Ministry of Trade Industry and Resources

Energy Security for Indo-Pacific Endurance, a Global Growth Center of the 21st Century

We, the ministers of [participating countries in alphabetical order], met in Tokyo, Japan, on March 14–15, 2026, to hold the historic Indo-Pacific Energy Security Ministerial and Business Forum. The forum was co-hosted by the Chair and Vice Chair of the U.S. National Energy Dominance Council, Secretary of the Interior Doug Burgum, Secretary of Energy Chris Wright, and Japanese Minister of Economy, Trade and Industry Akazawa Ryosei. In light of the current situation in the Middle East, we affirm our shared determination to work collectively to ensure stable and secure energy supply in the Indo-Pacific region.  To this end, we focused on three key themes: reliable energy for Indo-Pacific growth and security; securing energy supply chains, infrastructure and maritime routes; and enabling trade and investment. To support these goals, Ministers affirm the value of: · The necessity of reliable, affordable, secure and dispatchable energy from all sources depending on each country’s situation, in meeting the region’s surging energy demand.  · Promoting quality as a key procurement mechanism to mitigate risk of operational liabilities. · Protecting against rising cyber threats to the security of the energy grid, critical infrastructure, vehicles, and devices. · Investment in comprehensive energy infrastructure that encompasses the entire energy supply chain from upstream development facilities to downstream equipment to support an affordable, reliable, and secure energy supply including baseload electricity.  · Continuing to supply affordable and reliable energy sources in the Indo-Pacific region, including through emergency response measures, to benefit both producers and consumer countries. · While maintaining strong relations with current partners, expanding and diversifying energy suppliers and fuel types in order to strengthen energy security. · Promoting transparent, long-term energy contracts that reduce market volatility. As the global economy expands, so too does demand for energy driven by AI and electrification, we, as countries committed to a free and open Indo-Pacific, reaffirm our commitment to enhancing energy security in the region through the supply of abundant, accessible, reliable, affordable, secure and dispatchable energy.  We recognize that growing all sources of energy, ensuring energy access and infrastructure, and lowering energy costs for all are essential to our efforts to end poverty, better human lives, and further drive economic growth, security, and prosperity in the Indo-Pacific, a global growth center of the 21st century. We welcome Pacific LNG exports, including from the United States and other established and emerging suppliers, that contribute to reliable, affordable and diversified energy supply in the Indo-Pacific region. We note efforts by the World Bank, the Asian Development Bank (ADB) and other international finance institutions to expand financing for energy-related programs and technical assistance including for nuclear energy projects for interested countries aligned with IAEA standards on safety, security, regulatory frameworks, and non-proliferation safeguards and supporting developing countries in mobilizing finance, transferring technology and capacity building. In addition, interested countries intend to accelerate cooperation, especially in the field of nuclear energy, to pursue deployment of Small Modular Reactors (SMRs) and other advanced technologies. We congratulate the series of tangible deals announced in Tokyo on this occasion and intend to make efforts to ensure that these deals result in reliable, accessible, and affordable energy supply and pave the way for future cooperation. date2026-03-16

Korea to Join IEA Collective Action, Release 22.46 Million Barrels of Emergency Oil Stocks

The International Energy Agency (IEA) decided at an emergency Governing Board meeting on March 11, 2026, to implement the Collective Action proposed the previous day to release 400 million barrels of emergency oil stocks. Korea has been allocated 22.46 million barrels, or 5.6% of the total, for release. The IEA approved the largest coordinated stock release in its history to help ease the global energy supply crisis, which has been intensifying amid recent developments in the Middle East. National release volumes were calculated in proportion to each member country’s share of total oil consumption across all IEA members. Korea’s allocation amounts to 22.46 million barrels, or 5.6% of the total 400 million barrels. This is the largest volume ever allocated to Korea, surpassing the 4.94 million barrels released during the 1990 Gulf War. This latest IEA Collective Action will mark the first coordinated stock release in about four years, following the joint release carried out during the 2022 Russia–Ukraine war. It also exceeds the combined 11.65 million barrels released in the two IEA-led stock releases at that time. The government will consult with the IEA Secretariat on specific details, including the timing and volume of the release, in line with Korea’s national interest and domestic circumstances. It will also work closely with the IEA and other major countries to help stabilize the international oil market and respond to high oil prices stemming from the situation in the Middle East, with the aim of minimizing the impact on the broader economy and consumer prices. date2026-03-12

MOTIR Minister and Trade Minister Visit Washington for Tariff Talks with the United States

Minister JK (Jung-Kwan) Kim and Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR) traveled to Washington D.C. on March 6, 2026, for discussions with U.S. officials on tariffs and other trade matters. The visit followed a recent court ruling against tariffs imposed under the International Emergency Economic Powers Act (IEEPA) and sought to reduce uncertainty over U.S. tariff policy while advancing implementation of the Korea–U.S. tariff deal. Minister Kim met with U.S. Secretary of Commerce Howard Lutnick to share Korea’s progress in implementing the tariff deal and discuss legislative efforts to enact a special law for investment in the United States. The two sides also discussed strengthening strategic investment cooperation. Minister Kim reiterated Korea’s position that the bilateral tariff deal must continue to be effectively upheld as the United States advances tariff measures following the IEEPA ruling, including under Section 122 of the Trade Act and Section 232 of the Trade Expansion Act. On the same day, Trade Minister Yeo met with U.S. Trade Representative Jamieson Greer to discuss the implementation plan of the non-tariff commitments set out in the joint factsheet issued on November 14, 2025. The two sides agreed to convene a Joint Committee under the Korea–U.S. FTA at a mutually agreed time to finalize the plan. They also discussed developments related to Sections 122 and 301 of the Trade Act. Trade Minister Yeo reiterated the Korean government’s position that the Section 301 petition filed by U.S. investors of Coupang should not negatively affect bilateral trade relations. Going forward, MOTIR will continue its constructive consultations with the United States on key trade issues to help maintain a stable trade environment and minimize uncertainty for Korean companies. date2026-03-08

Minister JK Kim Meets Canada’s Minister of Industry

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Mélanie Joly, Canada’s Minister of Industry, in Windsor, Ontario, on March 5, 2026. The meeting took place on the sidelines of the completion ceremony for LG Energy Solution’s NextStar Energy battery plant. The two sides discussed concrete industrial cooperation related to Canada’s submarine program, for which Hanwha Ocean has submitted a business proposal. Minister Kim said, “Just as LG Energy Solution had delivered on its investment and employment commitments, Korea and Canada should build a long-term partnership based on mutual trust through cooperation on the submarine project,” adding that “MOTIR would continue to mobilize public- and private-sector capabilities to support Korean companies until one is named the preferred bidder for the project.” date2026-03-06

Trade Minister Yeo Meets MERCOSUR Ambassadors in Korea

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR) attended a meeting with the ambassadors of four MERCOSUR countries—Argentina, Brazil, Paraguay, and Uruguay—held at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on March 5, 2026.  During the meeting, participants discussed ways to strengthen economic and trade cooperation between Korea and MERCOSUR, including the Korea–MERCOSUR Trade Agreement (TA). Minister Yeo stressed that MERCOSUR is an important partner for Korea in diversifying markets and strengthening supply chain stability, and that it is important to strengthen the Korea–MERCOSUR trade networks to expand bilateral trade and investment and to create a stable, forward-looking trade environment for businesses.  date2026-03-06

Korean Investment in Canada’s Advanced Manufacturing Marks New Milestone in Strategic Bilateral Cooperation

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) attended a ceremony marking the completion of LG Energy Solution’s NextStar Energy battery plant in Windsor, Ontario, Canada, on March 5, 2026. The event was also attended by LG Energy Solution CEO Kim Dong-myung; Canada’s Minister of Industry Mélanie Joly; Doug Ford, Premier of Ontario; and Drew Dilkens, Mayor of Windsor. LG Energy Solution recently acquired Stellantis’ entire stake in the venture and announced plans to expand employment at the plant from 1,300 to 2,500. With the completion of the facility, the company is expected to strengthen its foothold in North America by linking its Michigan and Ontario plants to form the region’s largest ESS manufacturing network. In his congratulatory remarks, Minister Kim called Canada a long-standing friend that stood with Korea in its most difficult times. He added that it was especially meaningful that the NextStar Energy plant—now a symbol and milestone of bilateral industrial cooperation—had been built in Ontario, one of the provinces that sent troops to help defend Korea’s freedom and protect its people. Following the ceremony, Minister Kim met with Minister Joly to discuss concrete industrial cooperation measures related to Canadian Patrol Submarine Project (CPSP), for which Hanwha Ocean submitted a proposal on February 28, 2026. The ministerial meeting was held as a joint public-private initiative, with senior officials from companies including Hyundai Motor Company and outside experts joining the delegation. During the meeting, Hyundai highlighted the importance and potential of Canada’s hydrogen resources and presented cooperation measures to build a hydrogen ecosystem linking production, refueling, and mobility. The two sides noted that this was already their third meeting in four months, reflecting closer ties between the two countries. They also agreed that Canada’s submarine project could provide momentum to broaden and deepen bilateral industrial cooperation. Minister Kim said that, just as LG Energy Solution had delivered on its investment and employment commitments to Canada, the two countries will continue to build a long-term partnership based on mutual trust through cooperation on the submarine project. He added that MOTIR would continue to mobilize public- and private-sector capabilities to support Korean companies until one is named the preferred bidder for the project. date2026-03-06

Korea and MERCOSUR Discuss Expanding Economic and Trade Cooperation

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held a meeting in Seoul on March 5, 2026, with the ambassadors of the four MERCOSUR countries—Argentina, Brazil, Paraguay, and Uruguay. The meeting followed up on the Korea–Brazil summit held on February 23, 2026. Building on the outcomes of that summit, the participants discussed ways to advance the Korea–MERCOSUR Trade Agreement (TA) and expand economic and trade cooperation. During the meeting, Minister Yeo described MERCOSUR as South America’s largest economic bloc, with a population of about 270 million, as well as a combined GDP of USD 2.9 trillion, and abundant mineral resources such as lithium and nickel. He stressed that, amid unprecedented shifts in the global trade environment—including rising protectionism and the weaponization of resources—MERCOSUR is an important partner for Korea in diversifying markets and strengthening supply chain stability. Minister Yeo also underscored the importance of strengthening trade networks to expand bilateral trade and investment and to create a stable, forward-looking trade environment for businesses. As key areas of cooperation, he proposed resuming negotiations on the Korea–MERCOSUR TA and strengthening collaboration in emerging sectors, including supply chains. Finally, Minister Yeo called for continued interest and support from MERCOSUR governments for Korean companies operating in the region, including POSCO’s lithium project in Argentina. He also emphasized the need for close consultations between the two sides to help resume negotiations on the Korea–MERCOSUR TA. date2026-03-05

Korea–Philippines Summit Leads to USD 16 Million in K-Consumer Goods Export Deals

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) and the Korea Trade-Investment Promotion Agency (KOTRA, President Kang Kyung Sung) held the Korea–Philippines Business Partnership in Manila on March 4, 2026, on the sidelines of President Lee Jae Myung’s state visit to the Philippines. The event took place at the SMX Convention Center and brought together 52 Korean companies in food, beauty, healthcare, and other consumer sectors, along with 70 Philippine buyers. A total of 11 contracts worth USD 16.4 million were signed, underscoring growing momentum for K-consumer goods in the Philippine market. At the venue, Minister JK (Jung-Kwan) Kim visited exhibition booths operated by Korean companies in consumer goods and franchising to discuss ways to expand the reach of the Korean lifestyle in the Philippines. He also visited booths run by major Philippine distributors, including SM and Landers, and reviewed ways to raise awareness of Korean consumer goods and expand local sales channels. “Korean products, including beauty and food, are gaining popularity in the Philippines,” Minister JK Kim said. “The government will work closely with relevant ministries and agencies to support Korean companies as they expand their business in the Philippines and the wider Southeast Asian market.” On the morning of March 4, 2026, MOTIR and the Federation of Korean Industries (FKI, Chairman Jin Roy Ryu) co-hosted the Korea–Philippines Business Forum at the Manila Hotel in the presence of the presidents of both countries. At the forum, seven MOUs were signed in sectors including shipbuilding, nuclear power, and consumer goods, with Minister JK Kim and Cristina A. Roque, Secretary of Trade and Industry of the Philippines, in attendance. In nuclear power, Korea Hydro & Nuclear Power (KHNP) and the Export-Import Bank of Korea (KEXIM) signed an MOU with Philippine power company Meralco to jointly develop business and financing models for a new nuclear power project and support workforce training. In shipbuilding, HD Hyundai Heavy Industries signed an MOU with the Philippines’ Technical Education and Skills Development Authority (TESDA) to expand workforce training and technology cooperation. In food, Samyang Foods signed an MOU with Philippine retailer S&R to strengthen K-food distribution in the Philippine market. During the presentation session, Korean companies, including HD Hyundai Heavy Industries, LX International, Lotte, and K-water, presented their business cases in sectors including critical minerals, shipbuilding, consumer goods, and infrastructure, and discussed practical ways to expand bilateral business cooperation. MOTIR will continue follow-up talks, including through the Korea–Philippines Economic Cooperation Committee, to turn the business outcomes from the state visit into tangible opportunities for Korean companies. It will also strengthen support to help address business challenges, including local licensing and distribution issues. date2026-03-04

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