Ministry of Trade Industry and Resources

Korea and the UK Conclude Upgrade Negotiations for the Korea–UK Free Trade Agreement

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) and Sir Chris Bryant, Minister of State at the United Kingdom’s Department for Business and Trade, met in London on Monday, December 15, and signed a joint declaration confirming the conclusion of the Korea–UK Free Trade Agreement (FTA) upgrade negotiations. Key Developments Following the UK’s decision to withdraw from the European Union (Brexit), Korea and the UK first concluded the Korea–UK FTA in 2021—on terms identical to the Korea–EU FTA, which entered into force in 2011—to ensure continuity in trade and investment and to maintain a stable and predictable business environment. In line with a provision of the original agreement calling for follow-up negotiations within two years of its entry into force, the two sides have held six rounds of upgrade negotiations and five rounds of trade ministers’ meetings, along with multiple intersessional meetings, since January 2024. At a bilateral meeting held on the margins of the G7 Summit in Canada in June, the leaders of Korea and the UK agreed to accelerate talks to conclude the FTA upgrade negotiations within the year. After outstanding issues were resolved through additional discussions on services and investment held this month, the two sides formally declared the negotiations concluded at the trade ministers’ meeting in London. Significance and Assessment of the Korea–UK FTA The UK is the world’s sixth-largest economy and Europe’s second-largest by nominal GDP. It is also a global hub for finance and investment, accounting for the largest shares of international bank lending and foreign exchange transactions worldwide. However, bilateral trade volumes and Korea’s exports to the UK rank only around 20th globally, underscoring the need to enhance market access through the upgrade negotiations. The revised Korea–UK FTA is expected to expand bilateral trade by easing the stringent rules of origin for Korea’s key export products and by further opening the UK’s high-speed rail procurement market and major service markets. It also reflects a broad range of new trade rules aimed at expanding exchanges and cooperation across diverse areas. Trade Minister Yeo emphasized that “the upgraded Korea–UK FTA will strengthen the free-market system in a trade environment with heightened uncertainty. In particular, it will be an opportunity to enhance economic cooperation ties with the UK, a key partner in Europe.” He further noted that “the upgraded Korea–UK FTA has established a considerable number of comprehensive cooperation norms, including market liberalization, digital trade, and cooperation for supply chains stabilization, to strengthen the Korea–UK trading relationship.” Minister Bryant remarked, “Korean culture has taken off in the UK, with millions of Brits already binge-watching great Korean TV and streaming K-pop artists. Today’s agreement boosts the UK’s world-class services sector and supports iconic brands to speed up our economic growth.” Next Steps Following the declaration of the conclusion of the negotiations, the government will promptly complete the procedures required for formal signature, including legal review and Korean-language translation of the agreement text. After the formal signature, it will move forward with the steps necessary for the agreement’s entry into force, including an economic impact assessment and securing the National Assembly’s consent to ratification. date2025-12-17

Korea and Norway Discuss Ways to Build a Practical Partnership in Response to Changes in the Trade Environment

Park Jung-sung, Deputy Minister for Trade at the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim), met with Ragnhild Sjoner Syrstad, State Secretary at Norway’s Ministry of Trade, Industry and Fisheries, at Lotte Hotel in Seoul on Tuesday, December 16, 2025, to discuss ways to strengthen substantive bilateral cooperation between Korea and Norway in response to recent changes in the global trade environment. The two sides shared the view that rising protectionism and the weakening of the World Trade Organization (WTO) system have increased uncertainty in global trade, underscoring the importance of closer cooperation between Korea and Norway to stabilize supply chains and enhance industrial competitiveness. They agreed to continue discussions on building a practical partnership that can deliver tangible outcomes. The two sides also welcomed the resumption of the Korea–Norway Economic Cooperation Committee (KNECC), a private-sector consultative body that had been suspended since 2016, noting that its revival after a decade has strengthened the foundation for business-to-business exchanges and the development of joint projects. They agreed to expand government-level support and to pursue more concrete cooperation models and project-based MOUs based on corporate demand. Deputy Minister Park stated, “Building on the complementary industrial structures of Korea and Norway, bilateral trade has expanded both in scale and in quality since the FTA’s entry into force.” He noted that “practical cooperation is already advancing in the shipbuilding sector, particularly in areas such as autonomous navigation and AI-based future ship technologies,” emphasizing that “combining Korea’s strengths in manufacturing and ICT with Norway’s maritime and energy technologies could generate significant synergies.” He added that “Korea hopes to further expand bilateral cooperation into advanced industries, including the green transition and critical supply chains.” date2025-12-17

2025 Korea–Africa Trade and Industry Cooperation Forum

Park Jung-sung, Deputy Minister for Trade at the Ministry of Trade, Industry and Resources (MOTIR), attended the “2025 Korea–Africa Trade and Industry Cooperation Forum” held on Monday, December 15, at Koreana Hotel in Seoul.   The forum brought together around 100 participants, including Kim Young-chae, President of the Korea–Africa Foundation; Chafik Rachadi, Dean of the African Group of Ambassadors in Korea (AGA) and Ambassador of Morocco to Korea; ambassadors from 12 African countries; and representatives from industry.   Deputy Minister Park emphasized that “cooperation between Korea and Africa is a wise choice that can turn crises into opportunities and enable shared growth amid challenges in the global trade environment.” He added that “the government will actively pursue trade agreements with African countries while deepening cooperation in critical minerals and manufacturing supply chains, and also expand infrastructure cooperation in line with local demand in Africa.” date2025-12-16

Korea and African Countries Discuss Ways to Expand Trade and Industry Cooperation

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held the “2025 Korea–Africa Trade and Industry Cooperation Forum” on Monday, December 15, 2025, in Seoul. The forum brought together approximately 100 participants, including Park Jung-sung, Deputy Minister for Trade; Kim Young-chae, President of the Korea–Africa Foundation (KAF); Chafik Rachadi, Dean of the African Group of Ambassadors in Korea (AGA) and Ambassador of Morocco to Korea; ambassadors from 12 African countries; and representatives from industry and academia. The forum reviewed the outcomes of economic cooperation with Africa—an emerging hub for production, logistics, and resource supply chains, supported by its young population and abundant resources—against the backdrop of a rapidly evolving global trade environment marked by growing protectionism and supply chain restructuring, and discussed ways to strengthen momentum for future cooperation. Participants also assessed the results of a series of economic cooperation events that MOTIR and KOTRA held across major African countries by region in November, in connection with the G20 Summit held for the first time on the African continent, and discussed ways to further concretize cooperation. In his welcome remarks, Deputy Minister Park emphasized that “cooperation between Korea and Africa is a wise choice that can turn crises into opportunities and promote shared growth amid challenges in the global trade environment.” He added that “the government will actively pursue trade agreements with African countries while strengthening cooperation in critical minerals and manufacturing supply chains, and expanding infrastructure cooperation in line with local demand in Africa.” At the forum, MOTIR presented Ministerial Commendations to two individuals in recognition of their contributions to trade cooperation with the Middle East and Africa: Kang Munsu, Associate Research Fellow at the Korea Institute for International Economic Policy (KIEP), and Lee So-won, Team Leader at the Federation of Korean Industries (FKI). date2025-12-15

Meeting with the Minister of Commerce of China

JK (Jung-Kwan) Kim, Minister of Trade, Industry and Resources (MOTIR), met with Wang Wentao, Minister of Commerce of China, at the Ministry of Commerce in Beijing on Friday, December 12. The meeting was attended by government delegations from both countries.   During the meeting, the two sides discussed ways to enhance bilateral economic and trade cooperation, including follow-up measures to the agreements reached at the Korea–China summit held during President Xi Jinping’s state visit to Korea on November 1. date2025-12-15

MOTIR and China’s Ministry of Commerce Discuss Follow-up Measures Following the Korea–China Summit in Beijing After a Seven-Year Hiatus

JK (Jung-Kwan) Kim, Minister of Trade, Industry and Resources (MOTIR), visited Beijing from Thursday, December 11 to Friday, December 12, 2025, to hold a Korea–China Trade Ministers’ Meeting with Wang Wentao, Minister of Commerce of China. The meeting marked the first standalone bilateral trade ministers’ meeting in seven years, following the previous meeting held in Beijing in June 2018, and took place just over a month after the two sides met on November 1 in Gyeongju on the margins of the APEC Economic Leaders’ Meeting.  At the meeting, the two sides discussed ways to enhance bilateral economic and trade cooperation, including follow-up measures to the agreements reached at the Korea–China summit held during President Xi Jinping’s state visit to Korea on November 1. Minister Kim and Minister Wang shared the view that close inter-ministerial communication should be maintained to sustain the momentum toward restoring bilateral relations and to deliver tangible outcomes that contribute to the recovery of people’s livelihoods. With bilateral trade having remained stagnant after reaching a record USD 310.4 billion in 2022, the two sides agreed to expand trade and promote mutual investment, including through continued ministerial-level exchanges to advance substantive discussions. Recognizing that bilateral trade has largely focused on goods, they agreed to work toward expanding service trade based on the “Memorandum of Understanding (MOU) on Strengthening Service Trade Cooperation” signed on the margins of the recent summit. The two sides also agreed to convene the Korea–China FTA Joint Committee at an early date to review the implementation of the FTA and identify ways to enhance its effectiveness, as well as to accelerate negotiations on the Korea–China FTA covering services and investment. The two sides shared views on the importance of strengthening cooperation to revitalize regional economies. Korea agreed to continue cooperation with Chinese provincial governments, including Guangdong, Jiangsu, and Shandong, while expanding collaboration to central and inland regions. China agreed to jointly develop new models for regional cooperation, including by dispatching investment survey missions to areas such as Saemangeum. They also agreed to leverage existing consultation channels, including the vice-ministerial Korea–China Industrial Complex Consultation, to explore ways to strengthen investment cooperation through Korea–China industrial cooperation complexes. Noting the close interlinkages between the two countries’ supply chains, the ministers agreed to maintain close communication to facilitate the smooth supply of key items, including rare earths. They also agreed to support stable trade in critical minerals through the active use of the general licensing system, based on the Korea–China export controls dialogue. Korea also conveyed its position on trade remedy investigations involving Chinese hot-rolled steel products, noting that they are being conducted fairly and transparently in accordance with WTO rules. Both sides agreed on the need to prevent unnecessary misunderstandings arising from trade remedy measures and to enhance prior communication through regular director-general-level meetings. The two sides reaffirmed the importance of a WTO-centered, rules-based multilateral trading system and agreed to continue cooperation under regional frameworks including APEC and RCEP. Korea also agreed to support China’s successful hosting of APEC next year by sharing its experience as a former host economy. Following the meeting, the two sides signed a document titled “Key Cooperation Matters between Korea’s Ministry of Trade, Industry and Resources and China’s Ministry of Commerce.” Based on this framework, the two ministries will work to ensure the smooth o date2025-12-15

MOTIR Holds Roundtable on Modular Trade Agreements with Trade Experts

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister Kim Jung-kwan) convened the “Roundtable on Modular Trade Agreements” on Wednesday, December 10, at the Korea Chamber of Commerce and Industry in Seoul.   The meeting brought together trade experts from Korea Trade-Investment Promotion Agency (KOTRA), the Korea Institute of Geoscience and Mineral Resources (KIGAM), the Korea International Trade Association (KITA), Naver, Lotte Fine Chemical, and other relevant organizations, companies, and associations to discuss Korea’s strategy for reshaping global trade norms and cooperation structures through new modular trade agreements.   In his remarks, Trade Minister Yeo stated that “modular trade agreements constitute a new cooperation model that enables Korea to take the lead in shaping international standards for next-generation trade rules amid a rapidly changing global environment.” He emphasized that “by enabling flexible and timely cooperation tailored to each country’s circumstances and business needs, the government will build a trade network that delivers tangible benefits to businesses.” date2025-12-12

Korea Launches Modular Trade Agreement Initiative to Lead the Future Global Trade Order

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that Trade Minister Yeo Han-koo convened a roundtable on new modular trade agreements on Wednesday, December 10, at the Korea Chamber of Commerce and Industry to exchange views on Korea’s strategy for reshaping global trade norms and cooperation structures through a new type of trade agreement. The concept of modular trade agreements stems from a growing recognition that traditional FTAs—focused largely on market opening—are no longer sufficient to fully address emerging trade issues such as supply-chain resilience, the green economy, and digital and AI transformation amid rising global uncertainty. In addition, the government noted that for emerging economies with significant resources and growth potential but high sensitivity to market opening, a tailored trade-cooperation model that more precisely reflects each country’s circumstances and cooperation needs has become increasingly important. Accordingly, MOTIR announced that it will gather broad input from industry and experts as it prepares a modular approach to new trade agreements. The ministry will first develop standard text for four key areas—supply chains, critical minerals, the green economy, and digital trade—after which specific modules and detailed provisions will be selected and combined for partner countries based on their respective conditions and cooperation needs. At the roundtable, Trade Minister Yeo Han-koo stated, “New modular trade agreements represent a new cooperation model that enables Korea to take the lead in shaping international standards for next-generation trade rules amid a rapidly changing global environment.” He added, “By enabling flexible and timely cooperation tailored to each country’s circumstances and the needs of businesses, we will build a trade network that delivers tangible benefits to businesses.” Industry representatives and experts emphasized that new modular trade agreements must be closely aligned with the actual risks and needs faced by companies, expressing strong interest in the model’s significantly enhanced timeliness, flexibility, and responsiveness compared to traditional FTAs. Based on the feedback shared at the roundtable, MOTIR will further refine and finalize the standard text for each module by the end of this year. Using this framework, the ministry plans to apply the modular approach first to next year’s FTA upgrade negotiations with Singapore and ASEAN, before expanding its use to additional partner countries. date2025-12-11

Korea and Japan Strengthen Investment and Supply Chain Cooperation Amid Rising Trade Uncertainties

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim), held a roundtable with the Seoul Japan Club (SJC) and representatives of Japanese-invested companies at the Korea Press Center’s SJC conference room on Thursday, December 11. Japan has emerged as one of Korea’s largest foreign investors despite global trade uncertainties, with reported FDI reaching a record USD 6.1 billion last year—ranking first among all investing countries. Against this backdrop, the roundtable served to strengthen dialogue with Japanese companies operating in Korea, providing an opportunity to closely assess their perspectives and challenges and to explore ways to support stable investment activities. Participants included SJC Chairman Matsuura Tetsuya, President of Mitsubishi Corporation Korea; representatives of major Japanese investors; and officials from the Japan External Trade Organization (JETRO) and the Japan Chamber of Commerce and Industry in Korea. The Japanese side shared expectations regarding the new government’s economic policies, called for progress on SJC’s annual recommendations for Japanese companies investing in Korea, raised concerns related to the amended Labor Union Act, and requested streamlined entry procedures for foreign businesspersons. Minister Yeo underscored the importance of Korea–Japan cooperation, noting that “the two countries face similar pressures—from U.S. tariff actions and investment dynamics to China’s export controls and EU environmental rules.” He added that “to ensure that Japan’s investment in Korea leads to strengthened bilateral supply chains, Korea and Japan should build a future-oriented economic partnership by expanding cooperation in advanced industries, including AI, semiconductors, biotechnology, and new energy.” He also stated that “MOTIR will continue to support Japanese investors by actively reviewing the SJC’s recommendations to be submitted early next year with the relevant ministries.” To further attract Japanese investment, MOTIR will thoroughly review the proposals raised at the roundtable with the relevant ministries and will continue to create opportunities for communication with major foreign-invested companies. date2025-12-11

Korea Opens “Rare Metals Cooperation Center” to Advance Critical Minerals Partnership with Mongolia

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that it will officially open the Korea–Mongolia Rare Metals Cooperation Center on Friday, December 12, at the Mongolian University of Science and Technology in Ulaanbaatar. Implemented as a grant-based ODA program, the center will receive approximately KRW 9.8 billion in support for its establishment and operation from 2023 to 2027. About 150 participants are expected to attend the opening ceremony, including representatives from Mongolia’s Ministry of Mining and Heavy Industry (MMHI), the Mineral Resources and Petroleum Authority, and the Geological Center for Research and Analysis (GCRA), as well as officials from MOTIR, the Korea Institute for Advancement of Technology (KIAT), and the Korea Institute of Geoscience and Mineral Resources (KIGAM). Since 2023, MOTIR has been promoting the establishment and operation of Rare Metals Cooperation Centers through ODA programs to strengthen cooperation in critical mineral supply chains. The Mongolia center is the first to open among the five centers currently under development with countries such as Uzbekistan, Vietnam, Kazakhstan, and Indonesia. Jointly operated by KIGAM and Mongolia’s GCRA, the center will analyze tungsten, molybdenum, lithium, and other rare metals found in Mongolia, while providing technical training in mineral processing, refining, and smelting. These activities aim to support Mongolia in enhancing the value of its rare metal resources and linking them to viable production. MOTIR stated that the launch of the center marks a significant step forward in bilateral cooperation on critical minerals and affirmed its commitment to continue supporting the center’s operations, thereby contributing to the development of Mongolia’s rare metals industry and strengthening Korea’s medium- to long-term supply chain stability. date2025-12-11