Ministry of Trade Industry and Resources

Trade Minister Cheong visits Washington D.C. and N.Y. to enhance Korea-U.S. trade cooperation

Korea’s Minister for Trade Inkyo Cheong is visiting Washington D.C. and New York City from September 10–12 to meet with various key figures of the Biden administration, U.S. Department of Commerce (DOC), think tanks, and political and financial circles. The objective of this visit leading up to the U.S. presidential elections is to discuss measures for maintaining the solid Korea-U.S. trade, economic, and industrial cooperation going forward. The trade chief plans to request continued interest and support towards Korean businesses to minimize uncertainties for those currently exporting to and investing in the U.S. market. During his visit, Trade Minister Cheong will also attend major events such as the Korea-U.S. Economic Security Conference (September 10), Investors Roundtable (September 11), and the Korea-U.S. Economic Cooperation Seminar (September 12) to gather opinions from experts and business leaders to establish a network favorable to Korea across political, financial, and academic circles. The trade minister expressed anticipation that the outreach will help build the foundation for further advancing the Korea-U.S. economic and trade cooperation, stating that regardless of the volatility and uncertainties arising for the time being from coming elections, the two countries’ firmly rooted bilateral ties will remain strong.   date2024-09-10

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. In this third negotiating round, the two delegations are activating a total of 17 working groups, aiming to move the negotiations forward in areas including goods, rules of origin, services, investment, digital, finance, government procurement, and intellectual property. They also seek to delve into more detailed discussions on their respective goods and areas of interest regarding the opening of markets. Moreover, in areas recently seeing active bilateral exchanges like minerals and environment, both sides plan to establish grounds for cooperation in their bilateral EPA to strengthen coordination in supply chain stabilization and climate change response. Highlighting that Mongolia is a resource-rich, promising new market and an important economic partner for Korea’s export channel diversification and supply chain stabilization, Director General Ryu said the ministry will strive to ensure the Korea-Mongolia EPA serves not only as a means for expanding bilateral trade in the traditional sense of Free Trade Agreements (FTAs), but also as an institutional foundation that broadens and enriches the two countries’ economic cooperation across a wide range of areas going forward.   date2024-09-10

Korea and EU step up negotiations for bilateral Digital Trade Agreement

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today the launching of the fifth official negotiating round for the Korea-EU Digital Trade Agreement (DTA) through September 10–12 in Brussels, Belgium, led by both sides’ government delegations. The need to upgrade the Korea-EU digital trade rules was raised as the existing Korea-EU Free Trade Agreement (FTA) fails to sufficiently address changes in the trade landscape with regard to digital trade expansion and other issues in data and cybersecurity. With the shared vision for establishing a high-level digital trade agreement based on the Korea-EU Digital Trade Principles (signed in November 2022), the two sides have held four negotiating rounds since their joint declaration to commence bilateral digital trade negotiations last October. Through this fifth official negotiating round, the Korean and EU delegations will continue discussions on digital trade facilitation and other relevant areas such as corporate and consumer trust, and seek measures to move the negotiations forward. The Korea-EU DTA is anticipated to bolster Korea’s digital trade network with the EU, thereby nurturing a reliable, open, and fair digital trade environment for both sides’ businesses and consumers, while also invigorating bilateral digital trade.   date2024-09-10

Trade Minister attends Indo-Pacific Policy Forum

Minister for Trade Inkyo Cheong attended the Indo-Pacific Policy Forum on September 6 in Seoul and exchanged views on Korea-ASEAN economic cooperation, Korea-ASEAN FTA upgrade, and Korea-ASEAN trade and economic policy cooperation.   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). date2024-09-09

Trade Minister holds roundtable with foreign business community in Korea

Minister for Trade Inkyo Cheong held a roundtable on September 5 at the Korea Chamber of Commerce and Industry (KCCI) with foreign-invested companies and KCCI personnel to enhance the foreign business community’s understanding of Korea’s major relevant policies and discussed measures to promote FDI and gathered corporate opinions. date2024-09-06

Trade Minister Cheong meets Wilson Center CEO

Korea’s Minister for Trade Inkyo Cheong met with Woodrow Wilson International Center President and CEO Mark Green on September 5 in Seoul and discussed response measures for Korea in the midst of intensifying geopolitical uncertainties and rising protectionism across the trade landscape in this super election year. date2024-09-06

Korea-U.S.-Japan Trilateral Executive Dialogue Bridge Building Dinner

Minister for Trade Inkyo Cheong attended the Korea-U.S.-Japan Trilateral Executive Dialogue Bridge Building Dinner on September 4 at the Grand Hyatt Seoul and gave opening remarks to attendees, including the U.S. congressional delegation, Korea’s Foreign Affairs Minister Cho Tae-yul, and Korea International Trade Association (KITA) Chairman Yoon Jin-sik. date2024-09-06

MOTIE holds conference with KCCI and foreign-invested companies

Minister for Trade Inkyo Cheong held a conference today at the Korea Chamber of Commerce and Industry (KCCI) with foreign-invested companies and KCCI personnel on measures to expand foreign direct investment (FDI) under the aim of nurturing Korea into a business and investment hub amid the vastly changing paradigm of the global trade order. Trade Minister Cheong noted how the Yoon administration is achieving fresh FDI highs each year since taking office, with this year’s advanced manufacturing sector enjoying an all-time high FDI for the first half (H1), displaying Korea’s potential as a supply chain hub. Introducing the Trade Policy Roadmap announced by the Government last month, the trade chief shared plans to drastically expand markets accessible to Korea-based firms and foster an attractive trade and investment environment suitable for the stable development of management strategies. Next, he introduced the Korea Trade-Investment Promotion Agency (KOTRA)’s Foreign Investment Ombudsman and Foreign Investor Support Office (FISO) services, as well as the amendment (January 2024) permitting the lease and sale of state and public property in Korea’s free economic zones (FEZs) to foreign-invested businesses.  Foreign-invested companies attending the conference expressed appreciation over the Korean government’s efforts to create a business-friendly environment and suggested incentives like tax credit, deregulation, and increased funding to promote freedom of management activities and expand investment. Based on suggestions from this conference, the Ministry of Trade, Industry and Energy (MOTIE) will continue efforts to improve the foreign investor environment. On the occasion of the Invest KOREA Summit slated for November, the ministry also plans to actively promote Korea’s investment environment and build up networking among foreign investors and Korea’s public-private entities with aim to broaden the base for foreign investment attraction.   date2024-09-05

Trade Minister Cheong and U.S. thinktank leader discuss Korea’s response measures to global uncertainties

Korea’s Minister for Trade Inkyo Cheong met with Woodrow Wilson International Center (“Wilson Center”) President and CEO Mark Green today and discussed response measures for Korea in the midst of intensifying geopolitical uncertainties and rising protectionism across the trade landscape in this super election year. The Wilson Center is a U.S.-based thinktank and a renowned source of various ideas in establishing U.S. foreign policies. It is considerably interested in U.S.’ cooperation with Korea and the Indo-Pacific region. The bilateral talks were convened on the margins of President Green’s visit to Korea to discuss cooperation with business leaders of Korea and Japan through a trilateral Korea-U.S.-Japan meeting. Trade Minister Cheong conveyed Korea’s interest in the coming presidential elections and ensuing U.S. foreign policy shifts, highlighting that their bilateral alliance is critical and requires close cooperation in areas of industry, economy, diplomacy and national security, irrespective of election outcomes. With regard to future policy recommendations, he requested that the Wilson Center consider Korean companies’ increased investments and trust in the U.S. government, while also taking account of the international relations of U.S. allies. They further discussed the possible impact from key trade issues, such as the U.S.’ additional tariff measures on Chinese-origin goods, the Russia-Ukraine war, and energy supply chain anxieties caused by Middle East tensions and exchanged views on Korea’s response measures.   date2024-09-05

Minister Ahn meets with U.S. lawmakers

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn held a luncheon meeting with a bipartisan group of seven U.S. lawmakers on September 3 in Seoul and discussed measures to strengthen Korea-U.S. economic and national security cooperation. date2024-09-03