Ministry of Trade Industry and Resources

Meeting with Suzhou Party Secretary Fan Bo

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Fan Bo, Secretary of the CPC Suzhou Municipal Committee, in Suzhou, China, on May 21, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two sides discussed ways to strengthen cooperation between Korea and Suzhou, including investment and exchanges. date2026-05-27

Meeting with Singapore Minister-in-Charge of Trade Relations Grace Fu

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Singapore’s Minister-in-charge of Trade Relations Grace Fu in Suzhou, China, on May 21, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two ministers discussed key trade issues, including Korea–Singapore trade and investment cooperation and supply chain issues. date2026-05-27

Meeting with China International Trade Representative Li Chenggang

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Li Chenggang, China International Trade Representative and Vice Minister of Commerce, in Suzhou, China, on May 21, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two sides discussed key trade issues, including Korea–China trade and investment cooperation and supply chain issues. They agreed to continue cooperation to stabilize supply chains, including for critical minerals, and Minister Yeo asked China to improve predictability for companies by expanding the use of expedited and general licenses under its export control measures. date2026-05-27

Meeting with Australia’s Minister for Trade and Tourism Don Farrell

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Australia’s Minister for Trade and Tourism Don Farrell in Suzhou, China, on May 22, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two ministers discussed key trade issues, including bilateral trade and investment cooperation and supply chain issues. They also discussed cooperation to build stable supply chains for key energy and resource items, including LNG, critical minerals, and petroleum products. date2026-05-27

Meeting with ASEAN Secretary-General Kao Kim Hourn

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Secretary-General of ASEAN Kao Kim Hourn in Suzhou, China, on May 22, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two sides discussed key trade issues, including the Korea–ASEAN FTA. Minister Yeo noted that ASEAN is Korea’s second-largest trading partner and a major investment destination, making it a central pillar of Korea’s economic cooperation, and the two sides agreed to consult closely so that negotiations to upgrade the Korea–ASEAN FTA, including in the digital area, can begin as soon as possible. date2026-05-27

Meeting with WTO Director-General Ngozi Okonjo-Iweala

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with WTO Director-General Ngozi Okonjo-Iweala in Suzhou, China, on May 22, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two sides discussed key trade issues, including WTO reform and the outcomes of the 14th WTO Ministerial Conference (MC-14). They shared the need to maintain momentum in WTO reform discussions, extend or make permanent the moratorium on customs duties on electronic transmissions, and advance the early entry into force and implementation of the Investment Facilitation for Development Agreement (IFDA). date2026-05-27

Korea and EU Deepen Economic Security Cooperation on Critical Minerals, Supply Chains, Technology Protection, and Batteries

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held the second Korea–EU Special Committee on Economic Security and Emerging Trade Issues via videoconference on May 26, 2026. Deputy Minister for Trade Park Jung-sung and Denis Redonnet, Deputy Director-General at the European Commission’s Directorate-General for Trade and Economic Security (DG TRADE), led the meeting as chief delegates. The Committee is a vice minister-level channel for responding to a rapidly changing trade and economic security environment, as global supply chains are reshaped, competition for critical minerals intensifies, and the need to protect advanced technologies grows. After the first meeting in March 2026, the two sides followed up on key issues, including critical minerals, supply chains, technology protection, batteries, and major EU regulatory proposals. The two sides exchanged views on supply chain stabilization policies, early warning systems, and advanced technology protection. Korea introduced its cross-government supply chain response system under the three supply chain laws and its early warning system for key materials, parts, and equipment. Korea also explained how it designates and manages national core technologies and prevents technology leaks under the Act on Prevention of Divulgence and Protection of Industrial Technology. Both sides recognized the need to cooperate on supply chain monitoring and technology protection from an economic security perspective. On critical minerals, both sides agreed to deepen cooperation on diversification, stockpiling, and recycling, given their high dependence on imports. They also agreed to lay the groundwork for Korea–EU cooperation on critical minerals. On batteries, the two sides noted that large-scale investments by Korean companies in the EU are helping strengthen EU supply chains. Korea requested reasonable transition periods, mutual recognition of data, and other practical measures during implementation of the EU Battery Regulation. On the EU Industrial Accelerator Act (IAA), Korea asked the EU to fully reflect Korean views as it prepares implementing rules, including clarification on how origin rules will apply to goods from FTA partner countries. Korea also reiterated its concerns over the EU’s new steel measure and requested that the EU promptly present an improved quota proposal. The two sides assessed that the Committee further strengthened the basis for cooperation across core economic security issues, including supply chains, critical minerals, technology protection, and batteries. They agreed to continue using high-level channels and other mechanisms to produce concrete results in trade cooperation. date2026-05-26

MOTIR Hosts IPEF Meeting on Supply Chain Responses and Cooperation Over Middle East Conflict

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held the fifth regular meeting of the Supply Chain Crisis Response Network (CRN) under the Indo-Pacific Economic Framework for Prosperity (IPEF) by videoconference on May 26, 2026. Established in 2024 under the IPEF Supply Chain Agreement, the CRN brings member countries together to discuss coordinated responses to supply chain crises, with Korea serving as its first chair. Nine members, including Australia, Japan and Singapore, attended the meeting to review recent supply chain issues and discuss future cooperation. At the meeting, members focused on supply chain disruptions linked to recent instability in the Middle East, including disruptions to shipping through the Strait of Hormuz. With the effects extending beyond crude oil and LNG to petrochemical feedstocks such as naphtha, fertilizers such as urea, and helium, members shared the varying impacts on their supply chains and their policies to stabilize prices and supplies. As Korea’s term as chair nears its end, members also discussed the selection process for the next chair and ways to improve the CRN’s operating framework. With uncertainty growing across global supply chains, they agreed to strengthen coordination by diversifying supply sources and transport routes and expanding information sharing among IPEF members. The meeting served as an opportunity for members to share their experiences in responding to supply chain risks linked to the Middle East conflict and reinforced the basis for cooperation. MOTIR will continue working through the CRN and other channels to support timely information sharing and coordinated policy responses to supply chain crises. date2026-05-26

Korea and India Resume CEPA Upgrade Talks Following April Summit Announcement

The Office of the Minister for Trade at the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that Korea and India will hold negotiations in New Delhi from May 25 to 27, 2026, to upgrade the Comprehensive Economic Partnership Agreement (CEPA). The talks will be the first formal round since the two countries agreed at their April 2026 summit to resume the upgrade negotiations. After the CEPA took effect in 2010, Korea and India launched upgrade negotiations in 2016 to update the agreement in line with changes in the trade environment and build closer economic ties. The talks, however, had been effectively suspended since 2022, as they were unable to narrow their differences on major issues. Following consultations earlier in 2026, Korea and India issued a joint statement in April setting out their agreement to resume the negotiations. Around 60 delegates from the two countries will take part in the talks. Korea’s delegation will be led by Park Keunoh, Director General for Trade Agreement Policy at MOTIR, and India’s by Kapil Chaudhary, Joint Secretary for Foreign Trade (North East Asia) at the Department of Commerce, Ministry of Commerce and Industry. During the 12th round of upgrade negotiations, the two sides will hold intensive discussions across seven areas, including goods, services, rules of origin and emerging trade rules. They will seek to narrow their differences and work toward substantive results by the end of 2026 or in the first half of 2027. “We will work to modernize the CEPA to create a more business-friendly trade environment for Korean companies operating in India. The upgraded agreement will also cover emerging trade issues, including digital trade and supply chain cooperation,” said Park Geun-oh, Director General for Trade Agreement Policy at MOTIR. date2026-05-26

APEC Trade Ministers Discuss Multilateralism and Cooperation on AI, Digital and Green Industries

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) represented Korea as the Head of Delegation at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Suzhou, China, from May 22 to 23, 2026, and discussed ways to strengthen trade cooperation with other APEC economies. Korea, the 2025 APEC host, also joined China, the 2026 host, and Viet Nam, the 2027 host, as part of the APEC Troika, helping maintain continuity in discussions on Asia-Pacific economic cooperation. Strengthening Global Leadership Through Multilateral Cooperation 1. Importance of APEC Cooperation in Responding to Supply Chain Crisis Amid the prolonged war in the Middle East and deepening global supply chain disruptions, Minister Yeo stressed the need for Asia-Pacific economies to work together to build supply chain resilience. He noted that the crisis around the Strait of Hormuz has exposed vulnerabilities in global supply chains, causing oil price volatility, disruptions to oil and gas supplies, and higher maritime logistics costs. He also called for APEC-level discussions on regional response measures, including an emergency meeting mechanism and stronger information sharing. Minister Yeo said the recent energy supply chain disruptions have underscored the urgent need for APEC members, including Korea, to accelerate the energy transition. He called for APEC-level cooperation to accelerate the region’s transition, including expanded renewable energy, stronger grid connectivity, and carbon credit cooperation. In his intervention, Minister Yeo said, “In an unprecedented crisis, predictable progress in regionalism becomes even more critical.” He added, “Based on a shared understanding of the importance of a pragmatic approach for open plurilateralism, APEC should continue to serve as a platform for practical cooperation in the Asia-Pacific.” 2. Leading Cooperation on AI and Digital Trade Minister Yeo said the digital transition and the rapid development of AI have the potential to fundamentally reshape trade and investment. He introduced Korea’s bilateral and multilateral efforts in digital rule-making, including the Korea–Singapore Digital Partnership Agreement (DPA) and the Korea–EU Digital Trade Agreement (DTA). He also expressed regret that no agreement was reached at the 14th WTO Ministerial Conference (MC 14) on extending the moratorium on customs duties on electronic transmissions, and shared with like-minded APEC economies the view that the moratorium should be made permanent. On the sidelines of the APEC meeting, Minister Yeo attended the Digital Economy Partnership Agreement (DEPA) Ministers’ Meeting and reviewed progress in domestic procedures in Peru and Costa Rica, whose accession negotiations concluded in 2025. At the DEPA+China Ministers’ Meeting, participants also discussed China’s accession process. 3. Contributing to the Restoration of the Multilateral Trading Order, Including the WTO Minister Yeo expressed regret that, although Korea served as Minister Facilitator for the reform session at MC14 and helped make meaningful progress and build broad consensus on WTO reform, members were unable to reach an agreement due to opposition from some countries over issues related to the moratorium on electronic transmissions. He called for reform discussions to continue in Geneva and said Korea will actively contribute to the WTO reform midway review process before the 15th WTO Ministerial Conference in 2027. Minister Yeo also expressed regret that the incorporation of the Investment Facilitation for Development Agreement (IFDA), co-chaired by Korea and Chile through the conclusion of negotiations, into the WTO legal framework was not adopted due to opposition from one member, despite overwhelming support from 165 members. He stressed the need fo date2026-05-22