Ministry of Trade Industry and Resources

Trade Minister Cheong discusses economic cooperation with head of major ASEAN think tank

Minister for Trade Inkyo Cheong met Tetsuya Watanabe, President of the Economic Research Institute for ASEAN and East Asia (ERIA), today at the Korea Chamber of Commerce and Industry (KCCI) in Seoul and discussed comprehensive measures for economic cooperation. The two sides reviewed economic issues in trade, investment, supply chains, and clean economy covered during the Korea-ASEAN Summit 2023 and agreed to continue efforts on widening cooperation for the successful management of the Korea-ASEAN Trade and Economic Think Tank Dialogue in preparation to be launched next year. A major ASEAN think tank alongside the Korea Institute for International Economic Policy (KIEP), ERIA was established on the occasion of the East Asia Summit in 2007 as an independent research institute and operates a research network spanning 16 countries. Expressing appreciation for ERIA’s across-the-board contribution to expanding the Korea-ASEAN cooperation in terms of economy, society, and culture, Trade Minister Cheong noted that ASEAN has become Korea’s second largest trade partner and direct investment destination. He proposed that they continue joint efforts as ASEAN’s leading think tanks to seek detailed cooperative measures for furthering Korea-ASEAN ties. President Watanabe agreed, saying that the Korea-ASEAN Solidarity Initiative (KASI), which Korea announced last year, has come to be a new milestone and catalyst in the Korea-ASEAN cooperation and articulated hope for uncovering more joint economic projects that incorporate Korea’s strengths while addressing ASEAN’s industrial demands. Meanwhile, Trade Minister Cheong introduced the ministry’s plan to launch the Korea-ASEAN Trade and Economic Think Tank Dialogue, a platform for engaging think tank experts of Korea and ASEAN countries in discussions on policies for ASEAN’s economic development and requested strong support and participation from ERIA in view of its rich experience in ASEAN economic research.  President Watanabe conveyed appreciation towards Korea’s efforts for spurring ASEAN’s economic development and assured that ERIA will also give full measure to successfully launching the aforementioned Korea-ASEAN thinktank dialogue.   Lastly, the trade minister asked for ERIA’s interest and support with regard to Korea’s hosting the Asia-Pacific Economic Cooperation (APEC) Summit 2025.   date2024-08-26

MOTIE to take the initiative over digital, AI, and supply chain cooperation in APEC

The Ministry of Trade, Industry and Energy (MOTIE) gained members’ active support to its proposed projects in the area of supply-chain cooperation and digital and AI in the APEC on the margin of the 3rd Committee on Trade and Investment Meeting (CTI3) and its sub-fora, which were held on August 16–26 in Lima. At these meetings, Korea obtained final approval on the project on establishing sustainable supply chains. In addition, Korea got consensus from the members to the concept note for holding a policy dialogue on digital economy and AI at the Digital Economy and Steering Group (DESG), which is expected to be notified in late August. With these projects, MOTIE will seek cooperation such as sharing best practices for sustainable supply chains across the APEC region, and create tangible outcomes with regard to establishing an AI cooperative system by taking lead of the digital order and establishing digital trade rules. MOTIE stated that “These projects have laid the foundation for harmonizing Korea’s trade interests with the APEC Putrajaya Vision 2040, where APEC members aim to enhance cooperation in the areas of trade and investment, innovation and digital economy, and inclusive and sustainable growth, and leading practical cooperation on key trade agendas including environment, supply chain cooperation, and digital trade.”   date2024-08-26

Trade Minister meets Gabon's Minister of Industry

Minister for Trade Inkyo Cheong met François Mbongo Rafemo Bourdette, the Minister of Industry for the Gabonese Republic, on August 23 in Seoul and exchanged views on bilateral trade, investment, and industrial cooperation. date2024-08-23

Korea-Paraguay Trade and Investment Promotion Framework (TIPF)

Minister for Trade Inkyo Cheong met Paraguayan Minister of Industry and Commerce Javier Gimenez on August 23 in Seoul, where they signed the Korea-Paraguay Trade and Investment Promotion Framework (TIPF) agreement and discussed measures for industrial and energy cooperation as well as for progressing forward the Korea-MERCOSUR Trade Agreement (TA). They also decided to further discussions on future cooperation agendas through the Trade and Investment Cooperation Committee under TIPF. date2024-08-23

Korea and Gabon discuss trade and industrial cooperation

Minister for Trade Inkyo Cheong met François Mbongo Rafemo Bourdette, the Minister of Industry for the Gabonese Republic, on August 23 in Seoul and exchanged views on bilateral trade, investment, and industrial cooperation. With the highest per capita income in Central Africa, Gabon is a member of the Organization of the Petroleum Exporting Countries (OPEC) and is rich in resources like crude oil and manganese. Korea and Gabon have maintained mutually beneficial cooperative ties for over 60 years since the establishment of diplomatic relations in 1962.  Trade Minister Cheong remarked that Korea is Gabon’s third largest export market, while Gabon is Korea’s second leading African crude oil supplier and contributor to stabilizing Korea’s energy supply. To further economic cooperation going forward, he suggested that the two sides sign the Trade and Investment Promotion Framework (TIPF) agreement, for which talks are ongoing. Expressing interest in how Korea achieved rapid development through invigorating foreign direct investment (FDI) and fostering industrial complexes, Minister François Mbongo Rafemo Bourdette proposed that the two countries seal a memorandum of understanding (MOU) on industrial cooperation for nurturing an industrial cluster in Port-Gentil, Gabon’s second largest city.  The trade chief responded that Korea’s economic development and competitive manufacturing industry are founded on industrial complexes and Korean Free Economic Zones (KFEZs), suggesting that they share industrial complex policies and management knowhow to further their bilateral industrial cooperation.   date2024-08-23

Korea and Paraguay launch first intergovernmental cooperation channel for trade, industry and energy

Korean Minister for Trade Inkyo Cheong met Paraguayan Minister of Industry and Commerce Javier Gimenez on August 23 in Seoul, where they signed the Korea-Paraguay Trade and Investment Promotion Framework (TIPF) MOU. Alongside Argentina, Brazil and Uruguay, Paraguay is a full member of the MERCOSUR common market, the world’s fifth largest economic bloc. Paraguay is renowned for its agreeable business climate that offers affordable wages, lower tax rates and rules of origin advantages compared to other MERCOSUR countries, and enjoys a relatively higher economic growth rate than other South American nations.  Notably, Korean automobiles accounted for eight (roughly 40 percent) of Paraguay’s top twenty best-selling new cars in 2023. Moreover, a Korean automotive cable manufacturer operating in Paraguay achieved remarkable success by emerging as Paraguay’s largest local car parts manufacturer and exporter. Against this backdrop, it is anticipated that Korean businesses can look forward to expanding their presence in the Paraguayan market, which can serve as a springboard into manufacturing markets in MERCOSUR as well. During the Korea-Paraguay trade ministers’ meeting immediately following the TIPF MOU signing ceremony, the two ministers exchanged their views on measures for TIPF utilization, industrial and energy cooperation and advancing the Korea-MERCOSUR Trade Agreement (TA). They also decided to hold further discussions on details regarding future cooperation agendas through the Trade and Investment Cooperative Council (TICC) under the TIPF. Trade Minister Cheong stated that the cooperation channel established with Paraguay on this occasion is meaningful as the first bilateral foothold for kicking the two countries’ economic cooperation into high gear across the areas of trade, industry and energy. He also expressed his expectation that the TIPF will serve as the principal platform for identifying and pursuing tangible joint projects.   date2024-08-23

Trade Minister holds press briefing on Trade Policy Roadmap

Minister for Trade Inkyo Cheong held a press briefing on the Trade Policy Roadmap announced on August 22 incorporating the past two years’ trade policy outcome assessments and trade policy response to future trade landscape changes. date2024-08-22

Trade Minister visits Yantai Industrial Park

Minister for Trade Inkyo Cheong was the first high-level Korean government official to visit the Yantai Industrial Park in China, on August 21, and discussed measures for invigorating Korea-China industrial complex cooperation in view of next year marking the 10th anniversary of the two countries’ FTA’s entry into force, and gathered opinions from Korean firms on local business challenges. date2024-08-22

Korea announces Trade Policy Roadmap for enhancing FTA network and economic security

The Korean government held the 44th Ministerial Meeting on Current State Affairs on August 22, chaired by Prime Minister Han Duck-soo, where related ministries jointly announced the Trade Policy Roadmap (“Roadmap”) incorporating their assessments on trade policy outcomes of the past two years and policy directions in response to future changes in the global environment. In spite of difficult conditions, the Government has been active in responding to major countries’ legislations and economic policy revisions to mitigate business uncertainties, achieving all-time high exports and foreign direct investment (FDI) of USD 683.6 billion (as of 2022) and $32.7 billion (as of 2023), respectively, based on comprehensive summit-level sales diplomacy. Just last year alone, Korea sealed five trade agreements and inked the 23rd Trade and Investment Promotion Framework (TIPF) agreement, while bolstering its role with regard to supply chains, digital, clean economy and their new trade rules, including the inaugural chairmanship for the Crisis Response Network (CRN) launched under the Indo-Pacific Economic Framework for Prosperity (IPEF). However, the international trade order is undergoing substantial changes. The multilateral trade system has weakened noticeably, and major countries are shifting closer toward protectionism in the name of economic security, while the super election year is seeing an escalation of geopolitical risks. In view of these paradigm shifts, the Government has established the Roadmap based on cross-ministerial consultations and industry and academia opinions to launch an organized trade policy with a mid-to- long term outlook. The Roadmap lays out key policy tasks as follows. First, the goal is to expand Korea’s Free Trade Agreement (FTA) network to cover an unprecedented 90 percent of the globe in terms of gross domestic product (GDP). To this end, the Government plans to enter into Economic Partnership Agreements (EPAs) with key Asian and African countries rich in resources and growth potential, then extend the trade network to nearby untapped countries.  A southwest trade belt is to be established through EPA negotiations with countries like Mongolia, Pakistan, and Bangladesh, while also laying the groundwork for cooperation with Africa through EPA negotiations with countries like Tanzania and Morrocco. For the Middle Eastern and Latin American countries with which Korea has already concluded FTA deals, swift steps will be taken toward the Agreements’ entry into force. Across the Indo-Pacific region, Korea will work on weaving a more tightly knit trade network through multi-level FTAs and upgrading the existing FTAs. Efforts will be made to expedite the resumption of the Korea-China-Japan FTA negotiations and launching of bilateral FTA negotiations with Malaysia and Thailand. For the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), communication channels with various domestic stakeholders will be activated to build social consensus. Meanwhile, Korea intends to heighten cooperation with the Global South—ASEAN, India, Middle East, Central Asia, Africa, and Latin America—to diversify Korea’s supply chains for export, production, and critical minerals. Economic and industrial cooperation via multilateral platforms, such as the historic Korea-Africa Summit and K-Silkroad, will be strengthened. Simultaneously, the Government will increase trade financing, overseas certification support, and establish more Korea Trade-Investment Promotion Agency (KOTRA) trade centers. With resource-rich nations like Kazakhstan and Uzbekistan, Korea will boost its minerals cooperation partnership. Moreover, the Government will launch an official development assistance (ODA) program tying into homegrown industries in a way that maximizes the interests of both Korea and the Global South countries, so as to establi date2024-08-22

Trade Minister attends MOU signing ceremony in Jinan

Minister for Trade Inkyo Cheong attended the ceremony on August 20 in Jinan for the signing of MOUs and agreements on medical equipment export and new investment LOI, held on the sidelines of the Korea-Shandong Economic and Commercial Cooperation Exchange. date2024-08-22