Ministry of Trade, Industry and Energy

Minister Ahn meets Toray Industries CEO

Trade, Industry and Energy Minister Dukgeun Ahn met Akihiro Nikkaku, President and CEO of Toray Industries, on April 19 in Seoul and discussed high-performance carbon fibers and materials production facility investment. date2024-04-22

Deputy Trade Minister visits Washington D.C. to discuss trade issues and bilateral cooperation

Deputy Minister for Trade Yang Byeong-nae visited Washington D.C. from April 15-17 and met with key figures in the Biden administration and Congress members to discuss major trade issues and forward-looking measures for advancing bilateral cooperation. On April 16, he attended the Korea Inter-parliamentary Exchange Center (KIPEC) opening ceremony at the Korea international Trade Association (KITA) Washington Center.   Deputy Trade Minister Yang held talks with the U.S. Department of Commerce and the U.S. Trade Representative regarding the Korea-U.S.-Japan industry ministers’ meeting slated for the first half of this year, as well as the major agenda items of the Korea-U.S. Supply Chain and Commercial Dialogue (SCCD). He also shared Korean companies’ export issues, including those related to trade remedies, and discussed the CHIPS Act and Inflation Reduction Act (IRA) incentives.   He also attended the KIPEC opening ceremony with a number of Korean lawmakers, meeting with key U.S. Congress members and discussed Korean firms’ investment in the U.S., flexibility in applying the IRA’s critical minerals requirement, additional CHIPS Act subsidies, and visa issues. date2024-04-18

Trade Minister holds "New Trade Roundtable"

Minister for Trade Inkyo Cheong chaired the first “New Trade Roundtable” at the Government Complex Sejong to assess the supply chain trade strategy on April 17, the day the Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain Agreement entered into force in Korea.   Trade Minister Cheong addressed the need for a supply chain trade policy that supports industrial supply chain policies and said that the ministry plans to establish measures on utilizing the IPEF Supply Chain Agreement in this respect. He also asked companies for specific suggestions on IPEF utilization measures.   Representatives from related associations, academia, and research institutions, including the Korea International Trade Association (KITA) and Korea Semiconductor Industry Association (KSIA), attended the meeting to participate in discussions for supply chain stability and diversification utilizing the IPEF Agreement. date2024-04-17

Korea seeking to bolster supply chain for critical items utilizing IPEF Agreement

Minister for Trade Inkyo Cheong is holding the first “New Trade Roundtable” at the Government Complex Sejong to assess the supply chain trade strategy on April 17, the day the Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain Agreement entered into force in Korea. Representatives from related associations, academia, and research institutions are attending the meeting to participate in discussions for supply chain stability and diversification utilizing the IPEF Agreement.   Attendees examine the prospects of pushing joint projects with IPEF partner countries on import channel diversification, R&D, and logistics improvement concerning urea, graphite, rare-earth magnets, and other items included under the eight supply chain anchor projects MOTIE announced in March. Further negotiations will be held should it become necessary that the above items are handled in joint projects in implementing the IPEF Agreement. date2024-04-17

Minister Ahn attends BOOM-UP Korea 2024

Trade, Industry and Energy Minister Dukgeun Ahn attended the BOOM-UP Korea 2024 opening ceremony on April 15 at COEX in Seoul with SMEs and Startups Minister Oh Youngju and attended the export contract MOU signing ceremony.   The event was attended by representatives of 3,000 Korean exporting companies, 560 global buyers from around 60 countries, as well as government officials and related institutions. date2024-04-16

BOOM-UP Korea 2024 to jumpstart exports toward this year's $700 bln target

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 15 that BOOM-UP Korea 2024 is held through April 15-16 at COEX in Seoul. Hosted by MOTIE and co-organized by Korea Trade-Investment Promotion Agency (KOTRA) and Korea International Trade Association (KITA), BOOM-UP Korea 2024 aims to build on the recent export rebound to create a favorable atmosphere for promoting exports and give all-out support towards reaching this year’s USD 700 billion export target.   Launched in 2010, BOOM-UP Korea has been inking over $100 million in business deals each year, and this is the first time that KOTRA and KITA are co-organizing the event. Representatives of approximately 560 world-leading companies like Ørsted, Mitsubishi Motors, and Costco are engaging in over 7,000 business consultations with around 3,000 Korean exporters over the two-day period, sealing an estimated 150 export deals and memorandums of understanding (MOUs) worth $160 million. Some of the noteworthy deals generated through the tradeshow include contract deals on see-through mini fridges entered with Costco and sandwich panels signed with a firm based in Türkiye.   MOTIE’s Minister Dukgeun Ahn and SMEs and Startups Minister Oh Youngju attended the BOOM-UP Korea 2024 opening ceremony on April 15. The two ministers vowed to strengthen interministerial cooperation in the future for stronger support towards exporting SMEs.   Regarding the upward trajectory Korea’s exports are on lately, Minister Ahn said that he looks forward to seeing BOOM-UP Korea 2024 priming the pump in attaining the $700 billion target and boosting the overall economy. He stated that “the Government plans to supply firms with a historic KRW 360 trillion in trade financing and a 1 trillion won export marketing budget as public-private joint efforts to promote exports.”   MSS Minister Oh mentioned that the ministry is currently seeking to realign policies with global perspectives and strengthen assistance for technology and service exports, stating that “for SMEs and startups’ global market penetration and competitiveness building, MSS will work in tandem with the Ministry of Foreign Affairs (MOFA) and MOTIE to install consultative groups at overseas missions to provide joint support.” date2024-04-16

Trade-related technical regulations issued in Q1 2024 reach all-time high

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 15 that the number of trade-related technical regulations issued by World Trade Organization (WTO) member countries during the first quarter of 2024 amounted to 1,194, surpassing the previous high for the second consecutive year.   In accordance with the Technical Barriers to Trade (TBT) Agreement, WTO member countries are required to report cases of technical regulatory establishments and revisions that are viewed to significantly impact trade.   Developing countries like Uganda and Egypt were among the countries to have issued the highest number of technical regulations, and the U.S. ranked third with 102 cases this quarter, down from last year’s first place.   Korea’s 15 top and emerging export destinations issued a total of 263 technical regulations (up 8.2 percent year-on-year), the increase led by China (up from six in Q1 2023 to 64 in Q1 2024).   By industry, food and drug (24.8 percent), ceramic chemistry (16.5 percent), and agriculture, livestock and fishery products (13 percent) were sectors that issued the highest number of technical regulations this quarter, followed by electrical and electronics (11.9 percent). date2024-04-15

Korea's ICT exports grow 19.4% in March

The Ministry of Trade, Industry and Energy (MOTIE) announced on April 15 that Korea’s export and import of information and communications technology (ICT) goods for March reached USD 18.8 billion (up 19.4 percent year-on-year) and $11.7 billion (down 1.2 percent), respectively, with the trade balance standing at an estimated surplus of $7.1 billion.   ICT exports recorded double-digit growth for the third consecutive month, boosted by strong exports of most major items like semiconductors, displays, mobile phones, and computers/peripherals. Semiconductor exports in particular achieved $11.7 billion, an all-time monthly high for this year.   By item, the export value of semiconductors (up 33.9 percent), displays (up 13.0 percent), computers/peripherals (up 20.3 percent), mobile phones (up 6.6 percent) and other major items showed an overall increase.   By destination, ICT exports to China and Hong Kong (up 32.5 percent), Vietnam (up 6.7 percent), the U.S. (up 22.8 percent), and EU (up 10.5 percent) expanded, whereas those to Japan (down 25.0 percent) declined.   March ICT imports inched down 1.2 percent year-on-year as the import of computers/peripherals and secondary batteries shrank. date2024-04-15

Minister Ahn discusses investment with Korean firms in U.S.

Trade, Industry and Energy Minister Dukgeun Ahn held a meeting with representatives of Korean companies operating in the U.S. local market on April 11 in Washington D.C. to discuss investment issues and related support measures. date2024-04-13

Minister Ahn meets U.S. Representative Earl Blumenauer

Trade, Industry and Energy Minister Dukgeun Ahn met with U.S. Representative Earl Blumenauer on April 11 (local time) in Washington D.C. to discuss Korea-U.S. economic and trade cooperation, IRA incentives, and visa issues. date2024-04-13