Ministry of Trade Industry and Resources

MOTIR and Philippine DTI Agree to Establish a Standing Ministerial Economic Cooperation Committee

Following the Korea–Philippines summit held during President Lee Jae Myung’s state visit to the Philippines on March 3, 2026, Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) and Cristina A. Roque, Secretary of Trade and Industry of the Philippines, exchanged the Korea–Philippines Memorandum of Understanding (MOU) on Trade, Investment, and Economic Cooperation in the presence of the two leaders. From 2019 to 2025, MOTIR and the Philippine Department of Trade and Industry held three meetings of the Korea–Philippines Economic and Trade Cooperation Committee and discussed a broad range of industrial and trade issues. Since the Korea–Philippines Free Trade Agreement (FTA) entered into force in December 2024, Korean companies have expanded their operations in the Philippines in sectors including electrical and electronics, shipbuilding, critical minerals, and infrastructure. Korea’s investment ranking in the Philippines also rose from outside the top ten in 2023 to fourth in 2025, underscoring closer economic cooperation between the two countries. Building on these developments, the two ministries agreed to refocus the agenda of the Economic Cooperation Committee away from a broad cooperation framework and toward high-potential industries such as shipbuilding, semiconductors, electrical and electronics, and the digital economy. They also agreed to establish a standing consultative mechanism to facilitate timely communication when issues arise and support more flexible, ongoing cooperation. MOTIR will use the committee as a channel to address issues affecting Korean companies in the Philippines in a timely manner. The ministry plans to hold the 4th Korea–Philippines Economic Cooperation Committee in 2026 to discuss follow-up steps from the recent Korea–Philippines summit, including measures to resolve difficulties facing Korean companies in the local market. date2026-03-04

Minister JK Kim Attends MOU Signing Ceremony at Korea–Philippines Business Forum

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) attended a memorandum of understanding (MOU) signing ceremony held during the Korea–Philippines Business Forum at the Conrad Hotel in Manila on March 4, 2026, on the occasion of President Lee Jae Myung’s state visit to the Philippines. The ceremony was also attended by Cristina A. Roque, Secretary of Trade and Industry of the Philippines, and featured the signing of seven MOUs covering sectors including nuclear power, shipbuilding, and consumer goods. date2026-03-04

Korea and Singapore Advance Trade and Civil Nuclear Cooperation

During President Lee Jae Myung’s state visit to Singapore, a global hub for technology, energy, and logistics, the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) agreed with Singapore to expand forward-looking cooperation in trade and nuclear energy. Joint Declaration on the Launch of Korea–Singapore FTA Upgrade Negotiations On March 2, 2026, Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) exchanged a Joint Declaration on the Launch of Negotiations to Upgrade the Korea–Singapore Free Trade Agreement (FTA) with Singapore’s Ministry of Trade and Industry (MTI). The exchange took place in the presence of the two leaders on the sidelines of the summit between President Lee Jae Myung and Prime Minister Lawrence Wong. Singapore was Korea’s first FTA partner among ASEAN members. As the Korea–Singapore FTA marks the 20th anniversary of its entry into force on March 2, 2026, the two sides agreed to modernize the agreement by adding modular provisions covering new trade areas such as supply chains and the green economy. In supply chains, Korea and Singapore will set out cooperation measures, particularly in the bio and pharmaceutical sectors, and establish a stronger framework for bilateral supply chain cooperation. In the green economy, the two governments will advance cooperation on decarbonization, helping lay the groundwork for Korean companies to expand into ASEAN markets. In trade facilitation, the two sides will improve procedures to speed up customs clearance. They will also step up cooperation in aviation maintenance, repair, and overhaul (MRO), helping strengthen Korea’s competitiveness in the sector. Korea and Singapore Sign an MOU on SMR Cooperation Korea Hydro & Nuclear Power (KHNP) and Singapore’s Energy Market Authority (EMA) exchanged a Memorandum of Understanding (MOU) on small modular reactor (SMR) cooperation in the presence of the two leaders. This marks the first civil nuclear cooperation MOU between a Korean nuclear power company and a Singapore government agency. In 2025, the Singapore government allocated about KRW 5 trillion under its Future Energy Fund for SMR-related projects to better respond to rising energy demand and energy transition challenges, including those linked to the expansion of AI data centers and carbon neutrality goals. Given Singapore’s limited land area and high population density, SMRs are seen as a viable option because they present fewer siting constraints. KHNP is currently developing the Korean Innovative Small Modular Reactor (i-SMR) for commercialization by the mid-2030s. Under the MOU, KHNP and EMA will cooperate on feasibility studies on SMR adoption, workforce training, and the sharing of technical information and nuclear best practices in the nuclear sector. KHNP will participate in EMA’s ongoing review of SMR technologies to showcase Korea’s next-generation nuclear technology and explore opportunities to take part in related projects. MOTIR will support the implementation of the MOU to ensure that the outcomes lead to tangible business and project opportunities. date2026-03-02

Meeting with the Minister of Energy and Natural Resources of Türkiye

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Alparslan Bayraktar, Minister of Energy and Natural Resources of Türkiye, on February 25, 2026, at the Korea Trade-Investment Promotion Agency (KOTRA) in Seoul. The two ministers discussed ways to expand bilateral cooperation in trade and investment, nuclear energy, and resource development. Minister Kim welcomed the continued engagement between companies in both countries under the nuclear power cooperation MOU signed in November 2025. He also urged Korea and Türkiye to step up resource cooperation to bolster supply-chain resilience amid rising protectionism and economic fragmentation, including cooperation on critical minerals and the sourcing of materials, parts, and equipment. date2026-02-26

Korea and Türkiye Discuss Cooperation on Nuclear Power Project Feasibility Study

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Alparslan Bayraktar, Minister of Energy and Natural Resources of Türkiye, on February 25, 2026, at the Korea Trade-Investment Promotion Agency (KOTRA) in Seoul to discuss ways to expand bilateral industrial and trade cooperation. The talks focused on follow-up measures to implement the outcomes of the Korea–Türkiye summit in November 2025. Minister Kim commended the continued expansion of bilateral trade despite heightened global uncertainty, with trade reaching a record USD 10.7 billion in 2025. He expressed hope that the two sides would build on the summit commitments in future strategic areas—nuclear energy, biotechnology, infrastructure, and defense—to further deepen bilateral ties. Turning to nuclear energy, Minister Kim welcomed ongoing engagement between companies in both countries under the nuclear power cooperation MOU signed in November 2025 between Korea Electric Power Corporation (KEPCO) and Türkiye’s Nuclear Energy Company. He noted that the two companies agreed to launch a joint working group to examine the technical and commercial feasibility of Türkiye’s new nuclear power project and have begun a preliminary feasibility study. Minister Kim underscored that Korean companies bring five decades of experience and technical know-how in building and operating nuclear power plants, positioning Korea as a strong partner for Türkiye as it advances new nuclear projects. He also proposed close intergovernmental coordination to help move company-level efforts on nuclear power into the implementation phase. Minister Kim urged Korea and Türkiye to step up resource cooperation to bolster supply-chain resilience amid rising protectionism and economic fragmentation, including cooperation on critical minerals and the sourcing of materials, parts, and equipment. date2026-02-26

Public–Private Joint Response Meeting on U.S. IEEPA Ruling and Additional Tariff Measures

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) chaired a public–private joint response meeting on the U.S. International Emergency Economic Powers Act (IEEPA) ruling and additional tariff measures on February 23, 2026, at the Korea Chamber of Commerce and Industry (KCCI) in Seoul.    The meeting was attended by officials from the Ministry of Foreign Affairs (MOFA), the Ministry of Economy and Finance (MOEF), and the Ministry of Agriculture, Food and Rural Affairs (MAFRA), as well as representatives from the Korea International Trade Association (KITA), the Korea Federation of SMEs (KBIZ), the Korea Trade-Investment Promotion Agency (KOTRA), and other relevant organizations. Minister Kim stated, “Guided by the principle of maximizing the national interest, the government will stay in close communication with the U.S. side so that the balance of benefits secured under the Korea–U.S. tariff agreement and market conditions for Korean exports to the United States are not undermined.” date2026-02-24

Government and Industry Step Up Coordination in Response to U.S. IEEPA Ruling and Tariff Measures

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) chaired a public-private joint response meeting on February 23, 2026, at the Korea Chamber of Commerce and Industry (KCCI) in Seoul. The meeting brought together economic organizations, major industry associations, related institutions, and relevant ministries to discuss next steps following a U.S. Supreme Court ruling that limited executive authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA), along with the U.S. administration’s announcement of additional tariff measures. Participants reviewed the potential impact on Korea’s industries and exports after the U.S. administration announced follow-up actions, including the imposition of a global tariff under Section 122 of the Trade Act and plans to initiate investigations under Section 301. They also gathered industry input and discussed possible response measures. Participants noted that, while Section 232 tariffs remain in place after the IEEPA ruling, additional U.S. actions—including a flat 15 percent global tariff imposed under Section 122 on products previously subject to reciprocal tariff measures and the planned initiation of Section 301 investigations—could have overlapping impacts on Korea’s industries and exports. They agreed on the need for close public–private coordination amid growing uncertainty in global trade. Minister Kim stated, “Under the principle of maximizing the national interest, the government will maintain close communication with the U.S. side to ensure that the balance of benefits secured under the Korea–U.S. tariff agreement and conditions for Korean exports to the United States are not undermined.” He added, “We will continue to strengthen companies’ competitiveness and step up export market diversification in light of possible shifts in the export environment. We will also work with relevant institutions and industry associations to provide companies with timely information amid uncertainty over tariff refunds.” Going forward, the government will continue to monitor U.S. follow-up measures and moves by other countries and will work to minimize uncertainty for the Korean economy and businesses. date2026-02-24

Korea–India Economic Cooperation Conference

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) delivered opening remarks at the Korea–India Economic Cooperation Conference held on February 20, 2026, at the Lotte Hotel in Seoul. The event was attended by approximately 200 participants, including Gourangalal Das, Ambassador of India to Korea, and Shri Rajat Kumar Saini, CEO of the National Industrial Corridor Development Corporation of India (NICDC), as well as officials and representatives from government agencies, institutions, and companies of both countries.   Trade Minister Yeo stated, “Korea will work with the Indian government to conclude key economic cooperation issues, including the upgrade talks on the Korea–India Comprehensive Economic Partnership Agreement (CEPA), to create the best possible conditions for bilateral cooperation.” date2026-02-20

Korea–India Trade and Investment Ties to Open New Avenues with New Southern Policy Partners

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) attended the Korea–India Economic Cooperation Conference on February 20, 2026, at Lotte Hotel Seoul. Held under the theme “The Future of Korea–India Economic Cooperation for Shared Prosperity,” the conference examined practical directions for future economic cooperation with India, a country drawing growing attention as a next-generation manufacturing base and key supply chain hub, backed by its vast domestic market and an annual growth rate of 6 to 7 percent. The event brought together approximately 200 participants—including Gourangalal Das, Ambassador of India to the Republic of Korea, and Shri Rajat Kumar Saini, CEO & MD of India’s National Industrial Corridor Development Corporation (NICDC), along with government officials and representatives from companies and institutions, underscoring strong interest on both sides in bilateral economic cooperation. In the presentation session, the Korea Institute for International Economic Policy (KIEP) reviewed recent trends in Korea–India economic and trade cooperation. The institute noted that India has maintained robust growth supported by a large, young population, financial stability, and proactive industrial policies, and emphasized the need to step up collaboration in advanced industries and supply chains. In addition, Korean companies that have successfully entered the Indian market in advanced industries, consumer goods, and content shared their on-the-ground experiences and key outcomes. The Indian government presented India’s investment climate and incentives and outlined policies to foster shipbuilding and maritime industries, suggesting new opportunities for cooperation. A panel discussion followed with participants from the Korea Trade-Investment Promotion Agency (KOTRA), the Korea Institute for Advancement of Technology (KIAT), and the POSCO Research Institute. The panel discussed ways to strengthen Korea–India strategic cooperation and agreed on the need for closer government–industry–research collaboration to maximize synergies in areas where the two countries have complementary strengths, including AI, advanced industries, and aerospace. Trade Minister Yeo underscored that economic cooperation with India “matters more than ever” amid rapid shifts in the global trade environment, describing India as a core New Southern Policy partner and a leading member of the Global South. He added, “India’s GDP—roughly USD 4.0 trillion—is about the same as the combined GDP of the 11 ASEAN countries. Yet Korea’s annual trade with India stands at about USD 25.0 billion, compared with around USD 200.0 billion with ASEAN, which indicates substantial room to expand Korea–India trade.” He said the two countries will broaden their partnership to cover cooperation in AI, digital trade, supply chains, green energy, and manufacturing in response to the new trade environment. He affirmed that “Korea will work with the Indian government to resolve key economic cooperation issues, including the upgrade talks on the Korea–India Comprehensive Economic Partnership Agreement (CEPA), to create the best possible conditions for bilateral cooperation." date2026-02-20

Meeting with AMCHAM Korea

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with AMCHAM Korea at the Grand Hyatt Seoul in Seoul, on February 12, 2026. The meeting was held in the presence of AMCHAM Korea Chairman & CEO James Kim and representatives from 80 member companies. During the session, Minister Yeo delivered opening remarks and discussed the Korean government’s approach to maintaining a stable Korea–U.S. trade environment and strengthening bilateral cooperation. He assured that “the Korean government will faithfully implement the Korea–U.S. tariff agreement and share key updates with the U.S. government and businesses to maintain a stable Korea–U.S. trade environment and strengthen economic cooperation.” date2026-02-12