Ministry of Trade, Industry and Energy

Korea proposes global workstream for CFE Initiative at Clean Energy Ministerial

Director General for Energy Policy Choi Yeon-woo at the Ministry of Trade, Industry and Energy (MOTIE) attended the Clean Energy Ministerial (CEM) Senior Officials' Meeting and Mission Innovation (MI) Annual Gathering held from May 15-17 in Bali, Indonesia, and partook in discussions on technology development and measures for accelerating clean energy transition.   Representatives of 29 member countries gathered for in-depth discussions on the effective management methods for the 24 clean energy working groups on nuclear power, renewables, battery, and efficiency, as well as measures for developing the seven Missions on areas like clean hydrogen, clean power, and carbon dioxide removal (CDR).   On this occasion, MOTIE proposed the launching of a new global workstream for Carbon Free Energy (CFE) Initiative as a platform for dialogue and cooperation on the schemes to expand and implement carbon-free energy utilization with member countries, and as a means to diffuse the CFE Initiative. The Initiative was initially suggested by President Yoon Suk Yeol during the United Nations General Assembly in September 2023 for achieving carbon neutrality and mitigating the climate change adaptation gap, winning official support from countries like Japan, the UK, France, the Netherlands, the United Arab Emirates, Saudi Arabia, and Romania.   On the margins of the CEM meetings, MOTIE and the Carbon Free (CF) Alliance held the “Advancing Climate Goals with Carbon-Free Energy,” where government officials, industries’ representatives, and experts engaged as panel speakers to exchange views on the need for wider utilization of carbon-free energy sources.   MOTIE and the CF Alliance aim to officially launch the global workstream for the CFE Initiative in the next CEM slated for October this year in Brazil. date2024-05-16

Korea and Chile to push forward cooperation in critical minerals supply chain

Resources Industry Policy Director General Yoon Chang-hyun at the Ministry of Trade, Industry and Energy (MOTIE) led the Korean delegation in the fifth Korea-Chile Resources Cooperation Committee meeting on May 15 (local time) in Santiago for discussions on bilateral collaboration in supply chains of lithium and such critical minerals. The Chilean delegation was led by Chile’s Mining Minister Aurora Williams.   The world’s largest lithium reservoir (9.3 million metric tons), Chile takes up 33.2 percent of global lithium reserves and is one of Korea’s key partner countries for building a stronger supply chain on critical minerals like lithium for batteries and other advanced industries. LG Energy Solution and Samsung SDI are some of the Korean firms importing lithium carbonate from Chile.   The fifth Resources Cooperation Committee meeting is a follow-up to the two countries’ agreement to discuss detailed lithium cooperation measures on the occasion of the Asia-Pacific Economic Cooperation (APEC) Summit held November 2023. Both sides shared their critical minerals strategies and discussed prospects of collaboration, including Chile’s tailings reprocessing technology development and Korea’s eco-friendly lithium extraction technology.   On the margins of the Committee meeting, MOTIE held a Korea-Chile symposium for business exchanges and networking, where Korean firms like LX International and POSCO Holdings and Chilean critical minerals firms like Sociedad Química y Minera (SQM) and Chilean national mining company ENAMI (Empresa Nacional de Minería) gathered to discuss bilateral lithium development, trade, and technology development.   Meanwhile, Director General Yoon and Minister Williams also discussed the Chilean government’s lithium salt flat development bid project among other areas of interest to Korean companies, as well as measures for strengthening the bilateral critical minerals supply chain. date2024-05-16

Korea and U.S. hold opening ceremony for launching of eCERT for steel customs clearance

The Ministry of Trade, Industry and Energy (MOTIE), Korea Customs Service (KCS), and U.S. Customs and Border Protection (CBP) held the opening ceremony of the Electronic Certification System (eCERT), established as a bilateral platform for steel customs clearance, on May 15 (EDT) at CBP Headquarters in Washington D.C.   The eCERT is a filing system for quota-subject Korean steel that can manage quotas and customs, operated in sync with the export quota management system run by Korea Iron and Steel Association (KOSA). CBP will compare and cross-check the export approval document submitted by KOSA with the import declaration form and reply back on whether or not to approve customs clearance.   Beginning May 20, CBP will automatically reject filings with incompatible steel importer data. In other words, the export approval document from KOSA and import declaration form submitted to CBP must match for customs to clear.   MOTIE's Deputy Minister for FTA Negotiations Roh Keon-ki commented that “Whereas in the past it took over a week for Korean exporters to confirm customs clearance on their own through U.S. importers, now they can view the entire customs process with a single mouse click.” date2024-05-16

Korea's ICT exports climb 33.8% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 15 that Korea’s export and import of information and communications technology (ICT) goods for April recorded USD 17.1 billion and $11.6 billion, respectively, and the trade balance stood at a surplus of $5.5 billion.   April ICT exports achieved this year’s steepest climb of 33.8 percent year-on-year as the majority of key items like semiconductors, displays, mobile phones, and computers/peripherals advanced. The previous growth rate entering the 30 percent thresholds was set in March 2022 (33.6 percent).   By item, top items like semiconductors (up 53.9 percent), displays (up 15.2 percent), mobile phones (up 15.3 percent), and computers/peripherals (up 55.9 percent) increased in export.   By region, exports to China (including Hong Kong) (up 43.7 percent), Vietnam (up 22.4 percent), the U.S. (up 24.6 percent), Europe (up 15.5 percent), and Japan (up 9.1 percent) enjoyed growth.   Meanwhile, ICT imports rose 10.4 percent year-on-year as demand for semiconductor and display parts increased. date2024-05-16

Trade Minister meets with Korean companies in U.S. on margins of attending APEC Trade Ministerial

Minister for Trade Inkyo Cheong, on the occasion of attending the Asia-Pacific Economic Cooperation (APEC) trade ministers’ meeting through May 17-18, visited Atlanta, U.S. (May 14-15), to meet with Korean companies operating in the U.S. market and reviewed the two countries' joint R&D projects in advanced industries and discussed bilateral trade policy measures.   Trade Minister Cheong visited Kia’s West Point plant in Georgia on May 15 and met with automakers and parts manufacturers to discuss the recent announcement by the U.S. Department of Commerce (DOC) on the preliminary determination on anti-dumping investigations covering Korean aluminum extrusions. The trade chief then met with seven member companies of the Korean Corporations Alliance of the Southeast (KOCAS) and discussed local management environment trends and business challenges.   The trade minister also visited Georgia Institute of Technology and held talks with Korean professors and researchers at the university to review Korea-U.S. collaboration progress in advanced technologies.   Trade Minister Cheong plans to attend the APEC Joint Meeting of Ministers Responsible for Trade and Ministers for Women among other meetings through May 16-18 to discuss measures for inclusive and sustainable growth, while also preparing for Korea’s 2025 APEC chairmanship. date2024-05-16

Korea and UK hold 6th bilateral Nuclear Energy Industry Dialogue

Nuclear Power Policy Director General Ahn Sei-jin at the Ministry of Trade, Industry and Energy (MOTIE) led the Korean delegation in the meeting with the UK’s delegation led by Chris Heffer, Director for Nuclear Power, Infrastructure and Decommissioning at the Department for Energy Security and Net Zero (DESNZ), for the sixth Korea-UK Nuclear Energy Industry Dialogue on May 14 (BST) in London. The meeting was attended by representatives of both countries’ relevant ministries, companies, and institutions.   The sixth Korea-UK Nuclear Energy Industry Dialogue was held as part of follow-up measures to the memorandum of understanding (MOU) inked between the two countries in November 2023, when MOTIE and DESNZ signed the MOU for nuclear energy cooperation on the sidelines of President Yoon’s state visit to the UK, outlining bilateral cooperation in new nuclear power plant projects, nuclear fuel, radioactive waste, decommissioning, small modular reactors (SMRs), industry and talent exchanges.   At the meeting, the two sides covered prospects on development and construction of the UK’s new nuclear power plant project and reviewed their collaboration progress across the entire life cycle of nuclear power plants, including nuclear fuel supply chain diversification, SMR development, decommissioning experience and technology sharing, and industrial and technology cooperation. date2024-05-16

MOTIE-shipyards joint TF aiming to lead global standards in autonomous ship navigation

The Ministry of Trade, Industry and Energy (MOTIE) announced that its public-private joint task force (TF) on autonomous ship navigation attended on May 14 the Symposium "Sailing together: Striving for a Future-Proof IMO MASS Code,” co-sponsored by Korea and the International Maritime Organization (IMO).   Now in its second year, the symposium aims to promote the sharing of research and technology trends on autonomous ship navigation, in line with the 108th session of the Maritime Safety Committee beginning May 15. This year’s symposium is all the more significant in terms of the IMO’s non-mandatory goal-based MASS Code approval slated for this year.   Composed of MOTIE officials and domestic shipyards’ representatives, the public-private joint TF introduced Korea’s autonomous navigation system, technological development progress (led by Korean government and KASS), and commercialization program (led by HD Hyundais’ Avikus and Samsung Heavy Industries, etc.).   On the margins of the symposium, MOTIE officials held bilateral talks with the IMO’s Marine Technology Head Sascha Pristrom and shared Korea’s systems and technology environment that facilitates demonstrations for the world’s first autonomous ship navigation laws and regulatory sandboxes. Moreover, they visited the UK’s Department for Business and Trade to discuss measures for bilateral synergy through the combination of UK’s eco-friendly technologies and Korea’s shipbuilding capacity. date2024-05-14

Public and private sectors gather to discuss joint measures concerning UK's CBAM

The Ministry of Trade, Industry and Energy (MOTIE) held a conference on May 14 regarding the UK’s Carbon Border Adjustment Mechanism (CBAM) with related industries' representatives to gather opinions and discuss joint response measures.   The UK CBAM is to cover steel, aluminum, cement, fertilizer, hydrogen, ceramics, and glass and push for legislation after collecting stakeholders’ opinions by June 13 this year. As of 2023, Korea exports USD 300 million worth of steel to the UK, equivalent to 98 percent of the aggregate export value of the seven aforementioned items.   The majority of industries’ representatives viewed that the UK’s CBAM will not likely incur significant additional costs owing to its similarity to the EU’s CBAM, while some raised concerns regarding the quarterly report of greenhouse gas emissions and absence of transition periods prior to full enforcement in 2027. date2024-05-14