Ministry of Trade Industry and Resources

Korea Discusses Enhanced Industrial and Energy Cooperation with Saskatchewan, Canada

Deputy Minister for Trade Park Jong-won of the Ministry of Trade, Industry and Energy (MOTIE, Minister JK Kim), met Warren Kaeding, Saskatchewan’s Minister of Trade and Export Development, in Seoul on September 8, 2025, to discuss strengthening bilateral cooperation in industries, critical minerals, and energy. Saskatchewan is rich in natural resources, including uranium, natural gas, oil, and critical minerals. The province ranks first globally in both potash reserves and production, third in uranium reserves, and second in uranium production. It is also pursuing small modular reactors (SMRs) to decarbonize up to 80 percent of its electricity supply by 2030. The two sides noted that bilateral economic and trade relations have grown significantly since the Korea-Canada Free Trade Agreement entered into force in 2015, 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. Deputy Minister Park stated, “The enhanced cooperation between Korea and Saskatchewan is mutual beneficial from an energy security perspective, enabling Korea to secure stable energy supplies and Canada to diversify its energy exports.” With Korean companies investing actively in Canada, he also called for the Saskatchewan government’s continued support to expand bilateral cooperation in advanced strategic industries that are critical for the future and in clean energy, including batteries, SMRs, hydrogen, and critical minerals.   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 Expanding Trade Networks and Strengthening Supply Chain Cooperation with Latin America and the Caribbean

Trade Minister Yeo Han-koo of the Minsitry of Trade, Industry and Energy (MOTIE, Minister JK Kim) met with ambassadors from 18 member states of the Group of Latin America and the Caribbean (GRULAC) in Seoul on September 3, 2025, to exchange views on the global trade environment and discuss ways to strengthen economic and trade ties between Korea and the region. Attendees included ambassadors from Mexico, Brazil, Argentina, Chile, and Peru. Trade Minister Yeo stated that the multilateral trading system is undergoing a fundamental shift amid intensifying geopolitical competition and rising protectionism. He stressed that the shift calls for Korea to proactively expand trade networks with GRULAC members. With a population of nearly 690 million and GDP of around USD 7 trillion, Latin America and the Caribbean (LAC) is a key Global South market for diversifying Korea’s trade and reducing dependency in any single region. Korea currently has free trade agreements (FTAs) in force with seven GRULAC members, including Chile, Peru, and Colombia. Additionally, Ecuador formally signed the Strategic Economic Cooperation Agreement (SECA) with Korea on September 2, 2025, while Guatemala signed the Protocol on its Accession to the Korea-Central America FTA in January 2024. Both agreements will enter into force once remaining procedures, including National Assembly ratification, are completed. Trade Minister Yeo also noted 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 further strengthening supply chain cooperation in critical minerals between Korea and the region. Trade Minister Yeo added that, as APEC Chair in 2025, Korea will seek 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 asked GRULAC members for their interest and support for APEC 2025. date2025-09-05

Korea and Ecuador Sign Strategic Economic Cooperation Agreement for Market Diversification

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Energy (MOTIE, Minister JK Kim) met with Luis Alberto Jaramillo, Ecuador’s Minister of Production, Foreign Trade, Investments, and Fisheries in Seoul on Tuesday, September 2, 2025. The two sides held bilateral talks and formally signed the Strategic Economic Cooperation Agreement (SECA). Since launching negotiations in 2016, Korea and Ecuador held nine rounds of formal talks and concluded the negotiations in October 2023. With the official signing completed, the SECA will enter into force following the remaining domestic procedures, including ratification by the National Assembly. Ecuador is regarded as a promising market with relatively low investment risk, supported by abundant energy and mineral resources—such as crude oil (the third-largest producer in Latin America) and copper—political stability in the region, use of the U.S. dollar, and its free trade orientation. The Korean government seeks to further diversify its export markets in Latin America through enhanced cooperation with Ecuador. Once the SECA takes effect, Ecuador will phase out tariffs of up to 40 percent on Korean automobiles within 15 years, including the current 35-percent tariff on hybrid vehicles within five years. This is expected to provide Korea with more favorable market access than major competitors, including China and Japan. Tariffs will also be eliminated on Korean pharmaceuticals and consumer goods—such as cosmetics and instant noodles—that have been gaining popularity in Latin America amid the spread of Korean popular culture, which is expected to boost related exports. In addition, Ecuador will open sectors such as online gaming, retail and distribution services, film, and music, supporting increased local consumption and exports of Korean cultural content that is already popular in the Ecuadorian market. Ahead of the signing ceremony, Trade Minister Yeo said, “Amid growing uncertainty in the global trade environment, bilateral free trade agreements are an effective tool for strengthening export competitiveness and diversifying markets..” He added that the SECA would help companies in both countries expand exports and diversify markets and encourage them to leverage the agreement’s economic cooperation provisions—including cooperation in response to supply chain crises, as well as IT and SME collaboration—to build a forward-looking partnership. 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

Minister Kim Meets US Senators to Strengthen Bilateral Cooperation

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Energy (MOTIE) met with U.S. Senators Tammy Duckworth (D-IL) and Andrew Kim (D-NJ) in Seoul on August 19, 2025, to discuss strengthening Korea–U.S. cooperation in shipbuilding and other industries and expanding bilateral investment. Illinois hosts a large number of Korean companies in logistics, home appliances, and auto parts, thanks to its excellent transportation infrastructure and deep talent pool. New Jersey, with its strong market access and highly educated workforce, is home to the North American headquarters of major Korean conglomerates, as well as a broad base of Korean companies across diverse sectors, including electronics, food, and machinery. During the meeting, Minister Kim asked for the senators’ continued interest and support for Korean companies investing in Illinois, New Jersey, and across the United States. He also underscored the importance of stable and consistent U.S. policies that facilitate foreign direct investment in the U.S. to ensure further bilateral economic ties. Minister Kim cited Hanwha Philly Shipyard near New Jersey as a successful example of Korea–U.S. shipbuilding cooperation, noting the collaboration between the Korean shipbuilder and the state in sourcing qualified professionals and rebuilding the shipbuilding ecosystem. He called for continued support from the U.S. Congress to deepen bilateral shipbuilding cooperation across a broader range of areas, including commercial ships to naval vessels, emphasizing that Korea has world-class shipbuilding capabilities and technology and is a reliable partner for the U.S. Both sides agreed on the need to develop new policies and enhance bilateral partnership amid a rapidly shifting trade landscape. Meanwhile, MOTIE will provide support measures for industries vulnerable to the outcome of the Kore–U.S. tariff talks, and continue to devise mid- and long-term measures to strengthen industrial competitiveness and respond to the evolving trade environment. date2025-08-21

MOTIE Hosts Strategy Meeting for Upcoming APEC Business Events

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Energy (MOTIE, Minister JK Kim) hosted a strategy meeting on Monday, August 18, 2025, at the Korea Chamber of Commerce and Industry in Seoul to ensure meaningful economic outcomes from upcoming Asia-Pacific Economic Cooperation (APEC) business events. In line with the 2025 APEC Economic Leaders’ Meeting week scheduled for October, MOTIE is preparing various business events, including the CEO Summit, Invest KOREA Summit, and Export Boom-Up Korea Week. The strategy meeting brought together relevant agencies to review preparations and discuss cooperative measures for tangible outcomes. At the meeting, MOTIE also discussed steps to attract top global business leaders and launched the control tower for the APEC business events. The control tower will focus on practical deliverables, such as facilitating engagement and partnerships between Korean and global companies, promoting investment, expanding exports, and identifying new collaborative projects. In his opening remarks, Trade Minister Yeo stated that the recent conclusion of Korea–U.S. tariff negotiations eased some export uncertainties, but risks persist amid a weakening multilateral trading system and growing protectionism. He added, “This year’s APEC business events should serve as a springboard for companies to take the next step forward.” He also noted that global attention is converging on APEC 2025 KOREA as it convenes amid rapid shifts in the trade landscape. Trade Minister Yeo stressed, “We must demonstrate open, middle-power leadership by facilitating cooperation between APEC member economies and contributing to regional economic revitalization.” This year marks the first time in 20 years that Korea is serving as APEC Chair. APEC 2025 KOREA will be the largest international event hosted under the new administration, providing an opportunity to showcase the country’s economic resilience and mature democracy to the world. date2025-08-19

Vice Minister Meets Oman’s Undersecretary of the Ministry of Energy and Minerals

Korea’s Vice Minister of Trade, Industry and Energy Lee Ho-hyeon met with Oman’s Undersecretary of the Ministry of Energy and Minerals H.E. Mohsin Hamad Al Hadhrami on Monday, August 18, 2025, at Conference House Dalgaebi in Seoul. The two sides discussed cooperation in energy sectors, such as green hydrogen, renewable energy, and plants. date2025-08-19

Trade Minister Meets US Representatives

Korea’s Minister for Trade Yeo Han-koo met with US Representatives Beth Van Duyne and Richard McCormick on Thursday, August 14, 2025, at The Plaza Hotel in Seoul to discuss bilateral economic cooperation and trade negotiations. date2025-08-19