Ministry of Trade, Industry and Energy

Trade chiefs of Korea and Thailand discuss wider cooperation in trade, investment and new industries

Minister for Trade Dukgeun Ahn met Thai Trade Representative Nalinee Taveesin on November 18 in Seoul to discuss follow-up measures to the summit meeting held on the occasion of the United Nations General Assembly in September. Thailand is the second largest economy in ASEAN and the Korea-Thailand economic cooperation is continuing to expand, with bilateral trade reaching unprecedented highs in 2022. This year marks the two countries’ 65th anniversary of the establishment of diplomatic re date2023-11-21

Rising neo-protectionism sparks discussions on shifting trade remedies

The Ministry of Trade, Industry and Energy (MOTIE)’s Korea Trade Commission held a winter academic seminar with participants from academia, law firms, and accounting firms and other sectors on November 17 at the Seoul National University Graduate School of International Studies to analyze issues of trade remedies in the era of neo-protectionism, identify policy implications and prepare strategic responses. The seminar proceeded under the theme of 'Changes in the Trade Remedies in response date2023-11-20

Four U.S. companies pledge $1.2 bln investments in Korea

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 19 that four U.S.-based companies pledged a total of USD 1.2 billion (KRW 1.5 trillion) in investment in Korea during President Yoon Suk Yeol’s visit to San Francisco to attend the Asia-Pacific Economic Cooperation (APEC) summit. The investment of four companies, namely GM, DuPont, IMC and Ecolab, are expected to have the effect equivalent to a 4.5 trillion won annual increase in export value or import substitution. date2023-11-20

Outdoor mobile robots now permitted for business use

The Ministry of Trade, Industry and Energy (MOTIE) and the National Police Agency announced on November 16 that following the implementation of the revised Intelligent Robots Act starting November 17, it is now permissible to engage in new business activities like delivery and patrolling services utilizing outdoor mobile robots. Until now, outdoor mobile robots were prohibited from operating on sidewalks. However, this has changed with the recent amendments and implementations of the Intelligen date2023-11-17

Korea to participate in MMRV framework as one of 13 founding members

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 16 that Korea will participate in the measurement, monitoring, reporting, and verification framework (MMRV Framework) as one of the 13 founding members along with the U.S., EU, Japan, and Australia in order to create an objective system for measuring methane emissions across the natural gas supply chain. Methane (CH4), the main component of natural gas at around 80%, is known as the second cause of global warming after car date2023-11-17

IPEF Pillars reach substantial conclusion and outcomes within 18 months of launch

The Republic of Korea participated in the Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meetings held through November 13-14 in San Francisco along with other 13 member countries to announce the outcomes gained from the last 18 months of negotiations. Member countries signed the Pillar II (Supply Chain) Agreement, which was already concluded in May this year, and also concluded negotiations for the Clean Economy Pillar and the Fair Economy Pillar. They took stock of the nego date2023-11-17

Minister Bang promotes CF Alliance & supply chain stabilization on sidelines of APEC summit

Trade, Industry and Energy Minister Bang Moon Kyu held talks with major countries’ ministers, U.S. companies and Korean firms operating in the U.S. on the sidelines of attending the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco. First, Minister Bang met with U.S.’ Under Secretary for Economic Growth, Energy, and the Environment Jose W. Fernandez to co-chair the Korea-U.S. Clean Energy Business Roundtable in response to climate change, and requested active support date2023-11-17

IPEF leaders reach substantial conclusion on critical minerals and other cooperation agendas

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 17 that President Yoon Suk Yeol attended the Indo-Pacific Economic Framework for Prosperity (IPEF) summit on November 16, hosted by U.S. President Joe Biden, and attended by the leaders of 14 countries, including Japanese Prime Minister Kishida Fumio. IPEF is a cooperative system established for joint response of major countries in the Indo-Pacific region against newly emerging global trade issues like supply chain and cli date2023-11-17