Ministry of Trade Industry and Resources

7th Round of Korea–Thailand Comprehensive Economic Partnership Agreement (CEPA)

Amid the global rise of protectionism and the prioritization of domestic industries, Korea is seeking to diversify its export markets and strengthen the competitiveness of its companies through a bilateral trade agreement with Thailand, one of ASEAN’s largest economies and its most promising markets. The 7th round of official negotiations for the Korea–Thailand Comprehensive Economic Partnership Agreement (CEPA) is being held in Seoul from Monday, September 22, to Friday, September 25. The Ministry of Trade, Industry and Energy (MOTIE, Minister Kim Jung-kwan) announced that the negotiations are being led by Noh Geon-gi, Director-General for Trade Negotiations at MOTIE, and Chotima Iemsawasdikul, Director-General of the Department of Trade Negotiations at Thailand’s Ministry of Commerce, heading delegations of around 70 officials from both sides. Since launching the first round last July, Korea and Thailand have held six official negotiations and an intersessional meeting in July this year, maintaining positive momentum in their discussions. In August, the two sides agreed to upgrade the title of the existing Economic Partnership Agreement (EPA) to the Comprehensive Economic Partnership Agreement (CEPA), reflecting the expanded scope of economic cooperation under discussion, including supply chains, SMEs, tourism, healthcare, labor, and the environment. At the 7th round, the two sides will continue discussions across seven areas, including goods, services, investment, digital, finance, and others, with the aim of laying the groundwork for an early conclusion of the negotiations. Director-General Noh stated, “The Korea–Thailand CEPA, true to its name, will not only expand market access between the two countries but also provide an institutional basis to promote cooperation in a wide range of sectors. The agreement will serve as a driving force to further boost bilateral trade and investment, build a broad foundation for economic cooperation, enhance consumer welfare in both countries, and deliver practical benefits to businesses by strengthening export competitiveness and diversifying overseas markets.”   date2025-09-23

Korea and Saudi Arabia Strengthen “Rafiq” (Companion) Partnership

Korea and Saudi Arabia, which is a key nation in the Middle East and North Africa (MENA) region, are expected to strengthen their economic partnership for a new era of growth. Minister of Trade, Industry and Energy Kim Jung-kwan attended the 95th Saudi National Day celebration hosted by the Embassy of Saudi Arabia in Seoul (Chargé d’Affaires Fahad Barakah) on Monday, September 22, to commemorate the long-standing friendship between the two countries and outline directions for future cooperation. In his congratulatory remarks, Minister Kim recalled that “since the establishment of diplomatic relations in 1962, Korea and Saudi Arabia have strengthened their cooperation as growth partners across diverse fields such as energy, construction, and manufacturing.” He emphasized that “as Saudi Arabia prepares for the post-oil era and Korea seeks another leap forward through an innovation-driven economy amid rapidly changing trade dynamics, it is time to elevate the value of our partnership and broaden its horizons toward a new era of growth.” He then outlined three key directions for bilateral cooperation: First, to establish the Korea–Saudi Vision 2030 Committee as a whole-of-government ministerial cooperation channel, laying the groundwork for the early launch of the Korea–Saudi Strategic Partnership Committee at the leaders’ level. Second, to expand cooperation into new areas, including advanced semiconductors, robotics, artificial intelligence (AI), and other high-tech sectors, as well as services such as culture and entertainment, including K-pop and K-dramas. Third, to extend successful Korea–Saudi economic cooperation models to the Gulf Cooperation Council (GCC), the Levant, and ultimately the wider MENA region. In particular, he noted that Korea will work toward the swift signing and entry into force of the Korea–GCC Free Trade Agreement, concluded at the end of 2023, to further advance economic cooperation with the region. Minister Kim also introduced the Arabic concept of “Rafiq,” meaning a trusted companion who journeys together, and underscored his commitment to strengthening the Korea–Saudi partnership under this spirit.   date2025-09-23

Korea–Ukraine Discuss Economic Cooperation

The Ministry of Trade, Industry and Energy (MOTIE, Minister Kim Jung-kwan) announced that 1st Vice Minister Moon Shin-hak met with Marina Denysiuk, Deputy Minister of the Ministry for Communities and Territories Development of Ukraine, on Friday, September 19, at the Government Complex Seoul to discuss ways to strengthen bilateral cooperation. Vice Minister Moon expressed deep sympathy for the Ukrainian people and communities severely affected by more than three years of war, noting that Korea also rose from the ruins of war and therefore deeply shares Ukraine’s hardships. He stressed that as a leading manufacturing country, Korea has significant potential for cooperation with Ukraine in plant and infrastructure construction and power equipment. He also noted that Ukraine, as one of the world’s major grain producers, could accelerate its agricultural recovery by working with Korean agricultural machinery equipped with advanced technologies such as artificial intelligence (AI). Deputy Minister Denysiuk thanked Korea for sharing its growth experience, saying it could provide valuable guidance for Ukraine’s reconstruction and future development. She emphasized the importance of expanding cooperation not only through government-to-government (G2G) channels but also business-to-business (B2B) partnerships. In particular, she expressed strong interest in Korea’s support programs for small-scale independent power grids, or microgrids, highlighting them as essential infrastructure for community recovery. Vice Minister Moon stated, “We hope peace will be restored in Ukraine as soon as possible. Following the end of the war, we look forward to Ukrainian support so that Korean companies, with their extensive experience and technological expertise, can contribute to Ukraine’s reconstruction.”   date2025-09-19

Korea–South Africa Insight Forum

Kim Jong-chul, Director General for International Trade Relations at the Ministry of Trade, Industry and Energy (MOTIE), attended the Korea–South Africa Insight Forum at the Diplomatic Center in Seocho-gu, Seoul, on Wednesday, September 17, 2025. The forum was joined by Sindiswa Mququ, Ambassador of South Africa to Korea, Kim Young-chae, President of the Korea-Africa Foundation, and representatives from related organizations and businesses. Kim delivered opening remarks at the event. date2025-09-18

Korea Discusses Enhanced Industrial and Energy Cooperation with Saskatchewan, Canada

  Korea’s Deputy Minister for Trade Park Jong-won met with Saskatchewan’s Minister of Trade and Export Development Warren Kaeding in Seoul on Monday, September 8, to discuss ways to strengthen bilateral cooperation in industries, critical minerals, and energy. The Canadian province of Saskatchewan is rich in natural resources, including uranium, natural gas, oil, and critical minerals. The region ranks first globally in both potash reserves and production, third in uranium reserves, and second in uranium production. It is also pursuing the introduction of small modular reactors (SMRs) to decarbonize up to 80 percent of its electricity supply by 2030. The two sides noted that since the Korea-Canada Free Trade Agreement entered into force in 2015, bilateral economic and trade relations have grown significantly, with trade nearly doubling over the past decade (from USD 8.6 billion to 17.2 billion). They agreed on the importance of expanding cooperation amid growing uncertainty in the global trade environment, driven by rising protectionism worldwide. Regarding enhanced energy cooperation between Korea and Saskatchewan, Deputy Minister Park stated, “This creates mutual benefits from an energy security perspective, enabling Korea to secure stable energy sources and Canada to diversify its energy exports.” He also expressed hopes for the provincial government’s continued support for bilateral cooperation in future-oriented strategic industries and eco-friendly energy sectors, such as batteries, SMRs, hydrogen, and critical minerals, in light of active Korean investment in Canada.   date2025-09-08

Minister Attends Korea-US Manufacturing Partnership Signing Ceremony

Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan attended the Korea-US Manufacturing Partnership Signing Ceremony, held on Monday, August 25, 2025, at InterContinental The Willard Washington DC during President Lee Jae Myung’s visit to the US. Following his remarks, 11 contracts and memorandums of understanding were signed in shipbuilding, nuclear power, aviation, liquefied natural gas, and critical minerals. Attendees included US Secretary of Commerce Howard Lutnick and representatives from related agencies and businesses of both countries. date2025-09-08

Korea Discusses Trade Network and Supply Chain Cooperation with Latin America and the Caribbean

Korea’s Minister for Trade Yeo Han-koo met with ambassadors from 18 member states of the Group of Latin America and the Caribbean (GRULAC) in Seoul on Wednesday, September 3, to discuss the global trade environment and explore ways to strengthen economic and trade cooperation between Korea and GRULAC. Attendees included ambassadors from Mexico, Brazil, Argentina, Chile, and Peru. During the meeting, Trade Minister Yeo stated that the multilateral trading system was facing a fundamental challenge amid intensifying geopolitical competition and rising protectionism. He stressed the need to actively expand trade networks with GRULAC members to respond to these shifts. With a population of nearly 690 million and GDP of around USD 7 trillion, Latin America and the Caribbean (LAC) represent a core part of the Global South and a key market for Korea to diversify exports and reduce regional dependency. Korea currently has free trade agreements (FTAs) with seven GRULAC members, including Chile, Peru, and Colombia. Additionally, it formally signed the Strategic Economic Cooperation Agreement with Ecuador on September 2 and the Protocol on the Accession of Guatemala to the Korea-Central America FTA in January 2024. Both agreements will enter into force following completion of remaining procedures, including ratification by the National Assembly. Minister Yeo also highlighted that LAC is a major source of critical minerals such as lithium, nickel, copper, and graphite. Given Korea’s strengths in advanced manufacturing technologies for electric vehicles, batteries, and semiconductors, he emphasized the importance of strengthening supply chain cooperation between Korea and the region. Furthermore, Minister Yeo added that as Chair of APEC 2025, Korea aims to achieve meaningful outcomes on global issues such as AI cooperation and demographic change. He noted that Korea will also host a series of business events, including the APEC CEO Summit Korea 2025, to promote exchange and collaboration among global business leaders. He requested active interest and support from GRULAC members to help ensure the successful hosting of APEC 2025. date2025-09-05

Korea and Ecuador Sign Strategic Economic Cooperation Agreement for Market Diversification

Korea’s Minister for Trade Yeo Han-koo met with Ecuador’s Minister of Production, Foreign Trade, Investments, and Fisheries Luis Alberto Jaramillo in Seoul on Tuesday, September 2. The two sides held bilateral talks and formally signed the Strategic Economic Cooperation Agreement (SECA). Since launching negotiations in 2016, Korea and Ecuador have held nine rounds of formal discussions, concluding the agreement in October 2023. With the official signing completed, the SECA will enter into force following remaining procedures, including ratification by the National Assembly. Once the SECA takes effect, Ecuador will phase out tariffs of up to 40 percent on Korean automobiles within 15 years, including eliminating the 35-percent tariff on hybrid vehicles within five years. This is expected to give Korea an advantage over major competitors, including China and Japan. Additional sectors such as online gaming, distribution, film, and music will also open up, which raises prospects for growth in local consumption and exports of Korean cultural content. The SECA will include various means to support companies in resolving difficulties and protecting rights. For example, when technical regulations are amended, grace periods will be provided to enable businesses to prepare for those changes. Enhanced remedies for intellectual property infringements will be offered as well. Ahead of the signing ceremony, Trade Minister Yeo emphasized during talks with his Ecuadorian counterpart, “the SECA will serve as a solid safeguard for the bilateral economies in this time when factors such as rising protectionism have led to growing uncertainty in the global trade environment.” He expressed hope that the SECA would help companies from both countries build future-oriented cooperation, facilitating export expansion, market diversification, and joint efforts during supply chain crises. Both sides agreed to accelerate remaining procedures for the SECA’s implementation, including ratification by the National Assembly. date2025-09-04

Minister Meets US Senators

Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan met with US Senators Tammy Duckworth and Andrew Kim on Tuesday, August 19, 2025, at Lotte Hotel Seoul to discuss bilateral trade cooperation. date2025-08-22

Trade Minister Hosts Strategy Meeting for APEC Business Events

Korea’s Minister for Trade Yeo Han-koo hosted a strategy meeting for upcoming Asia-Pacific Economic Cooperation (APEC) business events on Monday, August 18, 2025, at the Korea Chamber of Commerce and Industry (KCCI) in Seoul. Following his opening remarks, the trade minister reviewed relevant agency preparations and discussed control tower operations and cooperative measures to achieve tangible outcomes from the APEC business events. The strategy meeting brought together officials from the Korea Trade-Investment Promotion Agency, KCCI, the Korea Institute of Startup & Entrepreneurship Development, and the APEC Preparation and Support Bureau. date2025-08-21