Ministry of Trade, Industry and Energy

Trade Minister meets ASEAN Deputy Secretary General

Minister for Trade Inkyo Cheong met Deputy Secretary General for ASEAN Economic Community Satvinder Singh on September 4 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul and discussed measures for bilateral economic cooperation. date2024-09-06

Trade Minister Cheong and ASEAN Deputy Secretary General discuss bilateral economic cooperation

Minister for Trade Inkyo Cheong met Deputy Secretary General for ASEAN Economic Community Satvinder Singh on September 4 at the Korea Chamber of Commerce and Industry (KCCI) in Seoul, where he introduced Korea’s pan-ministerial Trade Policy Roadmap (“Roadmap”) and discussed measures for bilateral economic cooperation. Deputy Secretary General Singh held high regard for the Roadmap’s emphasis on the Korea-ASEAN Solidarity Initiative (KASI) and on wider cooperation with the Global South as proposed measures to expand the Korea-ASEAN economic cooperation. He also expressed hopes for tangible outcomes from the ongoing Korea-ASEAN joint projects, such as those for official development assistance (ODA), standards cooperation, and electrical safety management. In commemoration of this year marking the 35th anniversary of the establishment of the Korea-ASEAN dialogue relations, Trade Minister Cheong shared that efforts will continue to advance their comprehensive cooperation across economy, society, and culture, while trade policies will concentrate on expanding and strengthening concrete cooperation with ASEAN, a key region of the Global South. The bilateral talks were held with the objective of reviewing outcomes of the existing Korea-ASEAN economic cooperation and future directions in preparation for the Korea-ASEAN Economic Ministers’ Meeting slated for this September in Vientiane, Laos.   date2024-09-05

Korea-Australia FTA 10th Anniversary Ceremony

Minister for Trade Inkyo Cheong attended the 10th Anniversary Commemoration Ceremony of the Korea-Australia FTA on September 3 in Perth with Australia’s Trade and Tourism Minister Don Farrell, Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King and other relevant representatives and gave a congratulatory message and took part in the cake cutting ceremony. date2024-09-03

Trade Minister meets Australia’s Minister for Resources

Minister for Trade Inkyo Cheong met with Australia’s Minister for Resources and Minister for Northern Australia Madeleine King on September 1 in Perth on the margins of the 6th Korea-Australia FTA Joint Committee meeting held in commemoration of this year marking the 10th anniversary of the Korea-Australia FTA’s entry into force, and discussed mutually beneficial cooperation concerning liquefied natural gas (LNG), critical minerals, and carbon capture and storage (CCS) and also asked for support towards Korean firms investing in the Australian market. date2024-09-02

Korea and Australia bolster clean energy cooperation commemorating 10th anniversary of bilateral FTA’s entry into force

In commemoration of this year marking the 10th anniversary of the Korea-Australia Free Trade Agreement (FTA)’s entry into force, Minister for Trade Inkyo Cheong is visiting Perth through September 1–3 to attend the sixth Korea-Australia FTA Joint Committee meeting and sign the memorandum of understanding (MOU) between the Ministry of Trade, Industry and Energy (MOTIE) and the Government of Western Australia on clean energy cooperation. He also engaged in a business exchange between the two countries for enhancing cooperation in critical minerals and clean energy. First, Trade Minister Cheong and Australia’s Trade and Tourism Minister Don Farrell held the sixth Korea-Australia FTA Joint Committee meeting to assess how their FTA has strengthened bilateral trade and economic cooperation and discussed both sides’ issues regarding the FTA implementation of the trade of goods and services, as well as investment.  This was followed by the Korea-Australia Annual Trade Ministers’ Meeting, where the two trade chiefs discussed measures to deepen both bilateral and multilateral economic cooperation in energy, carbon neutrality, critical minerals supply chain, the World Trade Organization (WTO), and Asia-Pacific Economic Cooperation (APEC).  During talks with Australia’s Minister for Resources and Minister for Northern Australia Madeleine King, Trade Minister Cheong discussed mutually beneficial cooperation concerning liquefied natural gas (LNG), critical minerals, and carbon capture and storage (CCS). He also asked for support towards Korean firms investing in the Australian market. Meanwhile, the Korean trade leader and Western Australia Premier Roger Cook signed a MOTIE-Western Australia MOU on the development and processing of clean energy. Western Australia is rich in critical minerals and has vast potential for clean hydrogen and ammonia production, leading to anticipation that the MOU will advance bilateral energy collaboration in various areas including critical minerals, hydrogen, CCS, and renewables. At the 45th Korea-Australia Economic Cooperation Committee (ECCC) meeting held to promote private sector business exchange, Trade Minister Cheong highlighted the importance of forward-looking cooperation in supply chains, clean economy, digital, and defense in order to upgrade the two countries’ cooperation amid recent global uncertainties. He ensured that the Korean government will closely support efforts to foster a more stable trade and investment environment for both countries’ businesses.   date2024-09-02

Korea and Malaysia launch 4th official negotiating round for bilateral FTA

Director General for FTA Negotiations Peob-min Ryu and Malaysia’s Senior Director for Strategic Negotiations at the Ministry of Investment, Trade and Industry (MITI) Sumathi Balakrishnan are heading their respective delegations in the fourth official round of negotiations for the Korea-Malaysia Free Trade Agreement (FTA) through August 20–23 in Kuala Lumpur, Malaysia. This fourth negotiating round is the two countries’ first official round in five years since the previous negotiations held in September 2019. On top of the ongoing negotiations for their working group on trade in goods, the two sides will be adding working groups on services, investment, digital, green, and bio with aim to facilitate a comprehensive FTA that encompasses the opening of markets and new trade rules. As Korea’s third and fourth largest ASEAN partner in terms of trade and investment, respectively, Malaysia is a resource-rich supplier of natural gas and petroleum products, while Korea exports petroleum products, semiconductors, and fine chemical materials to the Southeast Asian nation. In view of their complementary trade structure, the inking of a bilateral FTA is anticipated to bolster Korea’s trade and investment base across the ASEAN region.   date2024-08-20

Minister Ahn holds videoconference with UK Secretary of State for Business and Trade

Trade, Industry and Energy Minister Dukgeun Ahn held a videoconference with the UK’s new Secretary of State for Business and Trade Jonathan Reynolds on August 14 and discussed measures to make progress on negotiations for upgrading the Korea-UK FTA. date2024-08-16

Minister Ahn discusses stronger economic and trade cooperation with UK Secretary of State for Business and Trade

Trade, Industry and Energy Minister Dukgeun Ahn held a videoconference with the UK’s new Secretary of State for Business and Trade Jonathan Reynolds on August 14 to congratulate his appointment and expressed hopes for close ministerial-level communication to build stronger Korea-UK economic cooperative ties going forward. Minister Ahn viewed that Korea and the UK have established solid economic cooperative relations as partners that share core values of free democracy and market economy, with the two countries’ globally competitive businesses in major advanced areas leading the economic ties based on vigorous investments and technology collaboration. He stated that their bilateral cooperation as trustworthy partners and friendly nations is all the more important in light of economic security issues and persisting geopolitical uncertainties, such as the Russia-Ukraine war. Moreover, the minister conveyed Korea’s stance of looking forward to a stronger comprehensive bilateral partnership based on the full implementation of the joint ambitions declared in the Downing Street Accord, which was adopted on the occasion of President Yoon Suk Yeol’s state visit last November. They also discussed measures to bolster the two countries’ economic and trade relations, including ways to make progress on negotiations for upgrading the Korea-UK Free Trade Agreement (FTA). date2024-08-14

Trade Minister meets with NCAPEC

Minister for Trade Inkyo Cheong met with Monica H. Whaley, president of the U.S.’ National Center for Asia-Pacific Economic Cooperation (NCAPEC), and other NCAPEC members on August 6 in Seoul on the margin of their visit to Korea. During the meeting, the NCAPEC shared the U.S.’ knowhow on hosting APEC events last year in light of Korea's hosting them in 2025 and discussed business issues of interest regarding APEC for 2025. date2024-08-08

Trade Minister Cheong’s meeting with NCAPEC on preparations for APEC summit 2025

Minister for Trade Inkyo Cheong met with Monica H. Whaley, president of the U.S.’ National Center for Asia-Pacific Economic Cooperation (NCAPEC), and other NCAPEC members from Google, Airbnb, and Amazon on August 6 in Seoul on the margin of their visit to Korea.  At this meeting, Minister Cheong shared Korea’s preparations for hosting the Asia-Pacific Economic Cooperation (APEC) Economic leaders’ meeting held in 2025, as well as Korea’s plans and major deliverables such as the cooperation of sustainable supply chains and an establishment of artificial intelligence (AI)-based cooperative system within the APEC region.  In addition, he asked NCAPEC to share its knowhow of how it hosted a series of business events such as APEC Business Advisory Council (ABAC) Dialogue with Economic Leaders and the APEC CEO Summit with the Korea Chamber of Commerce and Industry (KCCI) which will host the business events next year. In turn, NCAPEC representatives proposed APEC-level cooperation in establishing digital trade principles and restoring supply chain resilience. Minister Cheong highlighted Korea’s aim to produce tangible outcomes during Korea’s APEC chairmanship in 2025 such as strengthening intraregional business networks through various events for public-private exchanges, and requested NCAPEC to prepare meaningful business events in cooperation with KCCI.   date2024-08-06