Ministry of Trade, Industry and Energy

Trade Minister attends 21st Korea-ASEAN Economic Ministers Consultation

Minister for Trade Inkyo Cheong attended the 21st Korea-ASEAN Economic Ministers Consultation held on September 22 in Vientiane, Lao PDR, and took stock of various Korea-ASEAN joint projects including the implementation and upgrade of the Korea-ASEAN Free Trade Agreement (FTA), extending the Korea-ASEAN Startup Policy Dialogue, support for electrical safety infrastructure establishment, and enhancing standards cooperation. date2024-09-24

Trade Minister Cheong attends IPEF ministerial meeting, welcoming Agreements’ upcoming entry into force

Korea’s Minister for Trade Inkyo Cheong attended the Indo-Pacific Economic Framework for Prosperity (IPEF) ministers’ virtual meeting today and examined IPEF Agreements’ outcomes with the 14 IPEF partner countries and discussed future plans. Partner countries welcomed the upcoming Clean Economy Agreement and the Fair Economy Agreement’s entry into force scheduled for October 11 and 12, respectively, upon their reaching the requisite threshold following the signing ceremony held this June. Once the Clean Economy Agreement comes into force, they anticipate the innovation of clean energy technology, new project opportunities, and job openings, which in turn will heighten investment for clean infrastructure as well. With aim to eradicate corruption and enhance the transparency of tax administration, the Fair Economy Agreement is expected to contribute to advancing intraregional transparency and fostering a fair management environment. Partner countries agreed to expand the scope of Cooperative Work Programs (CWPs) on carbon market, hydrogen, small modular reactors (SMRs), and clean electricity in tandem with the faithful implementation of the Clean Economy and Fair Economy Agreements. They further decided to widen efforts for strengthening developing nations’ anti-corruption capacity. Meanwhile, ministers assessed the progress of the Supply Chain Agreement that entered into force this February. Going forward, partner countries are aiming to reinforce the IPEF-based Indo-Pacific supply chain cooperation through measures such as the sub-committee on logistics and movement of goods launched during the first in-person IPEF Supply Chain Council and Crisis Response Network meeting held recently in Washington D.C.  Lastly, the ministers stated that the first joint mock drill initiated by Korea as chair of the Crisis Response Network served as an opportunity to seek effective supply chain response measures. The Korean government plans to smoothly implement procedures for the ratification of the Clean Economy and Fair Economy Agreements, while deepening cooperation with major Indo-Pacific countries to create tangible outcomes under the IPEF and increase concrete benefits for Korean businesses.   date2024-09-24

Korea and Germany consult measures for stronger industrial and supply chain cooperation

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that it launched the third Korean-German Industry Working Group meeting, which MOTIE and Germany’s Federal Ministry for Economic Affairs and Climate Action have been regularly hosting on an alternate basis since 2021. The bilateral talks covered industrial supply chain data platform cooperation, supply chain emergency response, and automotive industry issues in depth. With regard to the industrial supply chain data platform to be established by Korea for stable supply chain management, the two countries intend to bolster intergovernmental communication and cooperative ties to fully leverage Germany’s experience and knowhow. In addition, the two sides took stock of the industrial supply chain situation and discussed measures for supply chain response and stabilization. They also discussed the future of the automobile industry, a key pillar for both economies. Agreeing to closely cooperate to secure a stable supply source for future mobility key materials and parts including electric vehicles (EVs) and autonomous vehicles, they further shared views on responding to cybersecurity risks in view of connected cars and other developments in future mobility technology.   date2024-09-24

Korea and ASEAN kick cooperation into high gear in supply chains, economy, and trade

Minister for Trade Inkyo Cheong attended the 56th ASEAN Economic Ministers (AEM) Meeting from September 21–22 in Vientiane, Lao People's Democratic Republic (PDR), and discussed economic agenda items for the coming 44th ASEAN Summit slated for this October. He also agreed to continue expanding cooperation with ASEAN and the Global South countries as part of follow-up measures to the Trade Policy Roadmap the ministry announced in August. Trade Minister Cheong first attended the 12th East Asia Summit (EAS) Economic Ministers Meeting on September 21 and highlighted the need for cooperation at the EAS level to deal with challenging new trade issues such as supply chains, digital transition, and climate change, which are difficult agendas for countries to tackle on an individual basis. At the 21st Korea-ASEAN Economic Ministers Consultation held on September 22, he took stock of various Korea-ASEAN joint projects including the implementation and upgrade of the Korea-ASEAN Free Trade Agreement (FTA), extending the Korea-ASEAN Startup Policy Dialogue, support for electrical safety infrastructure establishment, and enhancing standards cooperation. In commemoration of the 35th anniversary of the establishment of Korea-ASEAN dialogue relations, the trade chief proposed that they launch the Korea-ASEAN Think Tank Dialogue in 2025 as a regular channel for bilateral consultations among ASEAN economic and trade research institutions, which was received favorably by the majority of ASEAN member states. Next, he attended the 27th ASEAN Plus Three (Korea, China, Japan) Summit, where he emphasized the need for the three countries’ cooperation on developing a stable supply chain and built shared consensus on East Timor’s accession to ASEAN and strengthening the multilateral trade-based cooperation amid global economic fragmentation. Moreover, at the third Regional Comprehensive Economic Partnership (RCEP) Ministers Meeting, Trade Minister Cheong 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.  The trade minister also held bilateral talks with counterparts from other countries including India, the Philippines, Switzerland, and the UK on ways to expand bilateral cooperation across diverse areas such as trade, investment, supply chains, nuclear reactors, carbon-free energy utilization, and digital transition. MOTIE plans to keep expanding collaboration over supply chains, digital transition, climate change response and other areas in high demand by ASEAN countries to smoothly implement the joint projects discussed during the Korea-ASEAN Economic Ministers Meeting and closely cooperate with ASEAN for the successful launching of the 25th Korea-ASEAN Summit in October.   date2024-09-24

Korea and Czech Republic to push comprehensive economic cooperation

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced on September 20 that Korea and the Czech Republic will be extending the scope of economic cooperation in all areas such as trade, investment, high-tech industries, and carbon-free energy on the margins of President Yoon Suk Yeol’s state visit to the Czech Republic. MOTIE and the Ministry of Industry and Trade of the Czech Republic held a ceremony on September 20 in Prague for the signing of four intergovernmental memorandums of understanding (MOUs) with the attendance of Korean President Yoon Suk Yeol and Czech Prime Minister Petr Fiala for bilateral cooperation on the Trade and Investment Promotion Framework (TIPF), Supply Chain and Energy Dialogue (SCED), Vltava High-Tech Industry Cooperation Vision, and battery collaboration. The Czech Republic is Korea’s 25th TIPF partner worldwide and fifth among EU member states. The Korea-Czech TIPF Agreement articulates the two countries’ goal of expanding economic cooperation over a variety of areas including trade, investment, industries, energy, and supply chains and is anticipated to spur joint project support and collaboration between their relevant businesses and institutions. The SCED is a ministerial-level communication channel with emphasis on supply chains and energy areas, through which the two sides plan to manage director general-level meetings across the following five areas: trade/investment/supply chain; advanced manufacturing; carbon-free energy; nuclear energy; and joint action such as market entry into third countries. The Vltava High-Tech Industry Cooperation Vision MOU addresses the two countries’ organized support for joint research, talent exchange, and technical demonstrations in advanced industries like robot, future mobility, and semiconductors. The collaboration synergy is expected to be substantial as both countries are manufacturing-intensive with a competitive edge in high-tech sectors. The battery cooperation MOU aims for comprehensive cooperation in the exchange of market information, sharing of best practices for supply chain response, and joint technology development. As a Korean maker of finished cars is already operating in the local Czech market and many Korean battery firms have entered the Polish and Hungarian markets, Korea and the Czech Republic look forward to the establishment of a battery cooperation ecosystem in the near to longer term. The Korea-Czech Business Forum and Korea-Czech Industry and Energy Technology Cooperation Forum, held in Prague on September 20, saw the inking of bilateral MOUs between the two countries’ research institutions and businesses for cooperation on talent training and technology exchange in battery, robot, and future mobility, which are expected to catalyze research and industrial collaboration in conjunction with the aforementioned intergovernmental MOUs.   date2024-09-23

3rd Korea-Philippines Joint Commission for Trade and Economic Cooperation meeting

Korea’s Deputy Minister for Trade Yang Byeong-nae and the Philippines’ Assistant Secretary for Industry Development and Trade Policy Allan B. Gepty led their respective delegations in the 3rd Korea-Philippines Joint Commission for Trade and Economic Cooperation meeting via videoconference on September 12 to discuss the Korea-Philippines Free Trade Agreement (FTA) and measures for cooperation in areas like shipbuilding and eco-friendly vehicles. date2024-09-13

IPEF partner countries to simulate first mock drill for supply chain crisis response

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Indo-Pacific Economic Framework for Prosperity (IPEF) partner countries will conduct a mock drill to simulate supply chain emergency response on September 13 (local time) in Washington D.C. under the leadership of Korea, which was elected as the inaugural chair of the Crisis Response Network (“CRN”). CRN is a network created under the IPEF to foster collaboration during supply chain disruptions. The mock drill will simulate a situation where a partner “Country A” requests Korea to convene an emergency meeting owing to damages from a logistics crisis incurred by global anxieties. The objective of this first drill lies in helping partners grasp the CRN mechanism. Any deficiency discovered during the drill will be addressed through necessary measures such as amendment of rules, system improvements, and joint projects if needed. In the drill, the group assigned as “exporter countries” will propose detailed support measures such as increasing production output through existing contacts, finding alternative suppliers, and expediting customs and shipping. Meanwhile, the importer group of partners including Country A is to share stockpile status and seek ways for price stabilization through demand control such as restricting the act of market cornering. Partners can also consider sourcing from non-partner countries outside of IPEF. This mock drill is significant in that it takes stock of vulnerable items of the 14 partner countries’ supply chain and examines feasible measures prior to the occurrence of an actual emergency in order to establish a swift and systematic response process. Minister Dukgeun Ahn underscored that now is the time when multilateral cooperation-based collective resilience is required, as when and where a supply chain crisis will occur is unknown.  According to the CRN roadmap MOTIE announced today, mock drills are to be held twice a year based on various scenarios involving pandemic outbreaks, natural disasters, and supply chain bottlenecks. Next year, Korea plans to host an in-person drill alongside its regular CRN meeting. During the two years of chairmanship, Korea aims to manage CRN in ways that can tangibly benefit partner countries by constructing initiatives to support the region’s developing countries bolster supply chain resilience and establishing a mechanism for sharing best practices and policies on supply chain crisis response.   date2024-09-12

Korea and Philippines hold 3rd Joint Commission for Trade and Economic Cooperation meeting

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea held the Korea-Philippines Joint Commission for Trade and Economic Cooperation (“Commission”) meeting via videoconference with the Philippines’ Department of Trade and Industry on September 12 to discuss the Korea-Philippines Free Trade Agreement (FTA) and measures for cooperation in areas like shipbuilding and eco-friendly vehicles.   The first ASEAN country with which Korea established diplomatic relations, the Philippines is currently home to approximately 300 Korean firms that are locally operating on the islands and contributing to bilateral economic cooperation.   Convened after a two-year hiatus, the Commission meeting was led by Korea’s Deputy Minister for Trade Yang Byeong-nae and the Philippines’ Assistant Secretary for Industry Development and Trade Policy Allan B. Gepty as Chief Delegates heading their respective delegations. The Chief Delegates assessed the Korea-Philippines FTA (signed in September 2023) as a major milestone in bilateral efforts to expand economic cooperation and agreed to take steps for the Agreement’s swift entry into force. Moreover, the two sides shared the progress on their agendas under the Indo-Pacific Economic Framework for Prosperity (IPEF), for which they have engaged in cooperation since its initial launch, and concurred on making joint effort to produce tangible outcomes.   By leveraging the Philippines’ archipelagic advantage and Korea’s shipbuilding competitiveness, the two sides are aiming to seek collaboration prospects across various areas such as offshore wind power and ship maintenance, as well as expanding cooperation in eco-friendly vehicles including the development of electric buses to run in the Philippines.   Next, the Korean delegation shared its energy policy directions and introduced Korea’s Carbon Free Energy (CFE) Initiative and other climate change response endeavors, to which the Philippines expressed hope for future collaboration in energy security, carbon reduction, and various related areas. They also agreed to launch working-level talks on measures to strengthen cooperation in critical raw materials. date2024-09-12

Korea and Mongolia launch 3rd official negotiating round for bilateral EPA

Korea’s Director General for FTA Negotiations Peob-min Ryu is leading the government delegation in the third round of official negotiations for the Korea-Mongolia Economic Partnership Agreement (EPA) through September 10–13 in Ulaanbaatar, Mongolia. The Mongolian delegation is headed by State Secretary for the Ministry of Economy and Development Batkhuu Idesh.   Director General Ryu gave opening remarks and engaged in negotiations on goods, rules of origin, services, investment, digital, finance, government procurement, and intellectual property. date2024-09-11

Korea and ASEAN discuss cooperation at Indo-Pacific Policy Forum

Minister for Trade Inkyo Cheong held the Indo-Pacific Policy Forum (“Forum”) today in Seoul and facilitated discussions on economic cooperation with ASEAN, Korea’s major economic partner and core region of the Global South. Meanwhile, forecasted outcomes of the Korea-ASEAN Economic Ministers’ Meeting slated for September 21–22 in Vientiane, Laos, were also reviewed, including upgrading the Korea-ASEAN Free Trade Agreement (FTA) and the Korea-ASEAN trade and economic policy cooperation. As part of follow-up measures to the Trade Policy Roadmap announced in August, the Forum was attended by a number of ASEAN experts including those from the Korea University ASEAN Center (KUAC) and the Korea Institute for International Economic Policy (KIEP). They exchanged views on issues concerning Korea’s measures for responding to the realignment of the ASEAN supply chain as per the U.S.-China competition, as well as Vietnam’s legislation of key industrial laws and their implications. In his opening message, Trade Minister Cheong stated that ASEAN, based on its world’s third largest population and fifth largest economy, is expanding its position as the new growth engine for global manufacturing and strategic counterweight in global politics and diplomacy. He shared plans to utilize the Korea-ASEAN FTA, Regional Comprehensive Economic Partnership (RCEP) and such multilevel networks to increase joint efforts on new trade issues like digital transition and climate change, in addition to existing areas of cooperation like trade and investment.   date2024-09-06