Ministry of Trade Industry and Resources

Trade Minister Yeo Meets with WTO Director-General Ngozi Okonjo-Iweala

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with WTO Director-General Ngozi Okonjo-Iweala in Yaoundé, Cameroon, on March 24, 2026, on the sidelines of the 14th WTO Ministerial Conference (MC-14). The two discussed the MC-14 agenda and ways to restore the multilateral trading system. Korea is taking part not only as a member but also as a key facilitator in the reform talks, with Trade Minister Yeo serving as one of the Minister Facilitators for the WTO reform session. “Restoring the multilateral trading system is essential at a time when global supply chains are being reshaped and the rules-based trade order is under strain,” Trade Minister Yeo said. “Korea will work at MC-14 to move reform talks forward and deliver tangible outcomes.” date2026-03-24

MOTIR Takes Systematic, Measured Approach to U.S. Trade Issues

On March 20, 2026, Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) chaired the 55th Trade Promotion Committee in Seoul with relevant ministries in attendance. On the same day, he also led a meeting with major business groups, industry associations, and experts to launch a public-private joint task force on U.S. Section 301 matters. The meetings were convened to review U.S. tariff and non-tariff issues and coordinate a systematic response by the government and private sector. They came as uncertainty over U.S. tariff measures persists following a ruling that limited executive authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA), as well as the subsequent launch of Section 301 investigations. “The U.S. Section 301 investigations into overcapacity and forced labor appear aimed primarily at restoring tariff levels under existing trade arrangements, but we cannot rule out the possibility that the United States may initiate additional Section 301 investigations on other issues. We will remain fully vigilant in our response,” Trade Minister Yeo said. “MOTIR will launch a public-private joint task force on U.S. Section 301 matters, bringing together relevant ministries, industry, and experts, and respond systematically through written submissions, public hearings, and other procedures.” Trade Minister Yeo added, “Korea has remained in close contact with the United States regarding its implementation of the non-tariff commitments set out in the Korea–U.S. Joint Fact Sheet. The two sides are also coordinating the timing of a Korea–U.S. FTA Joint Committee meeting. We will prepare thoroughly to adopt a bilateral implementation plan on non-tariff matters at the meeting and help stabilize the trade environment.” The government will continue to respond systematically to current trade issues with the United States under two guiding principles: preserving the balance of interests under the existing Korea–U.S. tariff agreement and ensuring Korea is not placed at a disadvantage relative to other major economies. It will also work to minimize uncertainty for the Korean economy and businesses. date2026-03-20

Korea–China Commerce Ministers’ Meeting

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) held a Korea–China Commerce Ministers’ Meeting with Wang Wentao, China’s Minister of Commerce, in Beijing on March 18, 2026, with government delegations from both sides in attendance. The two ministers agreed to focus on implementing the agreements reached by the two leaders and stabilizing supply chains amid rapid shifts in the global trade environment. date2026-03-19

Fifth Korea–China Industrial Ministers’ Meeting

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) held the Fifth Korea–China Industrial Ministers’ Meeting with Li Lecheng, China’s Minister of Industry and Information Technology, at the Ministry of Industry and Information Technology in Beijing on March 18, 2026. Joined by government delegations from both sides, the two ministers agreed to pursue more equal and mutually beneficial cooperation that reflects changes in the structure of bilateral industrial cooperation.  Minister Kim stressed that although competition between the two countries has intensified as their industrial structures evolve, the mutual benefits of cooperation remain unchanged. He called for continued efforts to identify promising areas for cooperation and address shared challenges.   date2026-03-19

Korea-China Advance Summit (Jan 5) Follow-Up Through Mutually Beneficial Cooperation

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited Beijing on March 18, 2026, and held successive Korea–China ministerial meetings on commerce and industry. Minister Kim first met with Wang Wentao, China’s Minister of Commerce, and agreed to focus on implementing the agreements reached by the two leaders and stabilizing supply chains amid rapid shifts in the global trade environment. In the event of logistics delays or raw material shortages, the two countries will immediately activate communication channels, including the supply chain hotline, and coordinate a joint response. For critical items such as rare earths and permanent magnets, they will use the export control dialogue and expedited and standardized licensing arrangements to improve predictability in bilateral supply chains. On trade, the two ministers discussed ways to expand bilateral cooperation into new areas, including consumer goods, by leveraging China’s drive to boost domestic demand. They agreed to increase business engagement through exchange events and trade fairs with China’s major economic provinces. The Korea–China FTA Joint Committee will be convened in the first half of 2026 to work toward practical outcomes in the services and investment negotiations. The two sides also recognized the need for effective measures to protect Korean music, films, and other intellectual property in China, including through the resumption of the intellectual property implementation committee. Minister Kim then held the fifth Korea–China Industrial Ministers’ Meeting with Li Lecheng, China’s Minister of Industry and Information Technology. It was the first Korea–China industrial ministerial meeting in four years since the virtual meeting in January 2022, and the first in-person meeting in eight years since the Seoul meeting in May 2018. Recognizing how the structure of Korea–China industrial cooperation has evolved, the two ministers agreed that future cooperation should move toward a more equal and mutually beneficial footing. They will deepen cooperation in advanced sectors such as semiconductors and batteries, while exploring new opportunities in the green transition of industry and the silver economy. The two sides also discussed ways to stabilize the tightly interconnected industrial and supply chains in the battery sector. In semiconductors, which account for 26 percent of bilateral trade, they will step up policy communication and actively support the smooth operation of Korean semiconductor plants in China. They reached a shared understanding on the need for cooperation on the green transition of industry and the silver economy in response to the shared challenges of climate change and population aging. To that end, they will exchange technologies and experience and promote cooperation between companies and research institutions. They will also share experience in building industrial supply chain data platforms as a digital foundation for the green transition of industry. Minister Kim stressed that although competition between the two countries’ industrial sectors has intensified, the mutual benefits of cooperation remain unchanged. He called for continued efforts to identify promising areas for cooperation and address shared challenges together. date2026-03-19

POSCO Group Transfers 112 Technologies to 75 Companies Free of Charge

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held the 2026 MOTIR–POSCO Group Technology Sharing Event in Seoul on March 18, 2026. The event was attended by Choi Yeon-woo, Director General for Industrial Technology Convergence Policy at MOTIR; POSCO Holdings executive Chun Hyun-jin; and representatives of more than 70 recipient companies. Since 2017, six POSCO Group affiliates have participated in the technology-sharing program and offered a total of 4,569 technologies. Of those, 926 technologies have been transferred free of charge to 480 SMEs and mid-sized companies. In 2026, POSCO Group offered technologies in machinery and equipment, materials and processes, energy, and eco-friendly and resource-related fields. Of those, 112 technologies were transferred to 75 companies. In particular, machinery and equipment technologies, where POSCO Group has a strong lead, accounted for the largest number of transfers. The technology that drew the most interest was a diagnostic device for battery control systems in the energy field. The device detects abnormalities in individual battery units within a battery pack at an early stage. “MOTIR will continue to support the active transfer of outstanding technologies through the technology-sharing program so that Korean companies can pursue commercialization and market entry,” said Choi Yeon-woo, Director General for Industrial Technology Convergence Policy. date2026-03-19

February 2026 Automobile Exports Reach $4.8 Billion

In February 2026, automobile exports (down 18.5 percent), domestic sales (down 7.2 percent), and production (down 21.0 percent) all declined year-on-year, reflecting three fewer working days due to the Lunar New Year holiday. However, cumulative exports of eco-friendly vehicles in January–February 2026 reached a record USD 4.5 billion, up 20.4 percent year-on-year. Automobile exports totaled 190,000 units in February, down 18.5 percent year-on-year, while export value fell 20.8 percent to USD 4.8 billion. Despite fewer working days due to the Lunar New Year holiday, eco-friendly vehicle exports posted only a modest decline, down 2.3 percent year-on-year, thanks to strong hybrid exports. By automaker, GM Korea and Renault Korea posted relatively stable results, led by their main export models. Domestic sales fell 7.2 percent year-on-year to 123,000 units in February. Eco-friendly vehicle sales rose 26.3 percent to 76,000 units, led by electric vehicles, which surged 156.2 percent year-on-year to 36,000 units. Production totaled 278,000 units in February, down 21.0 percent year-on-year. By model, the Trax recorded the highest output, followed by the Avante and Sportage. All automakers posted year-on-year declines, reflecting fewer working days due to the holiday. date2026-03-19

MOTIR, Pennsylvania Join Forces to Keep MASGA Project on Track

Park Dong-il, Deputy Minister of the Office of Industrial Policy at the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim), met with Rick Siger, Secretary of the Pennsylvania Department of Community and Economic Development in Seoul on March 18, 2026, to discuss bilateral industrial cooperation, including shipbuilding. Pennsylvania is home to Hanwha Philly Shipyard, the first U.S. shipyard acquired by Hanwha Ocean, one of Korea’s leading shipbuilders. Against that backdrop, Secretary Siger’s visit focused on ways to move shipbuilding cooperation forward, including steps to promote investment in the U.S. shipbuilding industry. Hanwha Ocean and its partners acquired Philly Shipyard from Norway’s Aker in December 2024. The shipyard is now building training vessels and medium-sized tankers, and Hanwha Ocean plans to expand the site and add automation equipment to raise annual production capacity from about 1.5 vessels to more than 10. Deputy Minister Park said Korean shipbuilders are reviewing a range of projects under the “Make American Shipbuilding Great Again (MASGA)” initiative to expand U.S. shipbuilding capacity, train workers, and strengthen supply chains. He stressed that effective support from the Pennsylvania state government will be essential to enabling Hanwha Philly Shipyard to play a leading role. He asked the state to expedite permits for the expansion project and build out infrastructure in advance to meet rising transport and electricity demand. He also called for the Philly area to be designated a Maritime Prosperity Zone (MPZ) under the U.S. Maritime Action Plan (MAP) announced in February, and underscored the need for U.S. government incentives given high labor costs in the United States. Deputy Minister Park also proposed cooperation tied to the Korean government’s export support programs for shipbuilding equipment and to the Korea–U.S. Shipbuilding Cooperation Center, which is set to open in 2026. He added that he hopes to expand cooperation with Pennsylvania’s leading universities and research institutes in a range of areas, including industrial AI transformation. MOTIR will continue working with the U.S. government to help create favorable investment conditions for Korean companies so that the MASGA project delivers mutually beneficial outcomes for both countries. date2026-03-18

Government and Civic Group Step Up Gas Station Price Monitoring

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Lee Seo-hye, head of the civic group Energy Consumer’s “Energy and Petroleum Market Watch,” on March 17, 2026. They discussed ways to strengthen monitoring of gas stations seeking excessive profits by raising retail prices despite the maximum price system for petroleum products, which took effect on March 13, 2026. Since the maximum price system took effect, refiners’ supply prices have fallen by more than KRW 100 per liter. But compared with March 12, 2026, retail prices at gas stations were down only KRW 66 per liter for gasoline and KRW 87 per liter for diesel as of March 16, 2026, indicating that cuts in pump prices have remained slow even four days after the system took effect. MOTIR will therefore begin the immediate price monitoring of more than 10,000 gas stations nationwide with Energy and Petroleum Market Watch, a non-governmental civic group with 14 years of experience monitoring the petroleum market from 2010 to 2024, using data from Opinet and other fuel price information systems. The government will provide real-time price data collected through Opinet and similar systems, and Market Watch will monitor gas station retail prices on a daily basis. The group will identify and publicly disclose gas stations that have raised prices excessively after the system took effect. Those that move early to lower prices and join efforts to support price stability for the public will be designated “good-price gas stations” and receive certification stickers and government commendations. “Stabilizing gas station prices is critical for the public to feel the effects of the maximum price system,” Minister Kim said. “I ask Energy and Petroleum Market Watch to conduct objective and fair monitoring from the perspective of consumers.” Meanwhile, MOTIR continues to accept 24-hour reports of illegal activity involving prices, quality, and distribution through K-Petro’s Oil Call Center (1588-5166). Gas stations suspected of illegal conduct are also being inspected daily through an interagency joint inspection team and other channels. date2026-03-18

Government Steps Up Efforts to Ensure Consumers Feel the Effects of the Maximum Price System at Gas Stations

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited Changhyeon Gas Station, an independently operated budget gas station in Cheongju, on the morning of March 16, 2026, to review how retail prices are responding to the maximum price system. The visit followed his trip last week to refiner-operated gas stations in Seoul. At the station, Minister Kim was briefed by the station owner and the head of stockpiling at the Korea National Oil Corporation (KNOC) on changes in supply prices, retail prices, and customer traffic before and after the system took effect. He then observed the unloading of the first tanker truck delivery placed since the system was introduced, as fuel was transferred from the truck into the station’s storage tanks. “Today marks the fourth day since the maximum price system took effect, but cuts in refiners’ supply prices still do not seem to be reaching retail prices quickly enough,” Minister Kim said. “Once stations sell through existing inventory, they will be restocking at lower prices than before. Retail prices should naturally come down.” He added that the government “will mobilize all available resources to ensure that consumers can feel the effects of the maximum price system at gas stations.” The government will continue to monitor petroleum prices, conduct on-site inspections, and operate the Oil Price Reporting Center to ensure that the system is fully reflected in retail prices. It also plans to identify good-price gas stations and provide incentives. date2026-03-18