Ministry of Trade, Industry and Energy

Korea and EU issue joint statement on the launch of negotiations for Digital Trade Agreement

Minister for Trade Dukgeun Ahn and European Commission Executive Vice-President Valdis Dombrovskis issued a joint statement on October 31 in Seoul announcing the launch of the Korea-EU Digital Trade Agreement negotiations, on the occasion of the Korea-EU Free Trade Agreement (FTA) Trade Committee meeting held on the same day.   It is anticipated that the beginning of negotiations for a digital trade agreement with EU, Korea’s third largest trade partner and the world’s third largest economy (in terms of GDP), will spur e-commerce and data businesses of both sides while also establishing the basis for cooperation in new digital technologies.   The Ministry of Trade, Industry and Energy (MOTIE) has been strategically pushing the expansion of the digital trade network as part of its digital trade policy, sealing thus far digital trade agreements with Singapore, Chile and New Zealand. The Korea-EU Digital Trade Agreement will expand the scope of the digital trade network to the EU region as well, one of Korea’s digital innovation partners.   Moreover, the agreement will contribute to fostering a reliable, open and fair digital trade environment for both corporations and consumers engaging in digital trade, while also strengthening the Korea-EU digital trade partnership through increased business opportunities for their companies, including SMEs, by heightening their competitiveness in the global digital economy.   Trade Minister Ahn remarked that he welcomes the commencement of the Korea-EU Digital Trade Agreement negotiations, and requested that both sides take the lead in the global dialogue on digital trade rules in accordance with the high standards of trade rules based on the Korea-EU digital trade principles signed in November 2022. The joint statement is as follows:   Joint Statement on the Launch of Negotiations for a Korea-EU Digital Trade Agreement   Joint statement by Korean Minister for Trade Dukgeun Ahn and European Commission Executive Vice-President Valdis Dombrovskis on the launch of negotiations on a Korea-EU Digital Trade Agreement.   Today, in the margins of the 11th Korea-EU Trade Committee, we agreed to launch negotiations between the Korea and EU on a Digital Trade Agreement that will provide legal certainty for businesses and consumers engaged in digital trade, enhance their protection in digital transactions, and foster open, free and fair online environment.   The Korea and EU share long-standing and robust economic relations underpinned since 2011 by the Korea-EU Free Trade Agreement. With these negotiations, we aim to bring this partnership into the digital domain. It demonstrates our commitment to being at the forefront of new developments in the digital economy, countering digital protectionism, and playing a leading role in setting digital trade rules which are future-proofed as well as responsive to innovation and emerging technologies.   Building on the cooperation and convergence shown by our Digital Trade Principles, Korea and EU intend to negotiate an ambitious and modern digital trade agreement that contributes to our societies’ digital transformation, corresponds to the fast-evolving nature of the digital economy, and builds on and complements our existing preferential trade framework. The Korea and EU consider that digital trade is an essential part of the digital and green transitions of our societies. It entails a further deepening our trade relations, supports job creation and empowers companies to participate in the global economy, notably micro, small, and medium-sized enterprises. It also responds to online consumer needs and fosters innovation.   Our digital trade rules should build consumer trust, ensure predictability and legal certainty for businesses, remove and prevent the emergence of unjustified barriers to digital trade, and facilita date2023-11-03

Industry, academia, and R&D experts come together at DXcon 2023

The Ministry of Trade, Industry and Energy (MOTIE) held the Industrial Digital Transformation Conference (DXcon) 2023 on November 1, where experts from industries, universities, and research institutes gathered to share achievements and explore future pathways in industrial digital transformation (DX). During the morning keynote speech and panel discussions, distinguished experts in digital transformation engaged in discussions under the theme of “The Present and Future Triggered by Indu date2023-11-03

Korea and U.S. discuss collaboration on additive manufacturing (3D printing)

The Ministry of Trade, Industry and Energy (MOTIE) the U.S. Department of Commerce (DOC) held the “Additive Manufacturing Industry Showcase” on October 31 for cooperation on additive manufacturing (3D printing). This event was orchestrated to foster mutual understanding and explore cooperative measures in the additive manufacturing sectors of both countries, following the Korea-U.S. Supply Chain Industrial Dialogue (SCCD) held last April. The SCCD is a communication channel between date2023-11-03

Korea and EU assess FTA implementation progress & discuss trade issues

Minister for Trade Dukgeun Ahn and European Commission Executive Vice-President Valdis Dombrovskis chaired the 11th Korea-EU Free Trade Agreement (FTA) Trade Committee Meeting on October 31 in Seoul to assess the FTA implementation progress and discuss trade issues, including the EU's Carbon Border Adjustment Mechanism (CBAM). In presiding the 11th Korea-EU FTA Trade Committee meeting, the trade chiefs of Korea and the EU assessed the FTA implementation progress and agreed to expand free trade date2023-11-02

Korea aims to rank among global top 3 ESS powerhouses

Trade, Industry and Energy Vice Minister Kang Kyungsung visited the LS ELECTRIC Global R&D Campus in Anyang-si, Gyeonggi-do, on October 31 amid the growing emphasis on the role of energy storage systems (ESS) in accordance with the increasing use of renewable energy. At LS ELECTRIC, Vice Minister Kang first toured the manufacturing site for the company’s newly developed power conversion system (PCS), which is a core component for ESS and exported to the U.S., and encouraged the employ date2023-11-02

Korea and Germany strengthen cooperation in clean hydrogen

Trade, Industry and Energy Vice Minister Kang Kyungsung attended the Korea-Germany Hydrogen Conference held through October 31-November 1 at the EL Tower in Seoul for expanding the scope of bilateral cooperation in hydrogen policies, industries and technology. Co-organized by Germany’s Fraunhofer Society for the Advancement of Applied Research and H2KOREA, the conference was attended by approximately 100 experts of both countries’ governments, hydrogen-related corporations and academia, including Germany’s Udo Philipp, State Secretary for the Federal Ministry of Economic Affairs and Climate Action and Jens Brandenburg, Parliamentary State Secretary for the Federal Ministry of Education and Research. Participants shared information on industrial and technological trends of hydrogen policies, hydrogen production, distribution and utilization, as well as measures for cooperation across the hydrogen ecosystem. In his congratulatory message at the opening ceremony, Vice Minister Kang stated that “Korea and Germany are similar in terms of their manufacturing-centered industrial structures and high reliance on energy imports, and in this respect, the importance of clean hydrogen is great.” He highlighted that in view of Korea’s competitiveness in hydrogen utilization (FCEVs, fuel cells) and Germany’s advanced technology in hydrogen production and storage (electrolysis, liquefaction), the two countries should strengthen bilateral cooperation and continue to closely collaborate for expanding the global trade of clean hydrogen. date2023-11-02

Korea and Germany to strengthen cooperation in advanced industries & carbon neutrality

Minister for Trade Dukgeun Ahn met Udo Philipp, State Secretary for Germany’s Federal Ministry of Economic Affairs and Climate Action, on October 30 at the Lotte Hotel Seoul to discuss bilateral cooperation measures in advanced industries and achieving carbon neutrality, and asked support for World Expo 2030 Busan. Noting the 140th anniversary of diplomatic relations between Korea and Germany, Trade Minister Ahn assessed that Korea and Germany, through the free trade agreement, developed date2023-11-02

MOTIE launches Trade and Technology Security Forum

Minister for Trade Dukgeun Ahn presided the first meeting of the Trade and Technology Security Forum, which was launched on October 31 at the Westin Josun Seoul and composed of 13 top experts of relevant academia and industries. As economic security issues are increasingly becoming more and more of a daily concern amid the rising geo-economic risks and supply chain uncertainties, there is a growing need to seek out a strategy for assessing the external and internal situation and minimizing trad date2023-11-02