Ministry of Trade, Industry and Energy

APEC Business Advisory Council (ABAC) meeting

Trade Minister Cheong met with APEC Business Advisory Council (ABAC) members on November 14 in Peru on the margins of APEC 2024 and encouraged the private and public sector to join hands to prepare for Korea’s hosting of APEC 2025 Gyeongju. date2024-11-18

Korea and Peru to bolster critical minerals supply chain cooperation

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea entered into a memorandum of understanding (MOU) on critical minerals cooperation with the Ministry of Energy and Mines of Peru on November 16 in Lima on the margins of Korean President Yoon Suk Yeol’s state visit to Peru for the Asia-Pacific Economic Cooperation (APEC) Summit 2024. Peru is the only Latin American country to have established a comprehensive strategic partnership with Korea (2012), and the two countries’ economic cooperation is steadily expanding. Their trade volume has doubled since inking a bilateral Free Trade Agreement (FTA) in 2011.  In commemoration of the 60th anniversary of the establishment of diplomatic relations, the two countries held a bilateral summit in San Francisco last year in November on the occasion of APEC Summit 2023, agreeing to bolster cooperation across various areas like defense, supply chains, and infrastructure. The MOU sealed this year is part of the aim to boost supply chain collaboration. The world’s second largest producer of copper and iron, Peru is also richly endowed with lithium and other mineral resources. Korea and Peru have mainly been engaging in official development assistance (ODA) projects for mine hazard prevention and reclamation, but this MOU lays the grounds for cooperation in critical minerals policy and supply chain information sharing, joint exploration and development, and technical exchanges as well. Based on the MOU, MOTIE plans to uncover further minerals collaboration measures and preemptively support Korean businesses’ entry into Peru’s critical minerals projects to catalyze the diversification of the critical minerals supply chain.   date2024-11-18

Trade Minister Cheong speaks at NCAPEC luncheon

Minister for Trade Inkyo Cheong of the Republic of Korea attended a luncheon meeting held by the National Center for APEC (NCAPEC) on November 13 on the occasion of 2024 APEC Economic Leaders’ Week (AELW) in Lima, Peru, and introduced Korea’s preparations for APEC Gyeongju 2025. date2024-11-15

Korea’s trade and foreign affairs chiefs attend APEC Ministerial Meeting 2024

Minister for Trade Inkyo Cheong and Minister of Foreign Affairs Cho Tae-yul of the Republic of Korea attended the 35th Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting (AMM) on November 14 in Lima, Peru.  This year’s AMM was chaired by Peru’s Minister of Foreign Affairs Elmer Schialer and Foreign Trade and Tourism Minister Desilu León with the participation of the foreign affairs and trade ministers of the 21 APEC member economies. Under this year’s theme of “Empower. Include. Grow.”, attendees discussed innovation and digitalization to promote the transition to a formal and global economy (Session 1), sustainable growth for resilient development (Session 2), and trade and investment for inclusive and interconnected growth (Session 3). In the third session of AMM, Trade Minister Cheong emphasized the need for intraregional cooperation for inclusive, interconnected, and sustainable growth amid economic uncertainties and proposed measures to enhance economic cooperation within APEC such as maintaining the WTO-based multilateral trade system and promoting freer trade and investment through the realization of the Free Trade Area of the Asia-Pacific (FTAAP). The trade chief stated that Korea is aiming to further facilitate the discourse on intraregional sustainable growth to gain tangible outcomes in artificial intelligence (AI), digital trade, and carbon-free energy diffusion.  In preparation of Korea’s hosting of APEC 2025, during the AMM a turnover (promotion) video was played and Foreign Minister Cho introduced the theme and priorities of APEC 2025. The Foreign Minister explained that Korea would lead discussions on sustainable growth in the region under the theme of “Building a Sustainable Tomorrow,” focusing on the priorities of “Connect,” “Innovate” and “Prosper.” In response, member economies expressed keen interest in and support for Korea’s hosting of APEC 2025. date2024-11-15

Trade Minister Cheong attends 2024 APEC Economic Leaders’ Week in Peru

Minister for Trade Inkyo Cheong of the Republic of Korea attended the 2024 APEC Economic Leaders’ Week (AELW) on November 14 in Lima, Peru, to participate in a number of events including the 4th APEC Business Advisory Council (ABAC) Meeting and the APEC CEO Summit, where he convened with CEOs for a breakfast meeting to discuss major outcomes of APEC 2024 as well as preparations for next year’s APEC AELW. Prior to the breakfast meeting, Minister Cheong attended a luncheon meeting held by the National Center for APEC (NCAPEC) on November 13, where he highlighted the need for stronger collaboration between U.S. and Korean businesses on AI semiconductors and other major supply chain items during talks with Antony Cook, Microsoft’s Regional Vice President for Asia.  During the meeting, the trade chief also explained to the 200 business leaders present the preparations Korea is making for APEC 2025, including the Korean government’s key economic policies on AI application and the Carbon Free Energy (CFE) Initiative. On the margins of these APEC meetings, Trade Minister Cheong held bilateral talks with various member countries regarding trade issues and asked business leaders for their active participation and cooperation for Korea’s successful hosting of APEC events next year.   date2024-11-15

Korea and UK launch third official negotiating round for upgrading bilateral FTA

Director General for FTA Negotiations Kwon Hye-jin at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea is heading the Korean delegation in the third official round of negotiations for an upgraded Korea-UK Free Trade Agreement (FTA) through November 11–14 in Seoul. The UK delegation is led by Adam Fenn, Chief Negotiator at the UK's Department for Business and Trade. Having inked the bilateral FTA in 2019 and seen its entry into force in 2021, the two countries declared the launch of negotiations for an upgraded Agreement on the occasion of Korean President Yoon Suk Yeol’s state visit to the UK in November 2023. The first two rounds of negotiations for the upgraded Agreement were held this January and March, in Seoul and London, respectively. With this third negotiating round being the first to convene since the UK Labor Party’s inauguration in July, the Korean government is aiming to accelerate discussions across services, supply chains, digital, bio, and other areas. Highlighting that the UK is Korea’s key friendly nation and economic cooperation partner in new trade areas like advanced industries and energy, Director General Kwon expressed anticipation towards not only upgrading the existing Agreement, but also the introduction of emerging norms in supply chains, gender, and bio.   date2024-11-11

Korea attends DEPA Joint Committee meeting

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced that the Digital Economy Partnership Agreement (DEPA) member countries, namely Singapore, New Zealand, Chile, and Korea, held a virtual DEPA Joint Committee meeting today to take stock of accession negotiations progress and future plans. This May, Korea became the first country outside of DEPA’s founding membership to complete accession. Other countries such as China and Costa Rica have also applied for accession to DEPA, for which negotiations are ongoing. During today’s Joint Committee meeting, members discussed the launching of an accession working group to steer Peru’s accession negotiations, of which Korea will serve as Chair. Through this opportunity, it is anticipated that Korea can actively contribute to DEPA’s further development into a global platform for digital trade norms.   date2024-11-07

Korea and Vietnam discuss trade remedy issues and stronger cooperation

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held meetings with the Trade Remedies Authority of Vietnam today in Seoul to discuss trade remedy cooperation. Through the bilateral Free Trade Agreement (FTA) and trade remedy cooperation memorandum of understanding (MOU) signed in December 2015 and March 2018, respectively, the two countries have engaged in close exchanges on import control issues and trade remedies. Today’s discussions focused on ongoing investigations and controls including Vietnam’s anti-dumping investigation into Korean galvanized steel sheets commenced this June, on which KTC asked for minimal regulatory measures and care in investigations.   date2024-11-06

Trade Minister Cheong checks APEC 2025 preparations

Minister for Trade Inkyo Cheong of the Republic of Korea held talks with three new members of the APEC Business Advisory Council (ABAC) on October 31 as part of preparations for Korea’s APEC chairmanship in 2025. Placing emphasis on the importance of public-private cooperation for a successful hosting of APEC 2025, they discussed plans and preparation progress with regard to the Economic Leaders’ Week to be held on the sidelines of the APEC Summit, as well as ABAC activities. The ABAC members shared their anticipation for Korea’s tangible business outcomes through next year’s economic leaders’ events such as the APEC CEO Summit and the ABAC Dialogue with APEC Leaders by inviting global business leaders of promising future industries like semiconductors and artificial intelligence (AI). Today, Trade Minister Cheong is visiting the host city Gyeongju to check the city’s infrastructure situation including traffic, lodging, and venue sites and encourage Gyeongju City Hall workers for their hard work with preparations. The trade chief is also convening a meeting with the advisory body APEC Vision Group at the city’s Hwabaek International Convention Center (HICO), where the APEC Summit is to be held, to review the Vision Working Group’s proposed tasks and gather suggestions and strategies for narrowing down next year’s APEC trade agenda items.   date2024-11-01

Korea and Algeria discuss wider economic cooperation

The Republic of Korea’s Minister for Trade, Industry and Energy Dukgeun Ahn met Algeria's National People's Assembly (APN) President Brahim Boughali on October 23 in Seoul to discuss measures for wider economic cooperation between the two countries. date2024-10-24