Ministry of Trade Industry and Resources

Korea, Saudi Arabia Strengthen Cooperation on Stable Supplies of Crude Oil and Naphtha, and Plant Projects

Vice Minister Moon Shin-hak of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Mohammed Y. Al Qahtani, Downstream President of Aramco, Saudi Arabia’s state-owned oil company, in Seoul on June 5, 2026. They discussed how to strengthen medium- and long-term resource security cooperation, including stable supplies of crude oil and naphtha, and expand cooperation on plant construction projects. The meeting took place during Al Qahtani’s visit to Korea. As Downstream President, he oversees Aramco’s downstream operations, including refining, petrochemicals, global investment, and trading. Vice Minister Moon expressed deep appreciation to Saudi Arabia for working closely with Korea since President Lee Jae Myung’s Special Envoy for Strategic Economic Cooperation visited the country in April to support stable supplies of key resources, including crude oil and naphtha. He also asked Aramco for continued engagement and cooperation so Korea can secure timely access to essential energy resources in the event of any future supply disruption. The two sides also discussed possible cooperation using strategic petroleum reserves and crude oil storage infrastructure to strengthen both countries’ capacity to respond to resource security risks. They agreed to continue identifying additional areas for cooperation. Vice Minister Moon noted Aramco’s central role in major energy projects in Saudi Arabia, including oil, gas, and petrochemicals. He asked for Aramco’s continued interest and cooperation to expand opportunities for Korean companies with world-class technology and project delivery capabilities to participate in Aramco projects. MOTIR will maintain close channels of communication with Aramco to strengthen cooperation on resource security, including crude oil supplies, and continue supporting Korean companies’ efforts to win plant contracts in the Middle East. date2026-06-05

Minister Yeo Leads OECD Talks on the Future of Industrial Policy and WTO Reform

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) represented Korea at the 2026 OECD Ministerial Council Meeting (MCM), held June 3–4, 2026, at OECD headquarters in Paris, as the government’s chief delegate and the lead representative of a vice-chair country. At the meeting, he discussed industrial policy approaches that can support open markets, growth, and prosperity with OECD member and partner countries. As Korea marks the 30th anniversary of its accession to the OECD, Minister Yeo helped lead discussions in three of the MCM’s six sessions: he delivered a keynote statement in the industrial policy session, gave lead remarks in the trade session, and chaired a group discussion in the investment session. Active Contributions to Global Discussions on Balanced Industrial Policy and WTO Reform (1) Korea’s Experience with M.AX, the Energy Transition, and the Five Mega-Regions and Three Special Self-Governing Provinces Initiative At the session on “Balancing the Goals and Impacts of Industrial Policy,” Minister Yeo said that supply chain instability, economic security concerns, the spread of AI and digital technologies, and the low-carbon transition are bringing industrial policy back into focus. He shared Korea’s key policy experience, including Manufacturing AI Transformation (M.AX), AI factories, and physical AI, and stressed that industrial policy should not replace markets but help spread new technologies and raise productivity. Minister Yeo also noted that recent developments in the Middle East have underscored the importance of energy security for energy-importing countries such as Korea. He said Korea is diversifying energy imports in the near term while pursuing an energy transition that balances renewable energy with nuclear power over the medium to long term. He also presented the regional growth-engine strategy under the Five Mega-Regions and Three Special Self-Governing Provinces initiative and emphasized the need for close cooperation with private-sector actors, including industry, academia, and research institutions. As industrial policies can have cross-border effects, he called for avoiding subsidy races, beggar-thy-neighbor policies, and zero-sum competition, and asked the OECD to serve as a platform for dialogue and peer learning based on empirical analysis. (2) The Importance of Aligning Trade and Industrial Policies On the second day, Minister Yeo attended the session on “Open Markets, Free and Fair Trade, and a Level Playing Field,” where he stressed that open markets and the rules-based trading system remain essential foundations for global growth and prosperity. He said trade and industrial policies should be designed and implemented in close coordination as governments make broader use of industrial policies. He also noted that subsidies can support green and digital transitions, the development of critical technology, and supply chain resilience. However, excessive subsidy competition can undermine fair competition and the order of open markets. Minister Yeo called on the OECD to work with the WTO and others to develop international standards and principles on transparency, proportionality, and the risk of market distortion. (3) Discussions on Investment for Sustainable Growth Minister Yeo chaired a session on investment for sustainable growth, where participants discussed how industrial policy can support the green transition and sustainable growth. The discussion focused on the development and deployment of clean and high-efficiency production technologies, as well as market-based incentives to promote clean technology innovation and private investment. Minister Yeo said the green transition can create opportunities for clean technology innovation and new growth engines over the long term, but may also weigh on industrial competitiveness in the short date2026-06-05

OECD MCM Session 1: Balancing the Goals and Impacts of Industrial Policy

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR) attended Session 1 of the 2026 OECD Ministerial Council Meeting (MCM), titled “Balancing the Goals and Impacts of Industrial Policy,” in Paris, France, on June 3, 2026. The session brought together trade ministers from OECD member countries, accession candidates, and key partners, including Finland and New Zealand. Minister Yeo shared Korea’s policy experience in Manufacturing AI Transformation (M.AX), AI factories, physical AI, the energy transition, and the Five Mega-Regions and Three Special Self-Governing Provinces initiative. Minister Yeo stressed that industrial policy should not replace markets but help spread new technologies and raise productivity. He also called for avoiding subsidy races, beggar-thy-neighbor policies, and zero-sum competition, and asked the OECD to serve as a platform for dialogue and peer learning based on empirical analysis. date2026-06-05

Informal WTO Trade Ministers’ Meeting

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR) attended an informal WTO trade ministers’ meeting, held as a side event of the 2026 OECD Ministerial Council Meeting in Paris, France, on June 3, 2026. The meeting brought together trade ministers from WTO members, including the United States, the EU, Japan, and China, to discuss ways to reform WTO decision-making. Minister Yeo said the WTO’s difficulty in reaching meaningful decisions should be turned into momentum for reform, and stressed the need to restore its rulemaking function in a changing trade environment shaped by digitalization and AI. date2026-06-05

OECD Report Publication Ceremony

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR) attended an event marking the publication of a report on Korea’s contributions, held on the margins of the 2026 OECD Ministerial Council Meeting in Paris, France, on June 3, 2026. The event was attended by Mathias Cormann, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), and other OECD officials. In his congratulatory remarks, Minister Yeo introduced Korea’s digital trade infrastructure, including electronic customs clearance and AI-based risk management, and said Korea will contribute to OECD discussions on strengthening digital trade systems and interoperability. date2026-06-05

Opening Ceremony of the OECD Ministerial Council Meeting

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR) attended the Opening Ceremony of the 2026 OECD Ministerial Council Meeting (MCM) in Paris, France, on June 3, 2026. The ceremony brought together trade ministers from OECD member countries, accession candidates, and key partners, including Finland, New Zealand, and the United Kingdom. Korea participated in the 2026 MCM as a vice-chair country, with Minister Yeo serving as Korea’s chief delegate. date2026-06-05

Meeting with Poland’s Undersecretary of State at the Ministry of Economic Development and Technology

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR) met with Michał Baranowski, Poland’s Undersecretary of State at the Ministry of Economic Development and Technology, on the margins of the 2026 OECD Ministerial Council Meeting in Paris, France, on June 3, 2026. The two sides discussed ways to strengthen bilateral economic, trade, and industrial cooperation. date2026-06-05

Meeting with Saudi Arabia’s Minister of Economy and Planning

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR) met with Faisal bin Fadhil Alibrahim, Saudi Arabia’s Minister of Economy and Planning, on the margins of the 2026 OECD Ministerial Council Meeting in Paris, France, on June 3, 2026. The two sides discussed ways to strengthen bilateral economic, trade, and industrial cooperation. date2026-06-05

Meeting with the President of the Swiss Confederation

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR) met with Guy Parmelin, President of the Swiss Confederation and Head of the Federal Department of Economic Affairs, Education and Research, on the margins of the 2026 OECD Ministerial Council Meeting in Paris, France, on June 3, 2026. The two sides discussed ways to strengthen bilateral economic, trade, and industrial cooperation. date2026-06-05

Meeting with the U.K. Minister for Trade

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR) met with Sir Chris Bryant, the United Kingdom’s Minister of State (Minister for Trade) at the Department for Business and Trade, on the margins of the 2026 OECD Ministerial Council Meeting in Paris, France, on June 3, 2026. The two sides reviewed progress in Korea-U.K. FTA upgrade negotiations and discussed trade issues, including the United Kingdom’s moves to expand steel-related import restrictions, such as higher tariffs and anti-dumping investigations. Minister Yeo conveyed Korea’s concerns over these measures and asked for continued attention to ensuring fair and stable conditions for Korean companies. date2026-06-05