Ministry of Trade Industry and Resources

Korea and ASEAN Hold First Official Round of FTA Upgrade Negotiations

Korea and ASEAN will hold the first official round of negotiations to upgrade their Free Trade Agreement (FTA) in Seoul from June 8 to 12, 2026, as they seek to adapt the agreement to shifts in the trade environment, including supply chain realignment and digital transformation. The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) said delegations from both sides will attend the talks, with Park Geun-oh, Director General for Trade Agreement Policy at MOTIR, and Alpana Roy, Director-General at Singapore’s Ministry of Trade and Industry, serving as the chief negotiators for Korea and ASEAN, respectively. Following their October 2025 agreement at the Korea–ASEAN Summit to launch the upgrade negotiations, the two sides confirmed the 2026 work plan at the first Joint Committee meeting in April 2026 and agreed to move the talks forward without delay. The first official round will cover 13 areas, including digital trade, critical minerals, and supply chains. The two sides will also hold the second Korea–ASEAN FTA Joint Committee meeting to review progress across the negotiating areas and, if necessary, discuss the direction of negotiations on key issues at the committee level. “This first official round marks the full launch of negotiations to upgrade the Korea–ASEAN FTA,” said Director General Park. “Korea will engage actively in the talks to achieve meaningful progress in areas tied to the future competitiveness of Korean companies, including digital trade, critical minerals, and supply chains.” date2026-06-08

Meeting with Serbian Chamber of Commerce President Marko Čadež

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Serbian Chamber of Commerce President Marko Čadež in Belgrade, Serbia, on June 5, 2026, during his visit for the signing ceremony marking the conclusion of negotiations for the Korea–Serbia Comprehensive Economic Partnership Agreement (CEPA). date2026-06-08

Meeting with Serbian Deputy Prime Minister Adrijana Mesarović

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Serbian Deputy Prime Minister Adrijana Mesarović in Belgrade, Serbia, on June 5, 2026, during his visit for the signing ceremony marking the conclusion of negotiations for the Korea–Serbia Comprehensive Economic Partnership Agreement (CEPA). The two sides shared the view that the Korea–Serbia CEPA creates a foundation for expanding bilateral trade and investment and agreed to further strengthen their strategic partnership. Minister Yeo said the CEPA will elevate economic cooperation with Serbia, Korea’s key partner in the Western Balkans, and establish a platform for cooperation in future industries. date2026-06-08

Korea and Mongolia Hold Fifth Round of Official CEPA Negotiations

Amid the reorganization of global supply chains and the growing need to expand economic cooperation with emerging markets, the fifth round of official negotiations for the Korea-Mongolia Comprehensive Economic Partnership Agreement (CEPA) will be held from June 8 to 11, 2026, in Ulaanbaatar, Mongolia. The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) said about 40 negotiators from the two countries will attend the fifth round. Korea’s delegation will be led by Kwon Hye-jin, Deputy Minister for Trade Negotiations, while Mongolia’s delegation will be led by State Secretary Batkhuu Idesh of the Ministry of Economy and Development. Korea and Mongolia launched CEPA negotiations in December 2023 and held four official rounds through November 2024, before the talks were temporarily suspended due to circumstances on the Mongolian side. Since March 2026, the two sides have discussed resuming the process, securing momentum to continue the negotiations after a one-year-and-seven-month pause. Korea and Mongolia have highly complementary industrial and trade structures. Korea has manufacturing and technology capabilities, while Mongolia is a resource-rich country with abundant reserves of critical minerals such as lithium, copper, and rare earth elements. Combining these strengths, the two countries are expected to expand bilateral trade and investment and deepen economic cooperation, including on supply chains. During this round, the two sides will hold negotiations across 15 areas, including tariff concessions, services, investment, rules of origin, and economic cooperation. The services discussions will be held by videoconference. The two sides will seek to resolve a wide range of outstanding issues and accelerate progress in the negotiations. “Amid growing uncertainty in the global trade environment, the CEPA with Mongolia will help Korean companies enter emerging markets and strengthen supply chain stability,” Deputy Minister Kwon said. “Through this round, we will seek progress on key issues and lay the groundwork for concluding the negotiations as soon as possible.” date2026-06-08

MOTIR Minister to Visit Kazakhstan, the Middle East, and the Czech Republic to Strengthen Supply Chain and Industrial Cooperation

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) will visit Kazakhstan, Saudi Arabia, Qatar, the United Arab Emirates (UAE), and the Czech Republic from June 7 to 18, 2026. During the visit, Minister Kim will meet with senior officials to review energy and resource supplies and strengthen economic and industrial cooperation. From June 7 to 9, 2026, Minister Kim will visit Astana, Kazakhstan, to convene the 11th Korea-Kazakhstan Joint Commission on Trade, Economic, Scientific, and Technical Cooperation. The two sides will discuss expanding cooperation in energy and resources, digital industries, and green sectors. Minister Kim will also meet with Kazakh government officials, including the Head of the Presidential Administration and the Minister of Energy, to discuss stable crude oil supplies and cooperation on critical minerals and plant projects. After joining the official program for the President’s visit to Europe, Minister Kim will visit Saudi Arabia, Qatar, and the United Arab Emirates (UAE) from June 13 to 16, 2026, as a follow-up to the Middle East visit by the Presidential Special Envoy for Strategic Economic Cooperation. He will meet with senior officials, including ministers responsible for resources and industry, to discuss securing stable supply chains for crude oil, LNG, and other key resources. The talks will also cover country-specific industrial cooperation in manufacturing infrastructure and advanced industries. Minister Kim will then visit the Czech Republic from June 17 to 18, 2026. He will hold the second meeting of the Dukovany Steering Committee, launched in February 2026, to review progress on the Dukovany new nuclear power plant project and discuss next steps. At the third ministerial-level Korea-Czech Supply Chain and Energy Dialogue (SCED), he will also review cooperative projects and joint R&D in advanced industries, including robotics, batteries, and semiconductors. In addition, Minister Kim will attend a Korea-Czech nuclear power business partnership event and visit a robotics testbed at Czech Technical University in Prague to discuss expanding bilateral cooperation in key sectors. “As uncertainty over the recent conflict in the Middle East continues, securing stable energy and resource supplies has become increasingly important,” Minister Kim said. “Through the visits to Kazakhstan and the Middle East, MOTIR will discuss supply arrangements for crude oil, LNG, and other key resources, strengthen cooperation in critical minerals, plant projects, and nuclear power, and support Korean companies in building a stronger foothold overseas.” “MOTIR will support the smooth and successful implementation of the Dukovany new nuclear power plant project, while building on the trust Korea and the Czech Republic have developed through the project to expand cooperation into advanced industries such as robotics, batteries, and future mobility,” Minister Kim added. “We will also help ensure that progress in nuclear power cooperation leads to cooperation in future strategic industries and further deepens the strategic economic partnership between the two countries.” date2026-06-08

Signing Ceremony for the Conclusion of Korea–Serbia CEPA Negotiations

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) attended the signing ceremony for the conclusion of negotiations for the Korea–Serbia Comprehensive Economic Partnership Agreement (CEPA) in Belgrade, Serbia, on June 5, 2026.  The ceremony was attended by government delegations from both countries, including Jagoda Lazarević, Serbia’s Minister of Domestic and Foreign Trade. At the ceremony, Minister Yeo delivered opening remarks and signed a joint declaration officially declaring the conclusion of Korea–Serbia CEPA negotiations. The two sides shared the view that the agreement will create a foundation for expanding bilateral trade and investment and further strengthen their strategic partnership. date2026-06-08

Meeting with French Companies Operating in Korea

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR) attended a meeting with French companies operating in Korea, including Air Liquide and TotalEnergies, in Paris, France, on June 4, 2026. The meeting brought together representatives from major French companies operating in Korea. Minister Yeo delivered opening remarks and listened to their views on expanding bilateral economic cooperation and improving the business environment in Korea. date2026-06-05

Meeting with the IDB Vice President for Countries

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR) met with Anabel González, Vice President for Countries at the Inter-American Development Bank (IDB), on the margins of the 2026 OECD Ministerial Council Meeting in Paris, France, on June 4, 2026. The two sides discussed ways to expand trade and investment cooperation between Korea and Latin America and broaden official development assistance (ODA) projects between MOTIR and the IDB. date2026-06-05

Meeting with Brazil’s Minister of Foreign Affairs

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR) met with Mauro Vieira, Brazil’s Minister of Foreign Affairs, on the margins of the 2026 OECD Ministerial Council Meeting in Paris, France, on June 4, 2026. The two sides discussed cooperation on critical mineral supply chains and shared the need to resume negotiations on the Korea-MERCOSUR Trade Agreement (TA). date2026-06-05

Korea and Serbia Conclude Comprehensive Economic Partnership Agreement

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) and Jagoda Lazarević, Serbia’s Minister of Domestic and Foreign Trade, officially declared the conclusion of negotiations for the Korea–Serbia Comprehensive Economic Partnership Agreement (CEPA) and signed a joint declaration in Belgrade on June 5, 2026. The two countries began pursuing CEPA negotiations following a meeting between their prime ministers in 2023. After launching negotiations in September 2024, they reached an agreement through the first formal round and a series of intersessional discussions. The agreement covers 12 chapters, including Trade in Goods, Rules of Origin, Customs and Trade Facilitation, Intellectual Property, Technical Barriers to Trade (TBT), and Economic Cooperation. Serbia is a key economy in the Western Balkans, with a manufacturing base in sectors such as automobiles and machinery, strong human resources, a location adjacent to the EU, and an extensive FTA network. As rising costs at major production hubs in Eastern Europe have recently drawn attention to Serbia as a new partner for manufacturing and investment, the need has grown for an institutional foundation to expand bilateral trade and investment and to strengthen economic cooperation. The Korea–Serbia CEPA is Korea’s first free trade agreement with a Balkan country. The agreement secures market access for major Korean exports, including semiconductors, electric vehicles, and automotive parts, while creating a stable and predictable business environment for companies from both countries. It eliminates tariffs on more than 90 percent of tariff lines, covering 96 percent of import value for both sides, exceeding the level of liberalization achieved under the China–Serbia FTA, which entered into force in 2024. Trade Minister Yeo Han-koo stated, “The conclusion of the Korea–Serbia CEPA will serve as an opportunity to elevate economic cooperation with Serbia, our key partner in the Western Balkans, to a new level. At a time of rapidly changing global trade conditions marked by the spread of protectionism and the restructuring of global supply chains, this agreement is significant not only because it opens markets, but also because it establishes a platform for cooperation in future industries, including supply chains, energy and minerals, and AI and biotechnology. We will move forward with the necessary follow-up procedures without delay so that businesses and citizens in both countries can begin to experience the benefits of the agreement as soon as possible.” Serbia agreed to eliminate tariffs on semiconductors and electronic products, which had previously been subject to duties of up to 25 percent due to Serbia’s non-participation in the WTO Information Technology Agreement. The CEPA also secures market access for electric and hybrid vehicles and immediately eliminates tariffs on all automotive parts. Tariffs on Korean consumer products, including food and beauty products, will also be eliminated. In addition, improved market access was secured for medical devices, pharmaceuticals, and defense products. The agreement is also expected to strengthen Korea’s supply chain resilience by eliminating tariffs immediately or within five years on key Serbian exports such as lithium, cobalt, nickel, graphite, and rare earth elements, which are essential inputs for advanced industries, including rechargeable batteries and semiconductors. Meanwhile, in exchange for conceding tariffs on corn for feed and processing—which accounts for more than 40 percent of Serbia's exports to Korea—through immediate and 10-year elimination respectively, Korea minimized market liberalization for sensitive agricultural and livestock products, such as rice, natural honey, fruits including strawberries and other berries, meat, and dairy, thereby achieving a mutual date2026-06-05