Ministry of Trade Industry and Resources

Digital Economy Partnership Agreement (DEPA) Ministers’ Meeting

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) attended the Digital Economy Partnership Agreement (DEPA) Ministers’ Meeting in Suzhou, China, on May 21, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The meeting brought together trade ministers from DEPA members, including New Zealand, Singapore, and Chile. Participants discussed key agenda items for the DEPA and reviewed the domestic procedures underway in Peru and Costa Rica, whose accession negotiations concluded in 2025. date2026-05-27

Meeting with New Zealand Minister for Trade and Investment Todd McClay

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with New Zealand Minister for Trade and Investment Todd McClay in Suzhou, China, on May 21, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two ministers discussed key trade issues, including Korea–New Zealand trade and investment cooperation and supply chain issues. They also agreed to strengthen cooperation on digital trade and supply chains through multilateral trade channels, including the Digital Economy Partnership Agreement (DEPA). date2026-05-27

Meeting with Suzhou Party Secretary Fan Bo

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Fan Bo, Secretary of the CPC Suzhou Municipal Committee, in Suzhou, China, on May 21, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two sides discussed ways to strengthen cooperation between Korea and Suzhou, including investment and exchanges. date2026-05-27

Meeting with Singapore Minister-in-Charge of Trade Relations Grace Fu

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Singapore’s Minister-in-charge of Trade Relations Grace Fu in Suzhou, China, on May 21, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two ministers discussed key trade issues, including Korea–Singapore trade and investment cooperation and supply chain issues. date2026-05-27

Meeting with China International Trade Representative Li Chenggang

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Li Chenggang, China International Trade Representative and Vice Minister of Commerce, in Suzhou, China, on May 21, 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–China trade and investment cooperation and supply chain issues. They agreed to continue cooperation to stabilize supply chains, including for critical minerals, and Minister Yeo asked China to improve predictability for companies by expanding the use of expedited and general licenses under its export control measures. date2026-05-27

Meeting with Australia’s Minister for Trade and Tourism Don Farrell

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Australia’s Minister for Trade and Tourism Don Farrell in Suzhou, China, on May 22, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two ministers discussed key trade issues, including bilateral trade and investment cooperation and supply chain issues. They also discussed cooperation to build stable supply chains for key energy and resource items, including LNG, critical minerals, and petroleum products. date2026-05-27

Meeting with ASEAN Secretary-General Kao Kim Hourn

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Secretary-General of ASEAN Kao Kim Hourn in Suzhou, China, on May 22, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two sides discussed key trade issues, including the Korea–ASEAN FTA. Minister Yeo noted that ASEAN is Korea’s second-largest trading partner and a major investment destination, making it a central pillar of Korea’s economic cooperation, and the two sides agreed to consult closely so that negotiations to upgrade the Korea–ASEAN FTA, including in the digital area, can begin as soon as possible. date2026-05-27

Major Retailer Sales Up 7.2% in April 2026

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that total sales at 26 major retailers (15 brick-and-mortar retailers and 11 online retailers) in April 2026 rose 7.2 percent year-on-year, with offline sales up 6.7 percent and online sales up 7.5 percent. Offline sales increased at department stores (up 21.7 percent) and convenience stores (up 3.3 percent), while hypermarkets (down 6.6 percent) and super supermarkets (SSMs) (down 6.9 percent) declined. Department stores and convenience stores extended their growth streaks to ten consecutive months since July 2025. Department store sales increased across all categories, including premium international brands, fashion and apparel, accessories, and food. Convenience store sales also rose across all product categories, as early hot weather lifted sales of processed foods, including beverages, while ready-to-eat foods and household goods also posted gains. Hypermarket sales remained weak, as consumer spending continued to shift online and sales of food, their core category, stayed sluggish. This weakness has persisted since the second quarter of 2024. SSM sales also remained on a downward trend. Sales shares by channel were 60.3 percent for online retailers, 15.3 percent for department stores, 14.6 percent for convenience stores, 7.9 percent for hypermarkets, and 1.9 percent for SSMs. By product category, offline food sales declined, while online sales grew across all categories, including food, home appliances and electronics, fashion, and services. Cosmetics continued to post high growth, supported by strong demand for K-beauty. date2026-05-27

MOTIR Supports Shared Growth Across the K-Shipbuilding Supply Chain

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited Hanla IMS, a shipbuilding equipment company in Busan, on May 27, 2026. Minister Kim toured the company’s manufacturing and R&D facilities and reviewed progress on its intelligent integrated system for autonomous maintenance, confirming that key equipment technologies for AI-enabled autonomous ships are already being developed on site. After the site visit, Minister Kim held a roundtable with 12 organizations, including shipbuilding equipment suppliers, small and medium-sized shipbuilders, and related institutions, to hear industry challenges and policy suggestions. The discussion focused on implementing key tasks set out at the May 13, 2026, Roundtable on the K-shipbuilding vision, including expanded equipment demonstrations, green technology development, refund guarantee (RG) support for small and medium-sized shipbuilders, and AI transformation in shipbuilding. The government plans to incorporate the practical support needs raised by industry into future policy measures. At the roundtable, Minister Kim presented three policy directions to support shipbuilding equipment suppliers and small and medium-sized shipbuilders. First, the government will accelerate Manufacturing AI Transformation (M.AX) in shipbuilding. MOTIR and the Ministry of Oceans and Fisheries (MOF, Minister Hwang Jong-woo) plan to invest around KRW 500 billion through the Autonomous Ship M.AX Alliance to develop core equipment, including engine automation systems and radar. The ministries will also support installation on ships and align the work with International Maritime Organization (IMO) standard-setting efforts. Second, MOTIR will expand overseas opportunities and financial support for shipbuilding equipment suppliers and small and medium-sized shipbuilders. As MOTIR develops the MASGA project, which played a key role in the Korea–U.S. tariff deal, one of the administration’s first-year achievements, the ministry will focus on identifying project opportunities for these companies. MOTIR will also launch support for MRO infrastructure, certification, and export channels through programs for naval vessel MRO competitiveness and U.S. market entry. In markets such as India, Viet Nam, and the Philippines, where Korean shipbuilders are expanding and demand for Korean equipment is growing, MOTIR will promote joint entry with anchor companies. It will also work with relevant ministries and financial institutions to expand RG support, as rising overseas orders increase RG demand among small and medium-sized shipbuilders. Third, the government will strengthen cooperation with the shipping industry. Through the Strategic Council for Shared Growth in Shipbuilding and Shipping, launched in April 2026, the government will promote the use of newly developed Korean equipment in newbuild vessels and channel joint orders from Korean shipping companies, as well as domestic orders for essential vessels, toward small and medium-sized shipbuilders. It will also develop strategic public procurement plans to prepare for a downturn in the shipbuilding cycle. “Shipbuilding equipment suppliers and small and medium-sized shipbuilders form the foundation of the K-shipbuilding supply chain and are critical to Korea’s maritime security,” Minister Kim said. “We will promptly address on-site needs, including equipment demonstrations, super-gap technology development, and order opportunities for small and medium-sized shipbuilders.” date2026-05-27

Meeting with WTO Director-General Ngozi Okonjo-Iweala

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with WTO Director-General Ngozi Okonjo-Iweala in Suzhou, China, on May 22, 2026, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting. The two sides discussed key trade issues, including WTO reform and the outcomes of the 14th WTO Ministerial Conference (MC-14). They shared the need to maintain momentum in WTO reform discussions, extend or make permanent the moratorium on customs duties on electronic transmissions, and advance the early entry into force and implementation of the Investment Facilitation for Development Agreement (IFDA). date2026-05-27