-General and the OECD Deputy Secretary-General. Amid the rapidly shifting global trade environment, this year’s APEC MRT meeting is the trade ministers’ first official gathering for multilateral cooperation. Discussions will cover various trade issues and intraregional cooperation measures, such as the liberalization and facilitation of trade and investment. In line with the 2025 APEC theme of “Building a Sustainable Tomorrow: Connect, Innovate, Prosper,” the MRT meeting consists of three sessions on the following topics: AI innovation for trade facilitation, connection through multilateral trade, and prosperity through sustainable trade.  In the first session, participants address wide-ranging measures for cooperation to catalyze AI utilization in trade areas such as AI application and standard information sharing in the field of tariffs and customs, with OECD Deputy Secretary-General Yoshiki Takeuchi as the keynote speaker. The second session focuses on WTO reform and role of APEC in restoring the multilateral trade system, with WTO Director-General Ngozi Okonjo-Iweala speaking on WTO reform and future cooperation for multilateral trade. The last session on prosperity through sustainable trade, to convene on May 16, will have participants exchange views on measures for joint efforts in establishing a sustainable supply chain, including climate crisis response. In his opening message, Trade Minister Cheong noted the current difficult external environment surrounding APEC and stated that the need for APEC is greater than ever considering the severe global trade situation. He further expressed hope that this MRT meeting will serve as a platform for communication and cooperation that contributes to resolving political and economic tensions and uncertainties that the world is facing today.   date2025-05-15