Ministry of Trade Industry and Resources

Meeting with Member of the European Parliament Anna Cavazzini

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR) met with Member of the European Parliament Anna Cavazzini at the European Parliament in Brussels, Belgium, on June 1, 2026. The two sides discussed major trade issues, including EU steel tariff-rate quotas (TRQs).  date2026-06-05

Meeting with European Commissioner for Trade and Economic Security

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR) met with Maroš Šefčovič, European Commissioner for Trade and Economic Security, at the European Commission headquarters in Brussels, Belgium, on June 1, 2026. The two sides discussed major trade issues, including EU steel tariff-rate quotas (TRQs). Minister Yeo conveyed Korea’s concerns over the EU steel measure and requested sufficient market access for Korean steel, noting its role in supporting stable supply chains in EU manufacturing. date2026-06-05

Korea–Canada Advanced Industry Cooperation Business Roundtable

MOTIR Vice Minister Moon Shin-hak attended the Korea–Canada Advanced Industry Cooperation Business Roundtable in Toronto, Canada, on June 1, 2026.  The event was organized by the Korea Trade-Investment Promotion Agency (KOTRA) and brought together Kang Hoon-sik, Chief of Staff to the President and the President’s special envoy for strategic economic cooperation; Lee Yong-cheol, Minister of the Defense Acquisition Program Administration (DAPA); Stephen Lecce, Ontario’s Minister of Energy and Mines; and approximately 50 business leaders from major Korean and Canadian defense, space, and hydrogen companies. “By combining Canada’s abundant resources and advanced technologies with Korea’s world-class manufacturing capabilities, the two countries can lead global markets in advanced industries,” Special Envoy Kang said. “Industrial cooperation between Korea and Canada should go beyond simple buying and supplying and develop into a broader ecosystem that connects technology, security, and talent.” date2026-06-02

Video Meeting with Chairman of Oman’s Public Authority for Special Economic Zones and Free Zones

On June 1, 2026, Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) held a video meeting with H.E. Qais bin Mohammed Al Yousef, Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ) of Oman, from his office at the Government Complex Seoul. The two sides discussed key areas of Korea–Oman economic cooperation, including stable resource supplies, Korean companies’ participation in plant projects, and ways to facilitate logistics flows. Minister Kim said Oman is an important partner in the Middle East, given its location outside the Strait of Hormuz and abundant energy resources, and that Korea will work with Oman to expand cooperation in resource security, plant projects, and logistics. date2026-06-02

The Republic of Korea and Canada Deepen Co-operation on Energy Resources and Critical Minerals

Today, Republic of Korea’s Chief of Staff to the President and Special Envoy for Strategic Economic Cooperation, Kang Hoon-Sik, met with the Canada’s Minister of Energy and Natural Resources, Tim Hodgson.   They highlighted significant opportunities to expand the Korea–Canada commercial relationship in energy and natural resources, with Canada positioned to be a stable, reliable and predictable partner for the Republic of Korea. Energy resources and critical minerals co-operation remain central to our bilateral relationship, anchored by the existing Memorandum of Understanding between Natural Resources Canada and Innovation, Science and Economic Development Canada and the Ministry of Trade, Industry and Resources of the Republic of Korea on Cooperation in Critical Mineral Supply Chains, the Clean Energy Transition and Energy Security.    The Republic of Korea and Canada continued discussions on priority areas, including joint stockpiling of critical minerals, investments in strategic natural resources projects and policy measures to stabilize energy supplies. They agreed that the Republic of Korea’s Ministry of Trade, Industry and Resources and Natural Resources Canada will develop a joint plan on critical minerals stockpiling by the end of 2026 as part of a shift to a more integrated supply chain partnership. They welcomed an implementation agreement between the Geological Survey of Canada (GSC) and the Korea Institute of Geoscience and Mineral Resources (KIGAM) to advance research and development collaboration on naturally occurring hydrogen.   The Republic of Korea and Canada are also deepening energy trade, including increasing Canadian exports of liquefied petroleum gas and liquefied natural gas to Korea. The Korea Gas Corporation remains a key investor in LNG Canada Phase I and a prospective partner for Phase II. A final investment decision for Phase II is expected later this year, after recent progress was made by the Governments of Canada and British Columbia. Once the decision is made and LNG Phase II enters full production — which is expected in the early 2030s — the Republic of Korea plans to import at least 1.4 million tons of Canadian LNG annually for more than 30 years. The Republic of Korea also plans to significantly increase imports of Canadian crude in the coming years and has agreed to facilitate the application of preferential tariff treatment on Canadian crude imports within the framework of the Korea–Canada Free Trade Agreement, furthering strengthening our energy ties.  The Republic of Korea and Canada will continue to build on a strong, forward-looking partnership in energy and natural resources, grounded in shared priorities of resource security, the clean energy transition and sustainable critical mineral development. Quotes “Amidst geopolitical risks, Korea and Canada stand as deeply reliable partners. Built on this trust, our co-operation strengthens our mutual resource security while synergizing perfectly with our resilient industrial base. Moving forward, we are committed to elevating this foundation into a fully integrated energy supply chain partnership.” Kang Hoon-Sik Republic of Korea’s Chief of Staff to the President and Special Envoy for Strategic Economic Cooperation “Canada and the Republic of Korea share a strong and growing partnership built on our mutual interest in energy security, accelerating and diversifying critical minerals supply chains, and responsibly advancing the clean energy transition. As global demand rises, Canada is proud to be a stable and dependable partner to Korea and beyond, ready to deepen collaboration and unlock new opportunities for sustainable economic growth in both our countries.” The Honourable Tim Hodgson Canada’s Minister of Energy and Natural Resources date2026-06-02

Korea, Canada Move Beyond Trade to Build Advanced Industry Partnership

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held the Korea–Canada Advanced Industry Cooperation Business Roundtable (BRT) in Toronto on June 1, 2026. Organized by the Korea Trade-Investment Promotion Agency (KOTRA), the roundtable brought together Kang Hoon-sik, Chief of Staff to the President of the Republic of Korea and Special Envoy for Strategic Economic Cooperation; MOTIR Vice Minister Moon Shin-hak; Lee Yong-cheol, Minister of the Defense Acquisition Program Administration (DAPA); Stephen Lecce, Ontario’s Minister of Energy and Mines; and more than 50 business leaders from major defense, space, and hydrogen companies in Korea and Canada. The roundtable focused on practical cooperation projects between companies in future growth industries with significant potential for strategic cooperation between Korea and Canada, including defense, space, and hydrogen. Participants also explored how both governments could support these efforts. Hanwha presented possible defense and space cooperation, while Hyundai Motor outlined hydrogen cooperation opportunities, including projects in Canada. “By combining Canada’s abundant resources and advanced technologies with Korea’s world-class manufacturing capabilities, the two countries can lead global markets in advanced industries,” Special Envoy Kang said. “Industrial cooperation between Korea and Canada should go beyond simple buying and supplying and develop into a broader ecosystem that connects technology, security, and talent.” The delegation then visited Martinrea International Inc., a key party to the MOU signed in April 2026 between Hanwha and the Automotive Parts Manufacturers’ Association (APMA) of Canada. APMA President Flavio Volpe and executives from eight leading Canadian auto parts companies also joined the visit, showing strong interest in defense manufacturing cooperation with Korea. Special Envoy Kang said cooperation between Hanwha and APMA marks an important step for Canada’s automotive industry, a cornerstone of the Ontario economy, to expand into defense. “I hope companies from both countries will build new models for success in Canada and create new opportunities to jointly expand into third-country markets,” he said. MOTIR also announced that Korean and Canadian companies signed three MOUs in space and defense on the sidelines of the roundtable and site visit, covering satellite communications, launch facilities, and defense vehicles. date2026-06-02

MOTIR Discusses Accelerating Economic Cooperation with Oman in Resources, Plant Projects, and Logistics

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) held a video meeting with H.E. Qais bin Mohammed Al Yousef, Chairman of Oman’s Public Authority for Special Economic Zones and Free Zones (OPAZ), on June 1, 2026. The two sides discussed key economic issues, including stable resource supplies, plant project opportunities for Korean companies, and facilitating logistics flows. Amid continued uncertainty in the Middle East, the Korean government has taken broad measures to secure stable resources and mitigate potential impacts on supply chains and exports, helping establish a stable supply base for crude oil and naphtha. The meeting built on this progress and sought to accelerate cooperation with Oman, which is located outside the Strait of Hormuz and has potential as both an alternative logistics hub and resource supplier. Minister Kim recognized Oman as a key energy and resource partner for Korea and noted its contribution to stable crude oil and naphtha supplies. He thanked the Omani government for its cooperation following the April 2026 visit by Korea’s Special Envoy for Strategic Economic Cooperation and asked for continued support to ensure that the crude oil and naphtha supplies discussed during the visit proceed without disruption. Minister Kim noted that Korean companies have successfully carried out major plant projects in Oman, including the Duqm Refinery and Manah Solar Power Plant. He asked for Oman’s interest and support in facilitating Korean companies’ participation in new projects in the country, drawing on their proven technology and project experience. The meeting also covered ways to utilize Oman’s major ports as alternative logistics hubs that bypass the Strait of Hormuz. Minister Kim explained that Korean companies shipping cargo to Saudi Arabia through the Port of Duqm face procedural difficulties, including customs payment and refund procedures in Oman and duplicate inspection and quarantine checks at the Saudi border. He asked Oman to help streamline procedures so that cargo transiting through Oman can move quickly to Saudi Arabia and other final destinations. The two sides noted that the Korea–Oman Economic Cooperation Committee, which has served as a forum for discussions on trade, investment, resources, technology, and other key economic issues, has not met since its fifth meeting in 2016. They agreed to continue consultations on the timing and agenda so that the committee can resume at an early date and help expand bilateral cooperation. “Oman is an important partner in the Middle East, given its location outside the Strait of Hormuz and its abundant energy resources,” Minister Kim said. “Korea will build on this meeting and the resumption of the Economic Cooperation Committee to give new momentum to bilateral cooperation and identify practical ways to work together in resource security, plant projects, and logistics.” date2026-06-01

Opening Ceremony for Korea–India CEPA Upgrade Negotiations

Park Geun-oh, Director General for Trade Agreement Policy at the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim), attended the opening ceremony for the Korea–India Comprehensive Economic Partnership Agreement (CEPA) upgrade negotiations in New Delhi, India, on May 25, 2026. After delivering opening remarks, participants began negotiations in seven areas, including goods, services, rules of origin, and emerging trade rules. The ceremony was attended by government delegations from both countries, including Kapil Chaudhary, Joint Secretary at India’s Department of Commerce. Director General Park said Korea will work to modernize the CEPA so it helps create a more business-friendly trade environment for Korean companies operating in India and covers emerging trade issues, including digital trade and supply chain cooperation. date2026-05-27

Meeting with Viet Nam’s Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Viet Nam’s Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan in Suzhou, China, on May 23, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two sides discussed key trade issues, including Korea–Viet Nam trade and investment cooperation and supply chain issues. They also discussed expanding bilateral trade by implementing the Action Plan to Achieve USD 150 Billion in Trade and continuing multilateral cooperation with Viet Nam. date2026-05-27

Visit to Chinese Autonomous Driving Company Momenta

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) visited Momenta, a Chinese autonomous driving technology company, in Suzhou, China, on May 21, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. Minister Yeo received a briefing on the company’s operations from Momenta officials and toured its autonomous vehicle site. date2026-05-27