Ministry of Trade Industry and Resources

Joint Media Statement of the Thirteenth Economic and Trade Ministers’ Meeting between the Republic of Korea, Japan and the People’s Republic of China

Joint Media Statement of the Thirteenth Economic and Trade Ministers’ Meeting between the Republic of Korea, Japan and the People’s Republic of China 30 March 2025, Seoul, Korea   1.      We, the Economic and Trade Ministers of the Republic of Korea, Japan and the People’s Republic of China, convened in Seoul, Korea, on 30 March 2025, to hold the Thirteenth Korea-Japan-China Economic and Trade Ministers’ Meeting.   2.      We reaffirmed our conviction that trilateral efforts in the economic and trade sectors are essential for fostering the prosperity and stability of the regional and global economy, as emphasized in the Joint Declaration of the Ninth Trilateral Summit in May 2024.    3.      We noted with satisfaction the advancements made in trilateral cooperation between our three countries and held fruitful discussions on the future trajectory of our cooperation. We especially recognized the need for ongoing trilateral economic and trade cooperation to effectively address emerging challenges and achieve tangible outcomes in key areas.    4.      We shared the view that the Thirteenth Trilateral Economic and Trade Ministers’ Meeting plays a vital role in strengthening our trilateral cooperation. The Minister of Economy, Trade and Industry of Japan and the Minister of Commerce of the People’s Republic of China expressed their appreciation for the efforts of the Minister of Trade, Industry and Energy of the Republic of Korea as Chair to ensure the continual progress of trilateral economic and trade cooperation.   5.        (WTO Reform) We support the rules-based, open, inclusive, transparent, non-discriminatory multilateral trading system with the World Trade Organization (WTO) at its core. We emphasized the need to advance the necessary reform of the WTO and strengthen all its functions, including negotiation, monitoring, deliberation and dispute settlement so that the organization can become more responsive and resilient in addressing current trade challenges, particularly in the lead up to the 14th WTO Ministerial Conference (MC14). We also reiterated our support for the extension of the moratorium on customs duties on electronic transmissions at MC14. We commended the efforts to intensify discussions in the WTO on contemporary key issues.   6.        (WTO JSIs) Acknowledging the value of ongoing plurilateral discussions under the WTO, including the Joint Statement Initiatives (JSIs), we highlighted their potential to address emerging trade issues, foster inclusive economic growth, and build momentum towards multilateral outcomes. We urged WTO Members to support the early incorporation of the Investment Facilitation for Development (IFD) Agreement and the Agreement on Electronic Commerce into the WTO legal framework and encouraged wider participation in the Agreements.   7.      (RCEP) We highlight the importance of the transparent, smooth and effective implementation of the Regional Comprehensive Economic Partnership (RCEP) Agreement. We encourage the RCEP Joint Committee to finalise the Terms of Reference of the Accession Working Group (AWG) for new membership to the RCEP as soon as possible.   8.        (Trilateral FTA) We keep discussions for speeding up negotiations for a Trilateral FTA with a view to realizing a free, fair, comprehensive, high-quality and mutually beneficial FTA with its own value.   9.       (Predictable and Reliable Business Environment) We will continue to work to ensure a global level playing field to foster a free, open, fair, non-discriminatory, transparent, inclusive and predictable trade an date2025-03-31

Trade Minister meets Ambassador of the Dominican Republic to Korea

Minister for Trade Inkyo Cheong of the Republic of Korea held talks with Federico Cuello, Ambassador of the Dominican Republic to the Republic of Korea, on March 27 in Seoul to exchange views on the global trade landscape and discuss measures for stronger bilateral economic cooperation. date2025-03-28

Minister meets with Alaska Governor

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with Alaska Governor Mike Dunleavy on March 25 in Seoul and discussed measures for stronger Korea-Alaska energy cooperation and wider Korea-U.S. trade and investment. Minister Ahn also requested the Alaska state government’s support and interest towards Korean firms’ stable investment in the local U.S. market. date2025-03-28

Korea and Dominican Republic discuss trade and economic cooperation

Minister for Trade Inkyo Cheong of the Republic of Korea held talks with Federico Cuello, Ambassador of the Dominican Republic to the Republic of Korea, on March 27 in Seoul to exchange views on the global trade landscape and discuss measures for stronger bilateral economic cooperation. During the talks, Trade Minister Cheong noted the rising need for economic cooperation between Korea and Latin America amid the rapidly changing global trade environment and requested Ambassador Cuello’s active role in this respect as the Dean of the Group of Latin American and Caribbean Countries (GRULAC). In view of the Dominican Republic being Korea’s major economic partner in the Latin American and Caribbean region, Trade Minister Cheong proposed that the two countries widen their trade and industry cooperation based on the bilateral Trade and Investment Promotion Framework (TIPF) signed on the occasion of the Dominican Republic Vice President Raquel Peña’s visit to Korea in April 2023. Moreover, the trade minister asked the Dominican Republic’s cooperation with regard to the bilateral Economic Partnership Agreement (EPA) negotiations for the establishment of a stable basis for greater trade and investment between the two countries. He also requested support towards facilitating Korean businesses’ participation in the Dominican Republic’s energy infrastructure projects going forward.   date2025-03-28

Minister Ahn holds roundtable with foreign business community in Korea

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held a roundtable with the foreign business community in Korea today in Seoul with the participation of representatives from foreign-invested companies and the foreign chambers of commerce in Korea. Noting the global rise of uncertainties such as protectionism and supply chain shifts, Minister Ahn stated that the Ministry of Trade, Industry and Energy (MOTIE) intends to drastically increase incentives for foreign investors, improve the investment environment in accordance with global standards, and carry out strategic outreach activities irrespective of internal and external changes in an effort to spur foreign investment. date2025-03-24

Minister Ahn attends foreign investment declaration ceremony

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea attended a foreign investment declaration ceremony today in Seoul for investment declarations made by global companies Vena Energy and Corning to Korea worth USD 0.3 billion in areas of offshore wind power and advanced materials. date2025-03-24

Global companies pledge investments worth $0.3 bln to Korea’s offshore wind power and advanced materials

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held a foreign investment strategy meeting today in Seoul with the participation of representatives from foreign-invested companies and the foreign chambers of commerce in Korea. At the meeting, the above representatives expressed appreciation towards the Korean government’s efforts to foster a business-friendly environment and suggested measures for stronger incentives and the easing of regulations regarding electric vehicles (EVs), healthcare, and offshore wind power, as well as the improvement of conditions for foreign investors’ settlement in Korea. Noting the global rise of uncertainties such as protectionism and supply chain shifts, Minister Ahn stated that the Ministry of Trade, Industry and Energy (MOTIE) intends to drastically increase incentives for foreign investors, improve the investment environment in accordance with global standards, and carry out strategic outreach activities irrespective of internal and external changes in an effort to spur foreign investment. On the occasion of today’s meeting, MOTIE also announced that global companies including Vena Energy and Corning submitted investment declarations to Korea worth USD 0.3 billion in the areas of offshore wind power and advanced materials.   date2025-03-24

Minister Ahn holds talks with U.S. Secretary of Commerce Howard Lutnick

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with U.S. Secretary of Commerce Howard Lutnick on March 21 (local time) in Washington D.C. to discuss bilateral trade issues. date2025-03-24

Minister Ahn attends signing ceremony to advance Korean Air, Boeing & GE partnerships

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea and U.S. Secretary of Commerce Howard Lutnick jointly attended a signing ceremony on March 21 (local time) in Washington D.C. for strengthening the strategic partnerships among Korean Air, Boeing & GE Aerospace. The ceremony was attended by Chairman & CEO of Korean Air and Hanjin Group Walter Cho, President & CEO of Boeing Kelly Ortberg, and President & CEO of GE Aerospace Russel Stokes. date2025-03-24

Minister Ahn attends signing ceremony to advance Korean Air, Boeing & GE partnerships and strengthen Korea-U.S. aviation cooperation

On the occasion of Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea’s visit to Washington D.C. from March 20-21 (local time), Mr. Ahn and U.S. Secretary of Commerce Howard Lutnick jointly attended a signing ceremony with Korean Air, Boeing & GE to strengthen their strategic partnerships.   * Corporate Attendees: Walter Cho (Chairman & CEO of Korean Air and Hanjin Group), Kelly Ortberg (President & CEO of Boeing), Russel Stokes (President & CEO of GE Aerospace) The signing ceremony underscores Korean Air’s commitment to collaboration with Boeing and GE Aerospace prior to the finalization of large-scale contracts with a total value of 32.7 billion USD. In particular, this event marks the first joint participation of Ministers from Korea and the United States under President Trump’s second administration, raising expectations for further cooperation between the two countries in various areas including aviation, semiconductors, shipbuilding and energy. * Details of the contract between Korean Air-Boeing: The two companies will soon finalize a firm order for twenty Boeing 777-9 and twenty Boeing 787-10 by 2033, and options for an additional ten aircraft (worth a total 24.9 billion USD). ** Details of the contract between Korean Air-GE: The two companies will soon finalize a firm order for eight spare engines (plus options for two additional engines) and engine maintenance services (worth a total 7.8 billion USD). Minister Ahn stated in his congratulatory remarks that “through these collaborations with prominent U.S. aviation companies, Korean Air is set to further strengthen its position in the global aviation market, accelerating its journey to becoming one the world’s top ten airlines.” Minister Ahn also emphasized that these agreements will pave the way for further strengthening the wide-ranging material and human exchanges between Korea and the United States, vowing that the Korean government “will continue to actively support cooperation in the private sector between both countries.” date2025-03-21