Ministry of Trade Industry and Resources

MOTIR Holds Expert Meeting on Economic Cooperation with India, One of the World’s Leading Economies

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) held an expert meeting on May 11, 2026, to discuss ways to expand Korea-India economic cooperation. The meeting reviewed follow-up steps for the economic outcomes of President Lee Jae Myung’s state visit to India from April 19 to 21, 2026, and explored specific policy tasks to further develop bilateral economic cooperation. At the meeting, Minister Kim said, “At the summit, the two countries agreed to establish the Korea-India Industrial Cooperation Committee, their first ministerial-level platform for industry and resource cooperation. They also signed a series of investment and cooperation MOUs in areas with strong cooperation demand, including shipbuilding and steel.” Minister Kim noted, however, that the current level of Korea-India economic and industrial cooperation has yet to match the two countries’ potential and expectations. He requested practical policy suggestions from the experts based on their field experience and research. The meeting brought together experts from major economic and research institutions, including the Korea Institute for International Economic Policy (KIEP), the Korea Institute for Industrial Economics and Trade (KIET), the Korea Trade-Investment Promotion Agency (KOTRA), the Korea International Trade Association (KITA) and the Korea Industrial Complex Corporation (KICOX). The experts held in-depth discussions on practical and concrete agenda items, including ways to develop a dedicated industrial complex for Korean companies in India; other countries’ economic cooperation policies toward India; a structural analysis of India’s growing trade deficit with Korea and possible response options; and sector-specific bilateral cooperation in promising industries. Experts noted that India, with a population of about 1.43 billion and GDP exceeding USD 4 trillion, is emerging as a key production base and promising market amid the realignment of global supply chains. While large companies have made inroads into the Indian market, infrastructure and regulatory complexities can present challenges for small and medium-sized enterprises. The experts therefore stressed the need for a dedicated industrial complex for Korean companies in India to ease infrastructure and permitting burdens and strengthen the benefits of business clustering. They also shared successful cases of other countries’ entry into India and stressed the need for a more structured market-entry strategy. Experts also analyzed that Korean companies’ supply chains in India are largely built around importing intermediate goods, processing them locally and selling them in the domestic market, a structure that has contributed to India’s trade deficit with Korea. They stressed the need to reshape these supply chains over the long term to build a more sustainable basis for bilateral cooperation. This would include developing India-based production sites in promising industries into global production and export hubs, while localizing intermediate goods production. MOTIR plans to incorporate the views raised at the meeting into its policies and work closely with relevant ministries and organizations to strengthen the implementation of Korea-India industrial cooperation and help translate the outcomes of the state visit into concrete follow-up measures. date2026-05-11

Expert Meeting on Expanding Korea–India Economic Cooperation

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) chaired an expert meeting on expanding Korea–India economic cooperation in Seoul on May 11, 2026. The meeting reviewed follow-up steps for the economic outcomes of President Lee Jae Myung’s state visit to India from April 19 to 21, 2026, and explored specific policy tasks to further develop bilateral economic cooperation. The meeting brought together experts from major economic and research institutions, including the Korea Institute for International Economic Policy (KIEP), the Korea Institute for Industrial Economics and Trade (KIET), the Korea Trade-Investment Promotion Agency (KOTRA), the Korea International Trade Association (KITA) and the Korea Industrial Complex Corporation (KICOX).  “At the summit, the two countries agreed to establish their first ministerial-level platform for industry and resource cooperation and signed several MOUs in sectors with strong cooperation potential, including shipbuilding and steel,” Minister Kim said. He said bilateral economic and industrial cooperation has yet to match the two countries’ potential and expectations, and requested practical policy suggestions from the experts based on their field experience and research. date2026-05-11

Signing Ceremony for MOU on the Korea–U.S. Shipbuilding Partnership Initiative

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) attended a signing ceremony for an MOU launching the Korea–U.S. Shipbuilding Partnership Initiative (KUSPI) at the U.S. Department of Commerce in Washington, D.C., on May 8, 2026. The ceremony was held in the presence of Minister Kim and U.S. Secretary of Commerce Howard Lutnick. The MOU was signed by Deputy Minister for Trade Park Jung-sung of MOTIR and U.S. Under Secretary of Commerce for International Trade William Kimmitt.  Under the MOU, the two sides agreed to establish the Korea–U.S. Shipbuilding Partnership Center to support company-to-company cooperation projects, including joint R&D, technology exchanges and direct investment. date2026-05-11

Virtual Meeting with U.S. Senator Bill Hagerty

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) held a video meeting with U.S. Senator Bill Hagerty of Tennessee from Washington, D.C., on May 8, 2026. The two sides discussed Korea–U.S. cooperation in areas of mutual interest, including nuclear power. The two sides also held talks to build mutual understanding on digital and other issues. date2026-05-11

Meeting with Director of the Office of Management and Budget

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Russell Vought, Director of the Office of Management and Budget (OMB), in Washington, D.C., on May 7, 2026. Minister Kim requested OMB’s support for Korea’s efforts to advance the MASGA project, and the two sides exchanged views on strengthening Korea–U.S. shipbuilding cooperation. date2026-05-11

Meeting with U.S. Secretary of Commerce

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with U.S. Secretary of Commerce Howard Lutnick at the U.S. Department of Commerce in Washington, D.C., on May 8, 2026. The two sides discussed directions for investment in the United States and other key issues. Minister Kim said MOTIR will continue close communication with the U.S. side on strategic investment projects in the United States, while working to deepen Korea–U.S. cooperation in industry and energy and manage trade issues without disruption. date2026-05-11

G7 Critical Minerals Ministers’ Virtual Meeting

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) participated by videoconference in the G7 Critical Minerals Ministers’ Meeting from Washington, D.C., on May 7, 2026, during his visit to the United States to discuss ways to strengthen cooperation on global critical minerals supply chains.   The meeting was chaired by France, the 2026 G7 president, and attended by G7 members, including the United States, Canada, Italy, Germany, Japan and the United Kingdom. “Korea welcomes discussions on cooperation among the G7 and partner countries,” Minister Kim said. “Countries need to work together to prepare for supply chain disruptions and stabilize critical minerals supplies, using a flexible mix of policy tools suited to their circumstances.” date2026-05-11

MOTIR Minister Discusses U.S. Strategic Investment and Key Issues with U.S. Administration and Congress

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited Washington, D.C., from May 6 to 9, 2026, where he met with key U.S. officials and lawmakers to discuss strategic investment projects in the United States and ways to strengthen Korea–U.S. cooperation in industry and trade. Minister Kim began his visit with a meeting with U.S. Secretary of Commerce Howard Lutnick. He briefed the U.S. side on Korea’s progress in drafting implementing regulations and establishing an implementation framework for the recently passed Special Act for Korea–U.S. Strategic Investment Management. Drawing on earlier talks on shipbuilding, energy and other shared priorities, the two sides also discussed more concrete directions for strategic investment projects in the U.S. At the meeting, MOTIR and the U.S. Department of Commerce signed an MOU launching the Korea–U.S. Shipbuilding Partnership Initiative (KUSPI). The two sides agreed to establish the Korea–U.S. Shipbuilding Partnership Center to support company-to-company cooperation projects, including joint R&D and direct investment, and cooperate on workforce training and information sharing. Minister Kim also met with Russell Vought, Director of the Office of Management and Budget (OMB), which oversees the U.S. federal budget, and requested OMB’s support for Korea’s efforts to advance the MASGA project. In a separate meeting with U.S. Secretary of Energy Chris Wright, the two sides reviewed progress in Korea–U.S. energy discussions, including nuclear power, and discussed ways to expand cooperation. Minister Kim also held a video meeting with U.S. Senator Bill Hagerty of Tennessee, a leading advocate of stronger Korea–U.S. ties in Congress, to discuss cooperation in areas of mutual interest, including nuclear power. He also utilized the visit to build mutual understanding on digital and other issues. MOTIR will continue close communication with the U.S. side on strategic investment projects in the United States, while working to deepen Korea–U.S. cooperation in industry and energy and manage trade issues without disruption. date2026-05-11

Korea Calls for Multilateral Discussions on WTO Reform and Extension of E-Commerce Moratorium

Kwon Hye-jin, Deputy Minister for Trade Negotiations at the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim), attended the World Trade Organization (WTO) General Council held in Geneva, Switzerland, from May 6 to 7, 2026, as Korea’s head of delegation.   Deputy Minister Kwon took part in follow-up discussions on the 14th WTO Ministerial Conference (MC14), held in Yaoundé, Cameroon, in March 2026. Korea also put forward an agenda item on collective restraint by WTO members on measures that run counter to trade liberalization. Through the item, Korea called for a coordinated multilateral response to the recent spread of trade-restrictive measures. Follow-up Discussions on MC14 Outcomes, Including WTO Reform   The General Council was the first high-level multilateral meeting since MC14 and marked the start of substantive follow-up discussions on key unresolved issues that remained pending after the conference. At MC14, Korea served as ministerial coordinator for WTO reform and led efforts to forge convergence on the draft WTO reform work plan, and as the co-chair of the Investment Facilitation for Development Agreement (IFDA) alongside with Chile, Korea has led discussions on incorporating the IFDA, which was concluded in 2024 but has not yet entered into force, into the WTO legal framework.   During the Council, Deputy Minister Kwon stressed the importance and urgency of restoring confidence in the multilateral trading system. She called for WTO reform discussions to advance swiftly based on the draft WTO reform work plan.   Deputy Minister Kwon also expressed regret that MC14 did not extend the nearly 30-year moratorium on customs duties on electronic transmissions. She emphasized the importance of extending the moratorium to ensure stability and predictability in digital trade. On the IFDA, she proposed that members begin discussing concrete steps for its timely entry into force and implementation so that the agreement can help improve the investment environment in developing countries. Call for Restraint on Measures that Could Undermine Trade Liberalization   Korea raised concerns that the recent spread of trade-restrictive measures, including import restrictions on steel and related products, could undermine trade liberalization. Deputy Minister Kwon said, “Relying on short-term tariff increases could set off a cycle of retaliation among countries.” She stressed that structural issues, including excess capacity and subsidies, should be addressed at their source, and called on WTO members to exercise joint restraint on measures that could undermine trade liberalization. Deputy Minister Kwon also held bilateral consultations with key WTO members, including the United Kingdom, Japan and Türkiye. During the consultations, Korea raised concerns over recent protectionist measures introduced by the EU and the United Kingdom, including steel safeguard tariff-rate quotas (TRQs), and exchanged views on broader trade issues. “Amid the spread of global protectionism, Korea has actively raised the TRQ challenges facing its steel industry through both multilateral and bilateral channels,” Deputy Minister Kwon said. “Korea will continue to strengthen its trade diplomacy to help restore the WTO-centered multilateral trading system and protect the rights and interests of Korean companies." date2026-05-08

Meeting with Morocco’s Secretary of State to the Minister of Industry and Trade, in charge of Foreign Trade

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held a virtual meeting with Omar HEJIRA, Morocco’s Secretary of State to the Minister of Industry and Trade, in charge of Foreign Trade, at the Korea Chamber of Commerce and Industry in Seoul on May 6, 2026. Trade Minister Yeo said the Korea–Morocco CEPA will help extend Korea’s trade cooperation to Africa and support Korean companies’ strategic diversification of trade and investment markets, adding that Korea will move swiftly to conclude the CEPA and accelerate trade and industrial cooperation with Morocco. date2026-05-07