Ministry of Trade, Industry and Energy

Korea and Morocco to make swift push for bilateral EPA

Minister for Trade Inkyo Cheong of the Republic of Korea met Karim Zidane, Morocco’s Minister Delegate in charge of Investment, Convergence, and the Evaluation of Public Policies, today in Seoul on the occasion of the latter’s visit for the investment roadshow “Morocco Now” and exchanged views on measures for expanding bilateral economic cooperation. A follow-up to the Korea-Africa Summit 2024 held this June, the talks touched on ways to carry forward the summit momentum towards a bilateral Economic Partnership Agreement (EPA). Trade Minister Cheong emphasized the importance of swiftly launching the EPA negotiations with respect to expanding investment and asked the Moroccan government’s interest and support for Korean companies’ local business issues and participation in Morocco’s rail train and new renewable energy projects. Minister Delegate Zidane responded by agreeing that they accelerate discussions for the bilateral EPA and expressed hope for Korean companies’ entry into Morocco’s automobile, aviation, shipbuilding, clean energy, and other high-tech markets in view of Morocco’s rich Free Trade Agreement (FTA) network spanning 55 countries and geological advantages as an investment hub and gateway into Europe and the Middle East. Following the talks, Trade Minister Cheong gave a congratulatory speech at the investment roadshow hosted by Morocco, promising support in creating diverse opportunities for both countries’ business leaders and closely cooperating with the Moroccan government to reach the Korea-Morocco EPA. The investment roadshow was also attended by roughly 100 representatives of Korean companies and related institutions seeking to promote business collaboration, including LG Energy Solution, Samsung E&A, HD Hyundai Heavy Industries, LX International, the Korea-Africa Foundation, and the Korea Importers Association (KOIMA).   date2024-11-28

Korea and Bangladesh to launch negotiations for bilateral EPA

Minister for Trade Inkyo Cheong of the Republic of Korea and the commerce adviser of Bangladesh's interim government, Sheikh Bashir Uddin, jointly announced the launch of negotiations for the Korea-Bangladesh Economic Partnership Agreement (EPA) today in Seoul. The two sides also entered into a Trade and Investment Promotion Framework (TIPF) to foster a comprehensive cooperation base. The eighth most populous country in the world, Bangladesh is a fast-growing economy in Southwest Asia with an average growth rate of 6.6 percent per year over the last three years and home to many Korean textile and sewing businesses. As functional textiles and other local clothing industries in Bangladesh are seeking to create higher value-added products, Korean firms can look forward to wider opportunities for supply chain collaboration. Moreover, the Bangladeshi government is currently pushing policies for establishing public-led infrastructure for power supply, roads, and aviation to spur economic growth, which is expected to further boost Korean construction and engineering companies’ local project participation. Trade Minister Cheong remarked that the TIPF agreement signed today lays down the basic framework for comprehensive bilateral economic cooperation, through which the two countries can engage in EPA negotiations for opening of markets and establish a solid institutional base for broader cooperation. He added that through these efforts, Korea and Bangladesh can diversify their bilateral trade items and move forward towards electronics, digital, and other areas that Bangladesh is aiming to nurture.  The two countries plan to hold the first official negotiating round for a bilateral EPA during the first half of 2025.   date2024-11-28

Korea and Georgia Strike EPA Deal

Minister for Trade Inkyo Cheong of the Republic of Korea and Georgia’s Deputy Minister of Economy and Sustainable Development Genadi Arveladze announced today in Seoul the conclusion of negotiations for the Korea-Georgia Economic Partnership Agreement (EPA). date2024-11-27

Korea and Georgia Strike EPA Deal

Minister for Trade Inkyo Cheong of the Republic of Korea and Georgia’s Deputy Minister of Economy and Sustainable Development Genadi Arveladze announced today in Seoul the conclusion of negotiations for the Korea-Georgia Economic Partnership Agreement (EPA). This Agreement is Korea’s first concluded EPA and 26th Free Trade Agreement (FTA) by order of conclusion. Since agreeing to launching the Korea-Georgia EPA negotiations in November 2023, the two sides have been making effort to narrow differences through official and intersessional negotiations, which culminated in today’s conclusion of the Agreement during Deputy Minister Arveladze’s visit to Korea. Trade Minister Cheong assessed that as the two countries are committed to a high level of open trade and extensive cooperation in areas like supply chains, transportation, logistics, and energy through this EPA, it is anticipated that the Agreement will contribute not only to expanding bilateral trade but also to establishing a stable global supply chain. According to the bilateral Agreement, it is conclusive that within 10 years of entry into force, 93.3 percent of Korean items open to Georgia free of tariffs and 91.6 percent of Georgian items open to Korea duty-free. As the Agreement ensures Korea’s access to Georgia’s marine and road cargo transport, warehousing, and cargo brokerage markets, Korean businesses can look forward to diversifying their transport and logistics network, facilitating exports, and stabilizing the supply chain in preparation against geopolitical risks. Furthermore, Georgia’s markets for publication, exhibition, education services, and the music industry will open up to Korea, enhancing opportunities to promote Korea’s cultural content in the Caucasus country. The Korean government plans to swiftly proceed with legal scrubbing among other procedures for the formal signing so that the two countries can move forward their respective domestic process towards the Agreement’s prompt entry into force.   date2024-11-27

Trade Minister meets State Secretary of Mongolia’s Ministry of Economy and Development

Trade Minister Inkyo Cheong met State Secretary of Mongolia’s Ministry of Economy and Development Batkhuu Idesh on November 26 in Seoul at the 4th Korea-Mongolia EPA negotiations and discussed agenda items. date2024-11-27

Korea and Malaysia sign economic cooperation MOUs

Minister for Trade Inkyo Cheong of the Republic of Korea met with Malaysia’s Minister for Investment, Trade and Industry Tengku Zafrul Aziz on November 25 in Seoul on the occasion of Malaysian Prime Minister Anwar Ibrahim’s visit to Korea and took part in the signing of four MOUs for bilateral economic cooperation. date2024-11-27

Korea and Mongolia enter 4th negotiating round for bilateral EPA

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that the fourth official negotiating round for the Korea-Mongolia Economic Partnership Agreement (EPA) will convene from November 26–29 in Seoul. Director General for FTA Negotiations Kwon Hye-jin and State Secretary of Mongolia’s Ministry of Economy and Development Batkhuu Idesh are each leading their respective delegation. In this fourth negotiating round, the two sides plan to make progress in 19 key areas including goods, services, investment, digital, government procurement, intellectual property, rules of origin, and economic cooperation. Rich in resources like rare earth elements and tungsten, Mongolia is currently seeking to diversify its trade network. Through the EPA, the Korean government is aiming to boost Mongolia-bound exports of Korea’s promising items and expand its services market presence and investment, while further stabilizing the supply chain of key materials for advanced industries by establishing a legal and institutional framework for the bilateral development and cooperation in mineral resources and energy. Trade Minister Inkyo Cheong attended the opening ceremony of the fourth official EPA negotiating round and asked both delegations to make concerted effort to swiftly conclude a mutually beneficial agreement.   date2024-11-26

Minister Ahn discusses stronger economic cooperation with U.S.-Korea Business Council Chairman

Minister for Trade, Industry and Energy (MOTIE) Dukgeun Ahn of the Republic of Korea met U.S.-Korea Business Council Chairman Evan Greenberg today on the occasion of Chairman Greenberg’s visit to Korea and discussed the two countries’ business and economic cooperation.  Minister Ahn noted that Korea-U.S. relations are advancing towards an economic alliance centering on semiconductors, batteries, and other high-tech industries based on mutually beneficial cooperation in areas like bilateral trade and investment and asked for the U.S.-Korea Business Council chief’s interest and support towards facilitating the two countries’ investment and cooperation in advanced industries under the new U.S. regime. Moreover, he shared the Korean government’s plans to strengthen direct and indirect communication with the U.S. government and Congress to prepare against possible shifts in the global trade landscape as well as U.S. trade policies, ensuring government-level support to invigorate discussions on measures for boosting private sector economic cooperation via business council exchanges and other channels. Chairman Greenberg replied that active efforts will be made to promote communication and cooperation between the two countries’ governments and businesses with an aim to further solidify the Korea-U.S. alliance, concurring on the importance of nurturing an environment favorable to both sides’ businesses to the end of expanding bilateral trade and investment.   date2024-11-20

Trade Minister attends DEPA meeting on Peru's accession working group

Korea’s Trade Minister Inkyo Cheong attended the Digital Economy Partnership Agreement (DEPA) meeting on November 14 in Peru to announce the launch of the accession working group for Peru. date2024-11-20

Trade Minister attends DEPA meeting in Peru

Korea’s Trade Minister Inkyo Cheong attended the Digital Economy Partnership Agreement (DEPA) meeting on November 14 in Peru to discuss China’s accession progress. date2024-11-20