Ministry of Trade, Industry and Energy

Korea and ASEAN take initial step in creating permanent trade and economic think tank dialogue

Minister for Trade Inkyo Cheong of the Republic of Korea held the “ASEAN-ROK Think Tank Dialogue on Economic and Trade Policy (AKTD)” roundtable meeting today in Seoul with roughly 30 attendees composed of ASEAN countries’ ambassadors to Korea, representatives of the Economic Research Institute for ASEAN and East Asia (ERIA), and the ASEAN Secretariat to discuss plans for the AKTD’s launch in 2025 and future directions. The AKTD is a research consultation body to be operated through the participation of major government-funded research institutes of Korea and 10 ASEAN countries. It will focus on conducting joint research on trade and economic policy topics suitable for gaining mutually beneficial outcomes such as supply chain and carbon-free energy. Key research outcomes will be reported during the annual Korea-ASEAN economic ministers’ meetings and shared through forums. In today’s opening message, Trade Minister Cheong remarked that this year is significant in light of Korea and ASEAN’s establishment of a comprehensive strategic partnership. He added that AKTD will be the first economic cooperation project to mark the beginning of future bilateral cooperation and asked for strong support and interest from the ambassadors and other ASEAN representatives present. In the following session, Korea Institute for Industrial Economics and Trade (KIET) laid out detailed plans for AKTD and ERIA proposed measures for ERIA-AKTD collaboration. ERIA President Tetsuya Watanabe expressed hopes for AKTD to develop into a platform symbolic of stable Korea-ASEAN cooperation amid the rapidly changing global trade environment and stated that ERIA will also seek ways to create synergy. MOTIE plans to officially launch the AKTD in early 2025 after confirming the participating ASEAN think tanks based on each country’s government recommendations. The ministry will be leading joint research with the ASEAN Secretariat and other think tanks, while also hosting the inaugural AKTD conference in Korea during the first half of 2025 with private sector participation among other various measures to propel the AKTD as a leading Korea-ASEAN trade and economic cooperation platform.   date2024-12-17

Korea and Thailand hold 3rd official negotiating round for bilateral EPA

Korea’s Deputy Minister for FTA Negotiations Roh Keon-ki and Director General of the Department of Trade Negotiations at the Ministry of Commerce of Thailand Chotima Iemsawasdikul are leading their respective delegations in the third official negotiating round for the Korea-Thailand Economic Partnership Agreement (EPA) from December 17–19 in Bangkok. In this third round, the two sides will be newly entering negotiations on communications, finance, environment, labor, and sustainable development in addition to the areas over which negotiations have already been in progress since first launched this March, such as goods, services, investment, rules of origin, government procurement, intellectual property, and cooperation. Thailand is one of Korea’s key partner countries in ASEAN and home to numerous Korean businesses, with an industrial structure suitable for laying down a mutually complementary supply chain with Korea which further increases the two countries’ potential for bilateral industrial collaboration. Deputy Minister Roh stated that the Korean government is actively carrying out trade negotiations with major trade partners according to plan in an effort to boost the Korean economy by promoting overseas market penetration, exports, and trade diversification for stronger global competitiveness.   date2024-12-17

Korea’s January–November accumulated automobile exports log historic $64.8 bln

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s automobile exports from January–November 2024 amounted to a record high of USD 64.8 billion. November automobile exports reached $5.6 billion (down 13.6 percent year-on-year), the second highest export value for the month on the backs of the high export growth rate attained by some of Korea’s major mid-size carmakers. However, November automobile exports overall suffered a year-on-year decline as heavy snow in the Seoul capital area reduced shipments at a couple of ports in the region. Meanwhile, hybrid electric vehicles (HEVs) contributed substantially to Korea’s automobile exports and domestic sales for November. HEV exports entered the $1 billion threshold for the fourth consecutive month with $1.03 billion (up 55.6 percent) and their domestic sales logged an unprecedented 50,021 units (up 21.6 percent). Total domestic automobile sales slid 7.9 percent to 147,841 units but still ranked first among this year’s monthly sales as a result of the stronger industry-wide sales promotion and the Korea Sale FESTA. Automobile production slid 7.1 percent to 344,355 units owing to the lower number of working days (-1 weekday) and setbacks in parts supply.   date2024-12-16

Korea’s ICT exports grow 14.8% in November

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on December 15 that the export and import of Korea’s information and communications technology (ICT) goods for November 2024 achieved USD 20.5 billion and $12.4 billion, respectively, and the trade balance logged a surplus of $8.1 billion. ICT exports for the month of November advanced 14.8 percent year-on-year to enter the $20 billion thresholds for the fourth consecutive month, thanks to the strong performance of leading items like semiconductors and computers/peripherals. The accumulated ICT export value from January–November rose 26.1 percent year-on-year to $212.4 billion. Semiconductors climbed 30.3 percent to $12.5 billion, the January–November accumulated chip exports reaching an all-time high of $127.5 billion on the backs of robust demand for both memory chips (up 52.0 percent to $8.0 billion) and system chips (up 1.9 percent to $4.0 billion). Computers/peripherals leaped 98.6 percent, driven by steep demand for solid-state drives (SSDs) (up 194.2 percent to $1.2 billion). By region, ICT exports to China (including Hong Kong) inched down 2.2 percent to $7.9 billion as those of mobile phones and displays decreased. Exports to Vietnam (up 5.7percent to $3.3 billion) improved for the 16th consecutive month, led by semiconductors and mobile phones. Exports to the U.S. (up 47.5 percent to $3.0 billion) expanded for the 13th consecutive month as semiconductors (up 109.8 percent to $1.1 billion) and computers/peripherals (up 350.8 percent to $0.8 billion) surged, boosted by demand for servers and datacenters. EU-bound ICT exports (up 5.7 percent to $1.1 billion) continued their upward trajectory for the ninth consecutive month, with mobile phones (up 68.1 percent to $0.2 billion) and computers/peripherals (up 71.3 percent to $0.3 billion) at the helm. Exports to Japan (down 4.5 percent to $0.3 billion) shrank despite growth of semiconductors and displays as shipments of items like computers/peripherals decreased.   date2024-12-16

Korea and EU negotiate upgrading bilateral digital trade rules

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that its Office of the Minister for Trade and the European Commission are entering the seventh official negotiating round for a bilateral Digital Trade Agreement (DTA) from December 16–17 in Seoul. On the margins of the bilateral Free Trade Agreement (FTA) Trade Committee meeting in October 2023, the two sides launched the Korea-EU DTA negotiations based on the shared understanding for the need to upgrade e-commerce rules under the Korea-EU FTA in order to adequately respond to the evolving trade landscape amid the digital trade expansion and emergence of new digital trade issues such as data and cybersecurity. Following a series of six negotiating rounds with the aim of establishing high-level digital trade norms, this seventh round seeks to move the previous negotiations forward in an effort to narrow differences. The Korea-EU DTA is expected to help lay down a stable digital trade cooperation base for both sides through invigorating the trade of digital products and services by cutting transaction costs and catalyzing the digitization of the entire trade process, while also facilitating Korean businesses’ data collection and utilization activities with the guarantee of free data transfer.   date2024-12-16

KATS Holds 58th technical regulation committee meeting

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held the 58th Technical Regulation Committee (“Committee”) meeting today in Seoul for discussions on the proposed plan to review the effectiveness of conformity assessment for the upcoming Phase 3 (2025–2027). To ease burden on businesses, KATS has been evaluating the impact of newly introduced or tightened technical regulations on firms since 2013 in accordance with the Framework Act on Administrative Regulation. Since 2019, it has also been reviewing the need for the continued existence of legal certification systems once every three years in accordance with the Framework Act on National Standards. KATS runs the Committee under these objectives comprising private technical regulations experts. In compliance with the Framework Act on National Standards, KATS reviewed 250 certification systems from 2019–2022 and in 2024, the Bureau of Regulatory Innovation and Reform under the Office for Government Coordination reviewed 257 certification systems. Today’s discussions covered measures for private experts and stakeholders to review systems requiring numerous certifications and impose a heavy burden on businesses and citizens, with an aim to overhaul certification systems that are lacking in terms of effectiveness and tend to impede corporate innovation. Attendees also discussed plans with regard to reinforcing the Committee’s mandatory public-private joint review process to curb the further creation of new certifications and modify related rules to allow businesspersons to participate in the Committee to better incorporate onsite opinions. Socially controversial technical regulations and certification system revision measures may be obligated to undergo a Committee review. KATS plans to table the abovementioned proposal to review the effectiveness of conformity assessment for the upcoming Phase 3 (2025–2027) and other key agendas to the Committee. date2024-12-13

Fabless companies win recognition for contribution to advancing Korea’s fabless industry

Director General for High Technology Industry Yoon Sung-hyuk at the Ministry of Trade, Industry and Energy (MOTIE) attended the 2024 Fabless Day ceremony on December 11 in Seoul, hosted by the Korea Fabless Industry Association, where contributors to the fabless industry development were presented with government awards. Now in its second year, the ceremony was held with the participation of 100 representatives of major Korean fabless and semiconductor design house companies like Nextchip, Telechips, ABOV Semiconductor, and GAONCHIPS, as well as related institutions such as the Ministry of SMEs and Startups (MSS), Seongnam City, and the SeongNam Industry Promotion Agency (SNIP). During the ceremony, nine government awards were given to fabless companies recognized for their contribution to innovating and developing the domestic fabless ecosystem, including the Korean fabless company Nemesis, which was awarded the Trade, Industry and Energy Minister’s Commendation.   date2024-12-12

Korea launches 28th New Technology Commercialization Promotion Competition

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea launched the New Technology Commercialization Promotion Competition (“Competition”) on December 11 in Seoul to encourage new technology development and catalyze the expansion of sales channels and investment support. At the Competition, government awards were presented to 47 persons and institutions of merit for their contribution to developing and commercializing new and innovative technologies in addition to expanding sales channels. Moreover, a total of 35 new technology and new product certificates were awarded for the second half of this year. This year’s Silver Tower Order of Industrial Service Merit went to JNG CEO Park Jong-woo for the groundbreaking contribution to improving the air conditioning and heating efficiency of geothermal heat pump systems through air-conveying power reduction technology. The Industrial Service Medal went to Park Chang-joo, a department head at DL E&C for contributing to enhancing fire safety and the firefighting industry by developing the two-way intake and exhaust control system. On the margins of the Competition, three memorandums of understanding (MOUs) were signed among certified firms, venture capital firms, and a technology evaluation institute to accelerate the initial follow-up investment outcomes of the agreement signed last year to promote investment for new product- and technology-certified firms.   date2024-12-12