Ministry of Trade Industry and Resources

Korea and Vietnam Sign MOUs to Broaden Economic Cooperation

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) met with Nguyen Hong Dien, Vietnam’s Minister of Industry and Trade, in Hanoi on April 14, 2025, for the 14th Korea-Vietnam Joint Industrial Committee and the 8th Korea-Vietnam FTA Joint Committee, where they discussed measures for wider economic cooperation between the two countries. At the Korea-Vietnam Joint Industrial Committee meeting, the two sides discussed detailed implementation measures to achieve USD 150 billion in bilateral trade by 2030 and agreed to cooperate on nuclear reactor projects in Vietnam, LNG power generation, clean energy development, and textile sector investments, and the resumption of logistics policy meetings at the director general level. At the subsequent FTA Joint Committee meeting, the two sides reviewed key issues, including amending the bilateral FTA to help reduce costs and streamline customs procedures for exporters, expanding electrical safety certification bodies, broadening trade in agricultural and livestock products, and import regulations. They also discussed ways to help companies make better use of the bilateral FTA. Following the meetings, the chief delegates of the two countries signed a memorandum of understanding (MOU)  on implementation measures to achieve $150 billion in bilateral trade volume by 2030, while the director generals in charge of nuclear power development signed an MOU on bilateral nuclear reactor cooperation. In addition, Korea Electric Power Corporation (KEPCO signed an MOU with Vietnam’s state-owned power transmission company for cooperation in power grids and new energy industries.  In the evening of the same day, Minister Ahn convened a conference with the representatives of 16 Korean companies operating in Vietnam to discuss business issues. He stated that the ministry will continue to maintain intergovernmental, high-level consultations with relevant authorities. date2025-04-15

Korea and Vietnam hold ceremony for signing of minutes

Korea’s Minister of Trade, Industry and Energy Dukgeun Ahn and Vietnam’s Minister of Industry and Trade Nguyen Hong Dien held a ceremony on April 14 in Hanoi for the signing of minutes of the 14th Korea-Vietnam Joint Industrial Committee and 8th Korea-Vietnam FTA Joint Committee meetings. date2025-04-14

14th Korea-Vietnam Joint Industrial Committee & 8th FTA Joint Committee

Korea’s Minister of Trade, Industry and Energy Dukgeun Ahn met Vietnam’s Minister of Industry and Trade Nguyen Hong Dien today in Hanoi for the 14th Korea-Vietnam Joint Industrial Committee and 8th Korea-Vietnam FTA Joint Committee meetings and discussed measures for reaching USD 150 billion in bilateral trade volume by 2030, cooperation in Vietnamese nuclear reactor projects, LNG power generation, clean energy development, and enhancing companies’ utilization of the bilateral FTA. date2025-04-14

Minister Ahn meets Moroccan Minister of Industry and Trade

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Moroccan Minister of Industry and Trade Ryad Mezzour today in Seoul to discuss bilateral industry cooperation and trade issues. date2025-04-08

Korea to Accelerate Industrial Cooperation with Morocco

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) met with Moroccan Minister of Industry and Trade Ryad Mezzour in Seoul on April 8, 2025, to discuss bilateral industry cooperation and trade issues. A strategic hub connecting Europe and Africa, Morocco has strong growth potential, supported by its demographics, critical minerals, and supply chain competitiveness. The country is considered a major emerging Global South country with an FTA network spanning 55 economies.  More Korean companies have also been entering the Moroccan market. In February, Hyundai Rotem won a KRW 2.2 trillion (USD 1.5 billion) order from Morocco’s National Railways Office (ONCF). Auto parts manufacturers are also diversifying their business models by broadening their overseas production base, including in Morocco, to export their goods to third-country markets in Europe. The talks came at a time when Korean companies need to expand their export markets amid the rapidly shifting international trade order. Minister Mezzour noted that Morocco is the only African country with FTAs with both the United States and the EU, highlighting Morocco’s advantageous position as a gateway to Europe, Middle East, and Africa. He also expressed hope for stronger investment cooperation with Korean companies to support industrial development and infrastructure expansion ahead of the FIFA World Cup 2030, which Morocco will co-host. Minister Ahn said combining Korea’s advanced technological capabilities with Morocco’s strength as a regional production base could create strong synergies, helping both countries respond proactively to rising protectionism and supply chain disruptions while pursuing shared growth. During the meeting, Minister Ahn proposed launching official negotiations for the swift conclusion of the bilateral Economic Partnership Agreement (EPA), building on the momentum from the Korea-Africa Summit convened in June 2024, noting that the EPA can serve as a legal and institutional framework for broader trade and investment cooperation between the two countries. Minister Ahn further suggested that, ahead of the EPA’s conclusion and entry into force, the two sides a bilateral Trade and Investment Promotion Framework (TIPF) to provide a cooperative platform for close consultations on trade issues so as to expedite industrial collaborations. date2025-04-08

Minister Ahn attends Korea-Philippines Business Forum

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea and Philippine’s Special Assistant to the President for Investment and Economic Affairs Frederick Go attended the Korea-Philippines Business Forum today in Seoul with the participation of 150 business leaders and government officials of both countries. In his congratulatory address, the minister assessed how the two countries have established a basis for wider economic cooperation with their bilateral relations elevated to a strategic partnership on the occasion of the last Korea-Philippines summit. He added that going forward, the Korean government plans to leverage economic cooperation platforms in making intergovernmental efforts to promote smooth business collaboration between the two countries. date2025-04-07

Minister meets Philippine's Special Assistant to the President for Investment and Economic Affairs

Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held high-level talks with the Philippine government delegation led by Special Assistant to the President for Investment and Economic Affairs Frederick Go today in Seoul and discussed measures for stronger economic cooperation in areas such as trade, investment, supply chains, and carbon-free energy. date2025-04-07

Korea and Philippines Step Up Trade, Investment, and Supply Chain Cooperation

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) held high-level talks with a Philippine government delegation led by Frederick Go, Special Assistant to the President for Investment and Economic Affairs, in Seoul on April 7, 2025. The two sides discussed measures to strengthen economic cooperation in areas such as trade, investment, supply chains, and carbon-free energy. Noting the Philippines’ abundant natural resources and young population, Minister Ahn welcomed the Philippine government’s efforts to improve the investment environment, including a cut in the corporate income tax rate for investment companies from 25 percent to 20 percent. Special Assistant Frederick Go stated that Korea is the Philippines’ major trade and investment partner and expressed hope that the Korea–Philippines Business Forum would deliver  meaningful outcomes, with Korea serving as the first stop on the Philippines’ investment roadshows. Both sides agreed on the need to expand cooperation in areas such as critical minerals and clean energy amid the rapidly changing global trade environment. Accordingly, they agreed to take active steps to implement the memorandum of understanding (MOU) on a feasibility study for resuming construction of the Baatan nuclear power plant and the MOU on bilateral cooperation in critical raw materials supply chain. Following the talks, Minister Ahn attended the Korea-Philippines Business Forum, hosted by the Philippine government and organized by the Philippine Embassy in Korea. In his congratulatory remarks, the minister noted that the two countries have established the groundwork for wider economic cooperation by elevating bilateral ties to a strategic partnership at the last Korea-Philippines summit. He added that going forward, the Korean government will continue to work closely with the Philippine government, including through economic cooperation platforms, to promote smooth business collaboration between companies in the two countries. date2025-04-07

Korea-India Insight Forum for shared growth co-hosted by MOTIE and Indian Embassy to Korea

The Ministry of Trade, Industry and Energy and the Indian Embassy to Korea co-hosted the Korea-India Insight Forum at the Residence of the Indian Ambassador to Korea on Friday, April 4, to have in-depth discussions on strategic cooperation between the two countries across the economic and trade sectors.  This Forum was joined by the two governments and private experts, and prepared to devise cooperation directions between the two countries amid the deepening structural shift of international trade orders, such as global supply chains restructuring, technology competition, exports of over-capacities and tariff escalations. Participants agreed on the significance of relations between Korea and India as Special Strategic Partners, and emphasized the need for practical cooperation centered around new industries including development cooperation, digital transformations, advanced manufacturing, infrastructure, clean energy, human resource mobility as well as mutual trade and investment.  Director General of the Bureau of International Trade Relations Jongchul Kim  mentioned that although the outcomes of cooperation between the two countries have been limited compared to the potential, this year will be an opportunity to reshape the existing cooperative framework and pursue substantial cooperation. Concurring with DG Kim, India’s Ambassador to Korea Amit Kumar suggested intensifying bilateral engagement to seize emerging opportunities and establishing sustainable partnerships across multiple sectors based on respective economic structures, growth potential and mutual strategic benefits. In commemoration of the 10th anniversary of Special Strategic Partnership, the Korean and Indian governments will enhance policy communication and cooperation across a wide range of sectors going forward.   date2025-04-04

Korea and Japan Hold Trade and Industry Ministers’ Meeting

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) held a bilateral meeting with Japan’s Minister of Economy, Trade and Industry (METI) Muto Yoji on March 30, 2025, in Seoul on the margins of the 13th Korea-Japan-China Economic and Trade Ministers’ Meeting, as 2025 marks the 60th anniversary of the normalization of diplomatic relations between Korea and Japan. The meeting came nine months after the Korea-U.S.-Japan trilateral meeting in June 2024 in Washington D.C., and followed the Korea-Japan trade and industry ministers’ meeting held in April 2024 in Tokyo, marking the first reciprocal ministerial visit in about a year. During the meeting, MOTIE and METI welcomed the two countries’ active intergovernmental and private-sector dialogue in key areas, including supply chains, advanced industries, and new energy areas like hydrogen, and critical mineral supply chains. They also agreed to further cooperate to produce tangible outcomes in 2025, the 60th anniversary of the normalization of diplomatic relations. The two sides shared views on the rapidly changing global trade landscape and discussed response measures. They agreed to leverage both bilateral and multilateral channels, including the Korea-U.S.-Japan and the Korea-Japan-China frameworks, to share information and explore cooperation on issues requiring a joint response.  Both sides also agreed to work together for the successful hosting of major international events in both countries, including the Korea Pavilion opening ceremony on April 13 and Korea Day on May 13 at Expo 2025 Osaka, Kansai; the APEC Trade Ministerial Meeting in Jeju in May; the APEC Energy Ministerial Meeting in Busan in August; and the APEC CEO Summit. date2025-03-31