Ministry of Trade, Industry and Energy

Korea and Lithuania discuss bilateral economic cooperation

Deputy Minister for Trade Yang Byeong-nae met with Lithuania’s Vice Foreign Affairs Minister Egidijus Meilūnas on March 19 in Seoul to discuss measures to widen bilateral trade, investment, and economic cooperation.   Noting the growth of bilateral exchanges and trade following the establishment of Lithuania’s diplomatic mission in Korea in 2021, Deputy Minister Yang proposed that the two countries make further effort to expand their collaboration with focus on advanced industries, in view of Lithuania’s world-leading technology in laser and bio.   The two sides agreed on the importance of R&D cooperation and decided to support business partnering and convene joint seminars to strengthen the two countries' corporate networking and stimulate joint R&D projects.   On the margins of the bilateral talks, Korea Institute for Advancement of Technology (KIAT) and Innovation Agency Lithuania entered a memorandum of understanding (MOU) for industry and technology cooperation to seek various measures to deepen and diversify their collaboration. date2024-03-20

Public and private sectors join efforts to launch preparations for Korea-Africa Summit 2024

Minister for Trade Inkyo Cheong chaired the first meeting of the Public-Private Committee for Korea-Africa Economic Cooperation (“Committee”) on March 20 at Lotte Hotel Seoul as part of efforts to bring forth substantial outcomes through the coming Korea-Africa Summit 2024, slated for June in Seoul.   Attending the meeting were representatives of major economic groups, public companies and institutions, including the Korea International Trade Association (KITA), Korea Trade-Investment Promotion Agency (KOTRA), and Korea Electric Power Corporation (KEPCO).   Hosted and organized by five of Korea’s major economic groups to be held in joint tandem with the bilateral summit for maximum outcome, the “Business Summit” is another large-scale event where business figures and government officials of Korea and Africa are to gather to share ideas on major agendas, namely trade, industrial development, infrastructure, farm productivity advancement and climate change response.   Trade Minister Cheong emphasized that cooperation with Africa is essential in view of the Global South’s rise as one the future core markets. He highlighted that the joint Committee will serve as a bridge between the two sides’ economic cooperation in order to strengthen support for companies entering the African market and bolstering cooperation with the continent’s business partners. The trade chief also mentioned that efforts will be made to seek measures for producing tangible outcomes through the participation of private companies with prospects for striking business deals and memorandums of understanding (MOUs).   On the sidelines of the summit, the two sides will hold the “Korea-Africa Business Partnership” on June 4 in Seoul, hosted by MOTIE and organized by KOTRA, where 50 business leaders are to be invited from Africa to uncover new business opportunities with approximately 200 Korean firms in critical minerals, energy, infrastructure, and other promising areas. date2024-03-20

Korea and Africa discuss EPA-based economic cooperation

Minister for Trade Inkyo Cheong held a conference with Moroccan and Tanzanian Ambassadors to Korea Chafik Rachadi and Togolani Mavura and the Chargé d'Affaires of Kenyan Embassy in Korea Kipkosgei Toroitich on March 20 to discuss measures for wider Korea-Africa economic cooperation through the Economic Partnership Agreement (EPA).   At the conference, Trade Minister Cheong said that “Considering the growth potential and geoeconomic significance of Africa in terms of its rich mineral resources and vast single market of 1.4 billion created upon the launch of the African Continental Free Trade Agreement (AFCFTA), economic cooperation with the continent is becoming increasingly important” and added that the EPA is poised to serve as the framework for the two sides’ economic cooperation in trade, investment, supply chain, digital, clean economy and various other areas. He also asked for the ambassadors’ continued interest and support in future EPA cooperation.   Africa’s ambassadors to Korea agreed that the EPA will be a major milestone in developing and expanding bilateral cooperative ties. Both sides are aiming to place strong emphasis on EPA as a framework for strengthening economic relations in light of the numerous upcoming opportunities for building cooperative momentum, including the first Korea-Africa summit slated for June this year in Seoul. date2024-03-20

Korea's accumulated Jan-Feb automobile exports grow 7.5% YoY

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 19 that the accumulated January-February exports of automobiles in 2024 reached USD 11.4 billion, up 7.5 percent year-on-year. The export unit price is also on an upward trajectory lately, around $1,000 higher than that recorded early last year.   February automobile exports recorded a monthly decline of 7.8 percent year-on-year at $5.2 billion, attributable to the relatively lower number of shipping days and the high base effect from last year’s steep climb, in addition to automakers’ production line maintenance work for future mobility transition.   This year’s accumulated number of automobiles produced from January-February grew 0.7 percent year-on-year to 658,923 units, with February’s monthly production volume alone surpassing 300,000 units despite the lower number of working days owing to the Seollal holidays.   Meanwhile, domestic car sales from January-February shrank 11.9 percent year-on-year to 232,217 units, but it is anticipated that sales will pick up pace once more as electric vehicle (EV) subsidies are issued and the plants in Asan and Ulsan resume operation. date2024-03-19

Public and private sectors join hands for global standards leadership in hydrogen and fuel cells

Korean Agency for Technology and Standards (KATS) President Jin Jong-wook under the Ministry of Trade, Industry and Energy (MOTIE) held a business conference on March 19 at a hydrogen fuel tank manufacturing site to strengthen international standards in hydrogen and fuel cells in line with reaching the national policy targets for sustainable carbon neutrality.   KATS representatives attending the conference shared the current progress and policy directions in hydrogen and fuel cell standards development and gathered opinions and suggestions from firms participating in related projects.   Companies suggested that, in view of the technology and market of hydrogen and fuel cells still being in their early stages of development, firms be given support through standards development of Korean technologies in future key areas like hydrogen mobility, liquid hydrogen storage and transport, which can serve as a springboard for export to global markets.   KATS President Jin remarked that “based on today’s discussions, KATS will newly install and operate the ‘International Standards Forum on Hydrogen Technology’ for supporting companies’ participation and Korea’s leadership in international standards development.” date2024-03-19

Korea and UK to hold 2nd official negotiating round on upgrading bilateral FTA

Director General for FTA Negotiations Chang Sung-gil at the Ministry of Trade, Industry and Energy (MOTIE) is heading the Korean delegation in the second official round of negotiations for upgrading the Korea-UK Free Trade Agreement (FTA) to be held through March 19-22 in London. The UK delegation will be led by Adam Fenn, Chief Negotiator at the UK's Department for Business and Trade.   With the Korea-UK FTA signed in 2019 and having come into force in 2021 on the heels of Brexit, the two countries declared the launch of negotiations for the upgrade of the bilateral FTA upon the occasion of President Yoon Suk Yeol’s state visit to the UK last November, and the first negotiating round was held this January in Seoul.   In this second negotiating round, the Korean government aims to strengthen comprehensive and cooperative trade relations and discuss the introduction of new trade rules through negotiations on service, digital, SMEs and Good Regulatory Practices (GRP).   Korea anticipates that the upgrade of the bilateral FTA will contribute to expanding exports and investment through reinforcing advanced trade solidarity with the UK, one of Korea’s core friendly nations, while also stabilizing the supply chain and enhancing cooperation in areas like gender and clean energy. date2024-03-19

Korea discusses technical regulation issues with export destination countries at WTO TBT Committee

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 17 that the Korean Agency for Technology and Standards (KATS) President Jin Jong-wook and Food and Drug Safety Minister Yu-Kyoung Oh attended this year’s first World Trade Organization (WTO) Technical Barriers to Trade (TBT) Committee meeting through March 12-15 to discuss issues on technical regulations with Korea’s major export destination countries.   At the TBT Committee meeting, the Korean delegation raised specific trade concerns (STCs) over 10 technical regulations imposed by a number of countries and the EU on some of Korea’s major export items, including batteries, automobiles, cosmetic products, medical devices, and fluorinated greenhouse gases (F-GHGs), which are used as refrigerants for air conditioners.   Meanwhile, regarding the per- and polyfluoroalkyl substances (PFAS) regulations, Korea intends to hold bilateral talks with related countries for cooperation on addressing domestic industries’ concerns and resolving issues arising from the global increase of TBTs. date2024-03-18

Ministers agree to expand clean economy cooperation at IPEF ministerial meeting

Trade, Industry and Energy Ministry's Deputy Minister for FTA Negotiations Roh Keon-ki attended the Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting on March 14 via videoconferencing.   Ministers attending the meeting agreed to prepare for the entry into force and implementation of the Supply Chain, Clean Economy and Fair Economy Pillars’ Agreements concluded last year, while also pushing forward practical cooperation to enhance connectivity across the Indo-Pacific region through the IPEF Clean Economy Investor Forum and activation of Clean Economy cooperative programs, among other means.   The ministerial meeting will kick off procedures for the Clean Economy and Fair Economy Agreements’ entry into force, including their disclosure and the collection of public opinion. Concluded last November, the Agreements contain measures for cooperation in energy transition, reduction of greenhouse gas emissions in industries and transportation sectors, early transition into the Clean Economy (e.g., carbon market), anti-corruption, and for strengthening the transparency and efficiency of tax administration.   Participating countries plan to proceed with signing and other necessary procedures for the Clean Economy and Fair Economy Agreements’ swift entry into force. The Supply Chain Agreement and pertaining measures for cooperation to stabilize the regional supply chain have come into effect in some countries starting February 24, and Korea will proceed with domestic procedures, including government screening and Cabinet decision-making, for entry into force in April.   Moreover, it is anticipated that this year will set cooperative activities into motion to maximize the outcomes per each IPEF Pillar. Slated for June in Singapore, the Investor Forum will be a venue for investor-project matching and other activities with the participation of governments, investment companies and Multilateral Development Banks (MDBs) for boosting investments in eco-friendly energy, ports, and clean economy infrastructure areas for the Indo-Pacific region. In addition, a detailed cooperation program for the early achievement of the Clean Economy Agreement targets is to be launched, such as those for invigorating the carbon market, clean electricity utilization, and sustainable aviation fuels (SAF), as well as for establishing the hydrogen market and supply chain, and retraining for just transitions and upskilling.   Deputy Minister Roh stated that whereas 2023 was a year focusing on concluding the Agreements for IPEF Pillars, 2024 will be one focusing on their entry into force, preparing for implementation, and seeing actual investment and cooperation happen at the IPEF level. date2024-03-18