Ministry of Trade Industry and Resources

Korean and Mongolian Organizations Sign MoUs at Business Forum

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) and Mongolian Deputy Prime Minister Togmid Dorjkhand attended a memorandum of understanding (MoU) signing ceremony in Ulaanbaatar on July 9, 2026, during President Lee Jae Myung’s state visit to Mongolia. The agreements covered critical minerals and energy, consumer goods and distribution, and digital technology and artificial intelligence. Minister Kim said MOTIR would support companies from both countries in identifying new business opportunities and delivering tangible results, particularly in consumer goods and distribution and critical mineral supply chains. date2026-07-13

Korea and Mongolia Strengthen Distribution, Logistics, and Critical Minerals Cooperation

1. Korea–Mongolia Ministerial Meeting on Industry and Mineral Resources Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Mongolian Minister of Industry and Mineral Resources Gongor Damdinnyam in Ulaanbaatar on July 10, 2026, during President Lee Jae Myung’s state visit to Mongolia. The ministers discussed ways to advance Korea–Mongolia cooperation on critical minerals. The ministers agreed that the Korea–Mongolia Rare Metals Cooperation Joint Committee and the Korea–Mongolia Rare Metals Cooperation Center, established under the rare metals supply chain cooperation MoU signed in February 2023, have supported information sharing and business cooperation between the two countries. They agreed to expand cooperation in mineral resources technology, workforce development, and business exchanges through the Cooperation Center to strengthen critical mineral supply chains and develop a mutually beneficial model for shared growth. The ministers also noted tangible progress, including the supply of Mongolian tungsten concentrate to Korea, and agreed to strengthen supply chain links. To build on the momentum from the state visit, the ministers agreed to upgrade the Korea–Mongolia Rare Metals Cooperation Joint Committee from a vice minister-level body to a ministerial consultative body co-chaired by the two ministers. They agreed to convene the upgraded Committee in the second half of 2026 and revise the MoU at the meeting to reflect the needs of Korean companies and relevant institutions and strengthen the institutional framework for bilateral mineral resources cooperation. With the ODA project for the Korea–Mongolia Rare Metals Cooperation Center scheduled to end in 2027, the ministers agreed to identify follow-up projects in joint research, workforce development, and business exchanges to sustain the Center as a long-term cooperation platform. They also agreed that the two governments would support cooperation between businesses and research institutions so that cooperation MoUs reached during the state visit—from critical mineral exploration and research to supply chain cooperation—lead to tangible results. At the meeting, Minister Kim emphasized that transparent information sharing and better logistics and transportation are essential to expanding Korean business activity in Mongolia and ensuring mutual benefits. Minister Damdinnyam said Korea is a key partner in developing Mongolia’s mineral resources and enhancing their value. He added that Mongolia would continue working to address difficulties faced by Korean companies. MOTIR will work with Mongolia to hold the upgraded Committee meeting in the second half of 2026 and continue consultations to deliver tangible results from bilateral mineral resources cooperation. 2. Roundtable with Mineral Resources Companies and Institutions Before the ministerial meeting, Minister Kim met with representatives of companies and institutions accompanying the presidential delegation to discuss cooperation with Mongolia on mineral resources. Participants included POSCO Holdings, POSCO International, LS, Hanwha Investment & Securities, the Korea Institute of Geoscience and Mineral Resources (KIGAM), the Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR), and the Korea Trade-Investment Promotion Agency (KOTRA). Participants stressed the need to first address the information, logistics, and regulatory challenges Korean companies face when entering Mongolia. Minister Kim said the government would use the ministerial meeting and the Joint Committee to address these issues and improve the business environment. He also called on Korean companies to help ensure that the Korea-Mongolia Rare Metals Cooperation Center’s ODA project, which ends in 2027, serves not only as a platform for technical cooperation but also for business exchange date2026-07-10

Korea Holds WTO Consultations to Address Export Difficulties from Foreign Technical Regulations

The Korean Agency for Technology and Standards (KATS, President Kim Dae-ja) under the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) and the Ministry of Food and Drug Safety (MFDS, Minister Oh Yu-kyoung) attended the second WTO Committee on Technical Barriers to Trade (TBT) meeting of 2026, held from July 7 to 10, 2026. During the meeting, the two agencies held multilateral and bilateral consultations to address export difficulties faced by Korean companies over foreign technical regulations. At the Committee, Korea raised eight foreign technical regulations as Specific Trade Concerns (STCs), citing their expected impact on Korean semiconductor, chemical, battery, display, and cosmetics exporters. The regulations included the European Union’s Packaging and Packaging Waste Regulation (PPWR), Single-Use Plastics Directive, and proposed restriction on per- and polyfluoroalkyl substances (PFAS); Indonesia’s National Standard (SNI) certification requirements for tires; and Vietnam’s Draft Decree on the Management of Cosmetics. At the Thematic Session on Lithium-ion Batteries, Korean experts served as chair and speaker, introducing Korea’s battery industry and leading discussions on industry concerns as companies respond to global battery regulations, including the EU’s Battery Regulation. “The government will continue to address difficulties faced by Korean exporters due to foreign technical regulations,” KATS President Kim Dae-ja said. “We encourage companies to make full use of the government’s TBT consultation channels to address export difficulties caused by foreign technical regulations.” date2026-07-09

Meeting with UAE Minister of Industry and Advanced Technology and ADNOC CEO

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology of the United Arab Emirates (UAE) and Group CEO of the Abu Dhabi National Oil Company (ADNOC), on July 8, 2026, in Seoul. The two sides discussed ways to stabilize critical resource supply chains and expand industrial cooperation. They also held a signing ceremony for the agreement on strategic cooperation between MOTIR and ADNOC on the crude oil supply chain, which covers stable crude oil supply, emergency response measures, and joint stockpiling. Minister Kim said Korea needs to further strengthen its strategic partnership with the UAE, a major energy supplier, while broadening cooperation into advanced industries such as AI so the two sides can deliver concrete outcomes. date2026-07-08

Korea and UAE Deepen Critical Resource Supply Chain and Industrial Cooperation

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology of the United Arab Emirates (UAE) and Group CEO of the Abu Dhabi National Oil Company (ADNOC), on July 8, 2026. The two ministers discussed ways to stabilize critical resource supply chains and expand industrial cooperation. Korea and the UAE have deepened their strategic partnership through a series of high-level exchanges, including the Korean President’s state visit to the UAE in November 2025, Minister Kim’s visit in June 2026, and the visit by the Presidential Special Envoy for Strategic Economic Cooperation in March 2026. Cooperation has expanded across critical resources such as crude oil and naphtha, as well as nuclear power, energy infrastructure, and advanced industries. On the occasion of Minister Al Jaber’s visit to Korea, the two sides reviewed the key areas of cooperation they have advanced so far to maintain momentum, and held more detailed discussions on shared interests, including AI and energy infrastructure. During the meeting, the two ministers signed the agreement on strategic cooperation between MOTIR and ADNOC on the crude oil supply chain. Covering stable crude oil supply, emergency response measures, and joint stockpiling, the agreement sets out their commitment to build crude oil security cooperation that remains reliable even during crises, including conflicts in the Middle East. The signing comes as Middle East tensions have somewhat eased since the United States and Iran signed a memorandum of understanding on ending hostilities on June 17, 2026. The agreement is expected to further deepen bilateral cooperation on energy and resource security. The two sides also discussed cooperation on AI adoption in the refining and petrochemical industries, where both countries have strengths. Minister Kim introduced Korea’s AI transformation project for the petrochemical industry in the Ulsan-Mipo Industrial Complex, as well as examples from Korean refining and petrochemical companies leading AI adoption. He noted similarities between ADNOC’s strategy to scale AI across all crude oil-related operations and Korea’s Manufacturing AI Transformation (M.AX) policy, and proposed identifying practical cooperation projects between relevant companies and institutions in the two countries. The meeting also covered energy infrastructure projects currently being pursued by the UAE, including the expansion of oil and gas storage and transport infrastructure that bypasses the Strait of Hormuz. Minister Kim noted that Korean companies are exploring various forms of participation, including EPC contracts, in the UAE’s key projects, and asked the UAE side to consider and support their participation in related projects going forward. “Although the situation in the Middle East is changing, securing stable supply chains for critical resources remains one of the most important tasks for Korea’s economic security. Korea needs to further strengthen its strategic partnership with the UAE, a major energy supplier,” Minister Kim said. “We also need to broaden the scope of cooperation beyond critical resource supply chains by exploring new possibilities and opportunities in advanced industries such as AI. Building on this meeting, MOTIR will work closely with the UAE to deliver concrete outcomes,” he added. date2026-07-08

Korea and Singapore Hold Second Round of Korea-Singapore FTA Upgrade Negotiations

Park Geun-oh, Director General for Trade Agreement Policy at the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim), attended the Second Round of Korea-Singapore FTA Upgrade Negotiations at Lotte Hotel Seoul on July 7, 2026. The meeting brought together government delegations from both countries, including Tan Lui Hai, Director of the Northeast Asia Division at Singapore’s Ministry of Trade and Industry. Director General Park said Korea will work to achieve outcomes that help Korean companies enter the Singapore market, including by modernizing trade rules. date2026-07-08

Korea and Singapore Hold Second Round of FTA Upgrade Negotiations

Korea and Singapore will hold the second official round of negotiations to upgrade the Korea–Singapore Free Trade Agreement (FTA) in Seoul from July 7 to 8, 2026. The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) said the talks will bring together about 30 delegates from both countries. The Korean delegation will be led by Park Geun-oh, Director General for Trade Agreement Policy at MOTIR, and the Singaporean delegation by Tan Lui Hai, Director of the Northeast Asia Division at Singapore’s Ministry of Trade and Industry. The Korea–Singapore FTA entered into force in 2006, and the two countries exchanged a joint declaration during the Korean President’s state visit to Singapore in March 2026, agreeing to launch upgrade negotiations. The first round of negotiations was held in Singapore in April. At the second round, Korea plans to hold sector-specific talks on supply chains, the green economy, and aviation MRO. Through the talks, Korea and Singapore will seek to deepen the broader trade partnership, expand cooperation in new trade areas, and strengthen bilateral aviation MRO cooperation. “Singapore is Korea’s second-largest investment and trade partner in ASEAN,” said Director General Park. “Korea will make every effort to achieve outcomes in the upgrade negotiations that help Korean companies enter the Singapore market, including by modernizing trade rules.” date2026-07-07

MOTIR and MAFRA Co-Host Korea Brand and Entertainment Expo and ASEAN K-Food Fair

Following the Korea-Vietnam summit in April 2026, an economic and cultural exchange event was held in Hanoi, Vietnam, to build on bilateral economic and cultural cooperation and connect global interest in K-content with exports of K-food, K-beauty, and other Korean consumer goods. The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) and the Ministry of Agriculture, Food and Rural Affairs (MAFRA, Minister Song Mi-ryung) co-hosted the 2026 Korea Brand and Entertainment Expo (KBEE 2026 Hanoi) and the ASEAN K-Food Fair with the Korea Trade-Investment Promotion Agency (KOTRA, President Kang Kyung-sung) and the Korea Agro-Fisheries & Food Trade Corporation (aT, President Hong Moon-pyo). The events were held from July 2 to 4, 2026, at the National Convention Center (NCC) in Hanoi, Vietnam. The event combined the KBEE, which pairs Hallyu performances with hands-on experiences featuring Korean consumer goods to help Korean brands enter overseas markets and build awareness, with the K-Food Fair, which supports overseas expansion for Korean agri-food products. The joint format was designed to help Korean consumer goods and agri-food products enter ASEAN markets. Vietnam is a key ASEAN country and Korea’s third-largest trading partner, with bilateral trade of USD 94.6 billion in 2025. Its consumer market is expanding quickly, supported by a population of 100 million and steady economic growth, while strong local interest in Hallyu has made it Korea’s fourth-largest consumer goods export market as of May 2026. Vietnam is also Korea’s largest investment destination in ASEAN, with more than 10,000 Korean companies operating in the country. More than 330,000 Vietnamese nationals live in Korea, reflecting active people-to-people exchanges, and recent reciprocal leader-level visits and other high-level exchanges have continued to expand cultural and economic cooperation. The fair brought together 107 Korean companies in food, cosmetics, household goods, and fashion, along with about 280 buyers from Vietnam and other Southeast Asian markets. A total of 1,512 business consultations were held, resulting in MOUs and contracts worth USD 33 million, more than double the $15 million recorded at the Hanoi Korean Wave Expo in 2022. To raise local consumer interest and demand for Korean products, the event featured K-pop performances by WINNER and FIFTY FIFTY, a K-lifestyle talk show, and K-beauty experience programs. The newly introduced Kids Zone, designed for Vietnam’s young population and large youth consumer base, drew a strong response from local families. Vietnam is Korea’s fourth-largest K-food export market and a key strategic market for Korean agri-food exports. In 2025, Korea’s K-food exports to Vietnam totaled about $570 million, accounting for around 5.5 percent of Korea’s total agri-food exports. Local consumer interest in and demand for K-food continue to grow, supported by rising exports of ramyeon, sauces, beverages, and fresh produce such as strawberries. The ASEAN K-Food Fair went beyond a product showcase, giving local consumers a firsthand experience of Korean food culture and lifestyle through open-kitchen tastings, kimchi-making sessions, and live chef shows. These hands-on programs offered visitors a sensory experience of the taste and culture of K-food. Among the priority K-food categories for ASEAN markets, spicy ramyeon and frozen cup-bap drew strong interest as street food items, while tteokbokki and ade-style beverages stood out among halal products. Visitors also responded well to the Food Tech Pavilion’s Hangang Ramyeon experience and to 45 products at the Global NEXT K-Food Pavilion, including 10-won coin bread and cream chapssaltteok, presented as potential hit products following K-ramyeon’s success. One Korean company participating in the event said, “The Korean Wave Expo will help raise awarene date2026-07-06

Korea and Mongolia to Hold Sixth Round of Official CEPA Negotiations

Korea and Mongolia will hold the sixth round of official negotiations for the Korea-Mongolia Comprehensive Economic Partnership Agreement (CEPA) from July 1 to 3, 2026, in Ulaanbaatar, Mongolia. The talks are aimed at expanding bilateral economic cooperation and strengthening the basis for mutually beneficial trade and investment. The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that the Korean delegation will be led by Kwon Hye-jin, Deputy Minister for Trade Negotiations, and the Mongolian delegation by State Secretary Batkhuu Idesh of the Ministry of Economy and Development. Since launching CEPA negotiations in December 2023, the two countries have held five official rounds and have come close to agreement in major areas, including goods, services, investment, digital trade, and economic cooperation. At the sixth round, the two sides will focus on key outstanding issues, including goods and rules of origin, with the aim of reaching an agreement. Korea’s strengths in manufacturing and technology complement Mongolia’s strong economic growth and abundant natural resources. Once signed and entered into force, the Korea-Mongolia CEPA is expected to expand bilateral trade and investment and further strengthen supply chain and industrial cooperation in infrastructure, consumer goods, and other areas. “Our goal in this round is to reach substantive agreement by focusing discussions on key areas, including tariff concessions on goods and rules of origin,” Deputy Minister Kwon said. “Korea will make every effort to reach a balanced, mutually beneficial outcome on market opening.” date2026-06-30

Minister Kim Meets with Uzbekistan’s Minister of Investment, Industry and Trade

Minister JK Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Laziz Kudratov, Uzbekistan’s Minister of Investment, Industry and Trade, in Seoul on June 26, 2026, to discuss ways to deliver tangible results in bilateral economic cooperation ahead of the first Korea-Central Asia Summit, scheduled for September. Minister Kim said Uzbekistan is a key cooperation partner for Korea and an important economic partner in Central Asia, adding that Korea will work closely with Uzbekistan to help the September summit take bilateral economic cooperation to the next level. date2026-06-26