Ministry of Trade Industry and Resources

Trade Minister meets Costa Rica's Minister of Foreign Trade

Korea’s Minister for Trade Inkyo Cheong met Costa Rica's Minister of Foreign Trade Manuel Tovar today for discussions on measures to invigorate the two countries’ comprehensive economic cooperation. date2025-04-28

Korea and Costa Rica hold trade ministers’ meeting

Korea’s Minister for Trade Inkyo Cheong met Costa Rica's Minister of Foreign Trade Manuel Tovar today for discussions on measures to invigorate the two countries’ comprehensive economic cooperation. During the talks, Trade Minister Cheong highly appraised the scope of Korea-Costa Rica trade and investment, which is continuously expanding based on the Korea-Central America Free Trade Agreement (FTA) that entered into force in 2019. He also proposed that the two sides further advance bilateral trade around their areas of strength, such as automobiles, pharmaceuticals, medical devices, and semiconductors. Noting the substantive conclusion of discussions this January on Costa Rica’s accession to the Digital Economy Partnership Agreement (DEPA), Trade Minister Cheong expressed anticipation towards wider cooperation between the two countries going forward, including in digital areas as well. Moreover, Trade Minister Cheong asked the cooperation of Costa Rica, as the chair of the 2025 OECD Ministerial Meeting, in encouraging the extensive participation of OECD member economies in the upcoming Asia-Pacific Economic Cooperation (APEC) Summit to be hosted in Gyeongju, Korea, this October.   date2025-04-28

Korea and the U.S. establish framework for tariff discussions

Minister of Trade, Industry and Energy Dukgeun Ahn, together with Deputy Prime Minister for Economic Affairs Choi Sang-mok, held the Korea-U.S. 2+2 Trade Dialogue in Washington, D.C. on April 24. Later that afternoon, Minister Ahn met with the Office of the United States Trade Representative (USTR), where the two sides agreed to launch bilateral working-level consultations on tariff issues at the earliest possible date. In the 2+2 Trade Dialogue held earlier that morning, Minister Ahn and USTR Representative Jamieson Greer discussed ways to strengthen Korea-U.S. trade cooperation, with a focus on achieving a mutually beneficial trade balance. During the meeting, Minister Ahn requested that the U.S. exempt Korea from all forms of tariffs, including reciprocal tariffs, product-specific tariffs on automobiles and steel, and any newly imposed tariffs in the future. Through this meeting, Korea and the U.S. reached a principled agreement on establishing a framework for future consultations. Both sides agreed to hold working-level discussions next week to determine the scope and format of the consultations. The specific areas and approach will be finalized through coordination with relevant ministries and the Economic Security Strategy Task Force, chaired by the Acting President. Based on this internal process, discussions with the U.S. will proceed. To comprehensively address issues of interest to the U.S. side, officials from several Korean government ministries also participated in the meeting, including the Ministry of Science and ICT, Ministry of Land, Infrastructure and Transport, Ministry of Environment, Ministry of Agriculture, Food and Rural Affairs, and Ministry of Health and Welfare. These ministries shared updates on cross-sectoral issues, laying the groundwork for future consultations. Minister Ahn stated, “With both sides agreeing to launch technical consultations, we now have an open channel for more detailed discussions. We will approach future consultations with the U.S. in a calm and deliberate manner, while maintaining close communication with relevant ministries and industry stakeholders.” date2025-04-25

Korea-U.S. trade consultation

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn met U.S. Trade Representative Jamieson Greer on April 24 in Washington D.C. to discuss tariffs and other bilateral trade issues. date2025-04-25

Korea-U.S. trade consultation

Korea’s Trade, Industry and Energy Minister Dukgeun Ahn and Deputy Prime Minister Choi Sang-mok met U.S. Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent on April 24 in Washington D.C. for a Korea-U.S. trade consultation. date2025-04-25

Korea Trade Commission proposes anti-dumping duty on Vietnamese cold-rolled stainless steel products

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE) held the 459th KTC meeting today for deliberation and resolution on six agenda items. First, the KTC decided to propose the levying of anti-dumping duties on Vietnamese cold-rolled stainless steel products, giving a final determination based on investigation findings that the dumped imports have caused material injury to the domestic industries. The KTC will be suggesting a five-year anti-dumping duty of between 11.37% and 18.81% to Korea’s minister of economy and finance. With regard to sodium dithionite from China and particle board from Thailand, the KTC determined based on preliminary investigations a cause-and-effect relation between the dumped imports and injury on domestic industries. Accordingly, the KTC will be proposing provisional anti-dumping duties of between 15.15% and 33.97% on Chinese sodium dithionite products and between 11.82% and 17.19% on Thai particle board to Korea’s minister of economy and finance as a preventive measure during the main investigation period. Addressing investigations on the alleged infringement of a toner cartridge patent and mango jelly copyright, the KTC ruled that the respondents have not violated claimants’ rights and thereby have not committed acts of unfair trade practice. Concerning investigations on the alleged infringement of tent and sleeping bag trademark, the KTC decided to accept both parties’ request for suspension of investigations and closed the case. The KTC also received a report on the roll-out of investigations on an interim review of Chinese polyethylene terephthalate (PET) film. Chinese PET film was levied a five-year (May 2023–May 2028) anti-dumping duty of between 2.2% and 36.98% in May 2023, but the recent rise in import shipments and lowered import unit price led to four Korean firms requesting an interim review on Chinese firms Tianjin Wanhua and Kanghui New Material Technology based on allegations of an increased dumping rate in 2024 compared to that of the anti-dumping investigation period in 2021. Should the KTC’s investigation findings over the next six months confirm an increased dumping rate, the KTC can propose to the Korean economy and finance minister that a revised dumping rate be imposed until the anti-dumping duty expires in 2028. Meanwhile, the KTC held a public hearing on the same day on domestic industry’s injury from imports of Chinese stainless steel plates, for which investigations were initiated in September 2024, to grant interested parties sufficient opportunity to make statements and ensure their rights of defense. The said products are currently subject to a provisional anti-dumping duty of 21.6% and await a final determination in the first half of this year following domestic and overseas due diligence procedures.   date2025-04-24

No facts confirmed of news article reporting that Chinese gov’t sent Korean companies an official warning letter as export control measure on Chinese rare earth elements

A news article by Hankyung on April 22 reported that the Chinese government sent Korean firms an official letter warning of sanctions should they export to U.S. arms companies any products manufactured using Chinese rare earth elements. The news article further claimed that this may seriously impede Korea’s exports. The Korean government is in the process of checking whether the news article is based on facts by communicating with the Chinese government and relevant industries. As of yet, no facts have been confirmed concerning any Korean company receiving such warning letters from the Chinese government. The Korean government plans to closely monitor the export controls of major trading partners and will make the utmost effort towards resolving domestic supply chain issues through communication and consultation with relevant countries.   date2025-04-23

Minister Ahn chairs meeting with Korean firms in Vietnam

Korea’s Minister of Trade, Industry and Energy Dukgeun Ahn chaired a conference with Korean firms locally operating in the Vietnamese market on April 14 in Hanoi on the margins of Korea-Vietnam intergovernmental meetings with the participation of representatives of companies like Hyundai Motor, Samsung Electronics, and Doosan Enerbility for discussions on trade issues and support measures. date2025-04-16

Trade Minister meets senior U.S. commerce officials

Korea’s Trade Minister Inkyo Cheong met U.S. Under Secretary of Commerce for Industry and Security Jeffrey Kessler and Under Secretary of Commerce for International Trade Nominee William Kimmitt on April 9 (local time) in Washington D.C. to discuss export controls and other trade issues. date2025-04-11

Trade Minister meets U.S. Trade Representative

Korea’s Trade Minister Inkyo Cheong met U.S. Trade Representative Jamieson Greer on April 8 (local time) in Washington D.C. to discuss bilateral trade issues. date2025-04-11