Ministry of Trade, Industry and Energy

Korea and Slovakia establish comprehensive base for wider cooperation in trade, industry, and energy

Trade, Industry and Energy Minister Dukgeun Ahn of the Republic of Korea and Deputy Prime Minister and Minister of Economy of the Slovak Republic Denisa Saková signed a bilateral Trade and Investment Promotion Framework (TIPF) memorandum of understanding (MOU) today in Seoul in the presence of Korean President Yoon Suk Yeol and Slovak Prime Minister Robert Fico on the margins of the Korea-Slovakia summit. Slovakia is among Korea’s top 10 EU trade partners and home to roughly 140 Korean businesses, where active bilateral supply chain collaboration is ongoing in automobiles and home appliances. Their cooperation is extending to future-oriented industries as well, such as electronic vehicles (EVs) and clean energy.   Korea and Slovakia plan to leverage their TIPF to not only advance trade and investment but also expand their comprehensive cooperation base across various areas such as industry, energy, and supply chains through joint corporate project development, promotion of business and institutional exchanges, and removal of trade barriers. The bilateral TIPF MOU sealed today follows those Korea previously inked with Poland, Hungary, and the Czech Republic, laying down the groundwork for wider economic cooperation with the Visegrád Group (V4). Korea’s trade volume with the V4 has continued to rise by an average of 15 percent every year through 2004–2023, reaching a historic USD 26.1 billion last year.  With the existing Korea-V4 cooperation in automobiles and home appliances newly spreading to other areas like EV batteries, nuclear reactors, and defense, the complete Korea-V4 TIPF channel established on this occasion is anticipated to create fresh momentum for broadening the scope of Korea’s economic cooperation with the V4 countries.   date2024-09-30

Trade Minister meets Kenya’s Ambassador to Korea

Trade Minister Cheong held talks with Emmy Kipsoi, Kenya’s Ambassador to Korea, on September 26 in Seoul and discussed measures for widening bilateral economic cooperation including the Korea-Kenya Economic Partnership Agreement (EPA). date2024-09-27

Korea and Serbia launch negotiations for bilateral EPA

Korea’s Minister for Trade Inkyo Cheong and Serbia’s Minister of Domestic and Foreign Trade Tomislav Momirović jointly declared the launching of negotiations for the Korea-Serbia Economic Partnership Agreement (EPA) today in Seoul, announcing Korea’s first trade negotiations with a Balkan country. date2024-09-26

Korea and Serbia launch negotiations for bilateral EPA

Korea’s Minister for Trade Inkyo Cheong and Serbia’s Minister of Domestic and Foreign Trade Tomislav Momirović jointly declared the launching of negotiations for the Korea-Serbia Economic Partnership Agreement (EPA) today in Seoul, announcing Korea’s first trade negotiations with a Balkan country. Strategically located in the center of the Balkan Peninsula in Southeast Europe, Serbia is rich in critical resources such as lithium and zinc. It is rapidly rising as Europe’s new production base based on its robust manufacturing sector and is already home to Korea’s car parts and mobility businesses. Going forward, the two countries can anticipate cooperation over advanced industrial supply chains such as battery and electric vehicles (EVs), as well as nuclear reactors in view of the Serbian government’s recent push for nuclear power development. Noting that this year commemorates the 35th anniversary of the establishment of Korea-Serbia diplomatic relations, Trade Minister Cheong expressed his expectations for the EPA negotiations to serve as an institutional basis for opening new horizons on the two countries’ cooperative ties, catalyzing bilateral collaboration across various areas including automobiles, high-tech, renewable energy, and nuclear reactors. In conjunction with the launch of negotiations, MOTIE also held a business conference with Korean companies operating in the Serbian market and other relevant institutions to discuss promising joint projects in information technology, bio, energy, and critical minerals supply chains.   date2024-09-26

Korea and Thailand launch 2nd official negotiating round for bilateral EPA

Korea’s Minister for Trade Inkyo Cheong met with Thai Deputy Commerce Minister Suchart Chomklin on the margins of the second round of official negotiations for the Korea-Thailand Economic Partnership Agreement (EPA) from September 25–27 in Seoul. In his opening address, Trade Minister Cheong urged the two delegations to partake in the negotiations with a forward-looking mindset to establish a bilateral trade agreement better tailored to the new global trade order and to improving the two countries’ economic cooperation. date2024-09-26

Korea and Thailand launch 2nd official negotiating round for bilateral EPA

Korea’s Deputy Minister for FTA Negotiations Roh Keon-ki and Director-General of the Department of Trade Negotiations of the Ministry of Commerce of Thailand Chotima Iemsawasdikul are heading their respective delegations in the second round of official negotiations for the Korea-Thailand Economic Partnership Agreement (EPA) from September 25–27 in Seoul. The Korean government delegation is composed of representatives of various relevant ministries and will engage in negotiations with the Thai government delegation over 12 areas including goods, rules of origin, customs, government procurement, intellectual property rights, technical barriers to trade (TBTs), and economic cooperation. On the occasion of this second negotiating round, Korea’s Minister for Trade Inkyo Cheong met with Thai Deputy Commerce Minister Suchart Chomklin, who is accompanying the Thai delegation to Korea, for talks on bilateral economic issues. The trade chief and the deputy minister attended the opening ceremony today to encourage both delegations as an expression of strong interest towards the EPA on behalf of their governments. In his opening address, Trade Minister Cheong urged the two delegations to partake in the negotiations with a forward-looking mindset to establish a bilateral trade agreement better tailored to the new global trade order and to improving the two countries’ economic cooperation. In this round of negotiations, both sides are aiming to deepen discussions based on their stance and issues affirmed during the first negotiating round held in July and actively seek ways to narrow differences to move the negotiations further forward.   date2024-09-25

Indo-Pacific Economic Framework for Prosperity (IPEF) ministers’ virtual meeting

Korea’s Minister for Trade Inkyo Cheong attended the Indo-Pacific Economic Framework for Prosperity (IPEF) ministers’ virtual meeting on September 24 and examined IPEF Agreements’ outcomes with the 14 IPEF partner countries and discussed future plans. date2024-09-24

3rd RCEP Ministers Meeting

Trade Minister Cheong attended the third Regional Comprehensive Economic Partnership (RCEP) Ministers Meeting and examined several issues including measures for stronger RCEP implementation for regional economic integration, laying down RCEP accession procedures, and setting up an RCEP support organization. date2024-09-24

27th ASEAN Plus Three (Korea, China, Japan) Summit

Trade Minister Inkyo Cheong attended the 27th ASEAN Plus Three (Korea, China, Japan) Summit, where he discussed East Timor’s accession to ASEAN and strengthening the multilateral trade-based cooperation amid global economic fragmentation. date2024-09-24

12th East Asia Summit (EAS) Economic Ministers Meeting

Trade Minister Cheong attended the 12th East Asia Summit (EAS) Economic Ministers Meeting on September 21 in Vientiane, Lao PDR, and shared views on global issues such as supply chains, digital transition, and climate change with the participation of 17 countries’ economic ministers. date2024-09-24