Ministry of Trade Industry and Resources

Korea and China Hold Commerce Ministers’ Meeting on Trade and Economic Cooperation

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) met with China’s Minister of Commerce (MOFCOM) Wang Wentao on March 29, 2025, in Seoul, ahead of the 13th Korea-Japan-China Economic and Trade Ministers’ Meeting in March 30, 2025. The bilateral meeting was held to discuss bilateral cooperation and key trade issues in response to the changing global trade landscape, and was the first bilateral meeting between the two commerce ministers since their last meeting in San Francisco in November 2023.  The two sides exchanged views on the global trade environment and agreed to continue their mutually beneficial cooperation through not only bilateral trade platforms, but also multilateral trade systems such as the World Trade Organization (WTO) and the Asia-Pacific Economic Cooperation (APEC). As APEC hosts in 2025 and 2026 respectively, Korea and China  also agreed to cooperate for the successful hosting of the APEC Economic Leaders’ Week. Moreover, MOTIE and MOFCOM plan to expand the scope of collaboration to stabilize critical minerals supply chains and maintain communication and cooperation to resolve issues for businesses operating in each other’s markets.  The two sides will also continue to share information on supply chain measures and policies through director general-level channels, including the supply chain hotline and export control dialogue, while strengthening cooperation between MOTIE and major local governments in China, including Jiangsu, Guangdong, Shandong, and Liaoning. date2025-03-31

Minister Ahn Discusses Global Trade Cooperation with Australian Trade Minister

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) held a videoconference meeting with Australia’s Minister for Trade and Tourism Don Farrell on March 11, 2025, during which they exchanged views on the global trade environment and agreed to closely cooperate on securing supply chain stability. Noting the steady expansion of the Korea-Australia trade and investment based on their mutually complementary trade structures, Minister Ahn called for advancing cooperation beyond traditional areas such as energy and resources into forward-looking areas such as supply chains, clean economy, and digital sectors. Moreover, Minister Ahn requested the Australian government’s interest and support in facilitating Korean companies’ investment projects in Australia, including those involving critical minerals. He also called for the active participation and cooperation of Australian government and businesses for Korea’s successful hosting of APEC 2025 as this year’s APEC chair. date2025-03-11

Korea and EU Hold 12th FTA Trade Committee Meeting

Minister for Trade Inkyo Cheong of the Ministry of Trade, Industry and Resources (MOTIE, Minister Ahn Duk-geun) and European Commissioner for Trade and Economic Security Maroš Šefčovič co-chaired the 12th Korea-EU FTA Trade Committee meeting on March 10, 2025, in Brussels, Belgium. Delegations from both sides attended the meeting, including the European Commission’s Deputy Director-General for Trade Maria Martin-Prat. At the meeting, the two sides discussed sanitary and phytosanitary (SPS) measures, electric vehicle (EV) subsidies, market access, and trade and sustainable development (TSD). Korea requested the EU’s swift implementation of import approval procedures for Korean fresh beef and a review of France’s EV subsidy policy. It also raised  market access issues concerning the EU Battery Regulation, steel safeguard measures, the fluorinated greenhouse gas (F-gas) regulation, and the Carbon Border Adjustment Mechanism (CBAM). The two sides agreed on the need to discuss supply chains and other emerging trade issues and decided to launch the Committee on Emerging Trade and Economic Issues under the Korea-EU FTA. The meeting also confirmed the conclusion of the Korea-EU Digital Trade Agreement (DTA), which will undergo legal scrubbing and other domestic procedures. date2025-03-11

ASEAN-ROK Think Tank Dialogue (AKTD) Officially Launched Korea-ASEAN Economic and Trade Cooperation Platform

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) delegation, led by Kim Jong-chul, Director-General for Trade Cooperation, visited Jakarta, Indonesia from March 6 to March 7, 2025, to attend the kickoff meeting of the ASEAN-ROK Think Tank Dialogue on Economic and Trade Policy (AKTD) and the opening ceremony of the Korea-Southeast Asia Policy Cooperation Center. The visit was part of efforts to strengthen multilateral economic policy cooperation with ASEAN. The delegation also visited the Coordinating Ministry for Economic Affairs of Indonesia to discuss cooperation on major trade issues, including global oversupply, and review key bilateral economic cooperation issues. The AKTD kickoff meeting was held at Hotel Mulia in Jakarta on March 7, 2025. AKTD is a public-private economic policy research project jointly led by the Korea Institute for Industrial Economics & Trade (KIET) and the Korea Chamber of Commerce and Industry (KCCI). Korea officially proposed the initiative at the 25th ASEAN-ROK Summit held in Laos in October 2024. Through AKTD, think tanks from Korea and ASEAN will conduct joint research on regional economic and trade issues to help strengthen ASEAN countries’ policy-making capabilities and contribute to balanced economic development. At the kickoff meeting, participants discussed research topics, methodologies, and the implementation schedule. ASEAN think tanks attending the meeting sshared the view that AKTD could create synergies by combining Korea’s industrial policy experience with ASEAN’s growth potential. In his congratulatory remarks, Director-General Kim said, "I hope AKTD will establish itself as a leading policy platform for Korea-ASEAN economic cooperation through substantive activities and serve as a practical channel for supporting balanced economic development in ASEAN." Earlier that day, the opening ceremony of the Korea-Southeast Asia Policy Cooperation Center was held. Established by KIET to conduct ASEAN-focused policy research and support Korean companies operating in the region, the center will carry out country- and industry-specific policy research on ASEAN. It will also serve as a venue for public-private-academic policy dialogues involving Korean businesses in the region, ASEAN governments, and research institutions. Through this initiative, the center aims to provide policy recommendations to help reflect the practical needs of Korean businesses in ASEAN’s industrial policies and foster closer economic policy cooperation with ASEAN. In addition, the MOTIE delegation met with Irwan Sinaga, Director-General for Bilateral Cooperation at Indonesia’s Coordinating Ministry for Economic Affairs, to hold in-depth discussions on cooperation across trade and investment, supply chains, and high-tech industries. The two sides agreed to convene the Korea-Indonesia Economic Cooperation Committee, a high-level economic cooperation channel between MOTIE and the Coordinating Ministry for Economic Affairs, as soon as possible to comprehensively review bilateral economic cooperation issues, including challenges faced by businesses, and seek practical support measures. MOTIE will continue to support ASEAN-related economic policy cooperation activities led by private research institutions and think tanks, such as AKTD and the Korea-Southeast Asia Policy Cooperation Center. It will also work to further expand bilateral and multilateral economic cooperation with ASEAN—a key region in the Global South—by maintaining close government-to-government communication with Indonesia and other key partner countries date2025-03-07

Korea’s Average Tariff Rate on U.S. Imports is Close to 0%

Following U.S. President Donald Trump’s March 4, 2025, address to a joint session of Congress, in which he said Korea’s average tariff rate is four times higher than the U.S. rate, multiple media outlets reported on the remark. Under the Korea-U.S. Free Trade Agreement (KORUS FTA), which took effect in 2012, Korea and the U.S. have eliminated tariffs on most goods traded between them. As of 2024, Korea’s effective tariff rate for goods imported from the U.S. is approximately 0.79 percent. Korea’s most-favored nation (MFN) applied tariff rate is 13.4, approximately four times higher than the U.S. rate of 3.3 percent. However, the MFN rate is separate from the preferential tariff rates Korea applies to U.S. imports under the KORUS FTA. MFN tariff rates apply to imports from members of the World Trade Organization (WTO) that do not have preferential trade agreements with Korea. date2025-03-05

Minister Ahn Holds Talks with U.S. Officials in Washington D.C.

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) visited Washington D.C. from February 26 to 28 2025, where he met with U.S. government officials and lawmakers to discuss bilateral trade issues and measures to strengthen Korea–U.S. cooperation. Minister Ahn met with Senator Mark Kelly, co-sponsor of the Ships for America Act, to discuss steps to expand Korea-U.S. cooperation in shipbuilding. He also exchanged views on Korea’s response to bilateral trade issues with Kevin Roberts, President of the Heritage Foundation; John Hamre, President and CEO of the Center for Strategic and International Studies (CSIS); and Adam Posen, President of the Peterson Institute for International Economics (PIIE). Minister Ahn also requested their support in facilitating intergovernmental cooperation. Minister Ahn also met U.S. Secretary of Commerce Howard Lutnick to discuss strengthening cooperation in strategic areas such as shipbuilding and advanced industries. During the meeting, he requested for Korea’s exclusion from U.S. tariff measures and conveyed the concerns of Korean businesses. The two sides agreed to establish a working-level consultation channels, one to discuss tariff measures and another to promoting cooperation in shipbuilding. Through these channels, the Korean government aims to continue consultations with relevant U.S. authorities to support the interests of Korean businesses. Minister Ahn also held separate talks with U.S. Secretary of the Interior Doug Burgum and U.S. Trade Representative Jamieson Greer on measures to enhance mutually beneficial cooperation in energy and trade. date2025-03-05

Korea and Thailand hold 4th negotiating round for bilateral EPA

Korea’s Deputy Minister for FTA Negotiations Roh Keon-ki and Director General of the Department of Trade Negotiations at the Ministry of Commerce of Thailand Chotima Iemsawasdikul led their respective delegations in the fourth official negotiating round for the Korea-Thailand Economic Partnership Agreement (EPA) on March 4 in Seoul. date2025-03-04

Minister Ahn meets Heritage Foundation President

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea met Heritage Foundation President Kevin D. Roberts on February 26 (local time) in Washington D.C. for discussions on U.S. economic policy directions and Korea’s strategic response measures. date2025-02-28

Korea and Japan Launch Mineral Resources Cooperation Dialogue

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) and Japan's Ministry of Economy, Trade and Industry (METI) held the first Korea-Japan Mineral Resources Cooperation Dialogue in Tokyo on February 27, 2025, to begin active bilateral cooperation aimed at stabilizing the critical minerals supply chains essential for the development of advanced industries. At today’s meeting, MOTIE’s Director General for Resources Industry Policy Yoon Chang-hyun and METI’s Deputy Director-General for Manufacturing Industries Hideyuki Urata discussed the two countries’ critical minerals policies, critical minerals stockpiling cooperation, and measures for joint production in third countries. Given that both Korea and Japan operate critical minerals stockpiling systems as part of their economic security policies, the two sides agreed to establish a system for close cooperation in responding to global critical minerals supply chain risks. They also agreed to boost cooperation on the joint development and production of critical minerals in third countries to decrease supply chain risks by supporting collaboration between private-sector businesses and relevant institutions in the two countries. Moreover, both sides will work to establish international norms for critical minerals and stabilize supply chains by strengthening joint policy efforts through the Mineral Security Partnership (MSP) and the International Energy Agency (IEA). They will also develop joint strategies for responding to global supply chain risks. As Korea and Japan are major critical minerals importers with similar industrial structures and strengths in advanced industries such as semiconductors and batteries, the two countries expect considerable synergy from cooperation in critical minerals supply chains. They plan to continue expanding their scope of strategic cooperation through the Korea-Japan Mineral Resources Cooperation Dialogue and other channels to respond effectively to global supply chain crises. date2025-02-27

Minister Ahn meets U.S. Embassy Chargé d'Affaires ad interim

Korea’s Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea held talks with Ambassador Joseph Yun, Chargé d'Affaires ad interim at the U.S. Embassy in Seoul, today to discuss measures for stronger Korea-U.S. cooperation in trade, investment, and energy. The two sides also agreed to continue joint efforts for Korea’s successful hosting of Asia-Pacific Economic Cooperation (APEC) 2025. date2025-02-21