Ministry of Trade Industry and Resources

Korea Discusses Expanding Trade Networks and Strengthening Supply Chain Cooperation with Latin America and the Caribbean

Trade Minister Yeo Han-koo of the Minsitry of Trade, Industry and Energy (MOTIE, Minister JK Kim) met with ambassadors from 18 member states of the Group of Latin America and the Caribbean (GRULAC) in Seoul on September 3, 2025, to exchange views on the global trade environment and discuss ways to strengthen economic and trade ties between Korea and the region. Attendees included ambassadors from Mexico, Brazil, Argentina, Chile, and Peru. Trade Minister Yeo stated that the multilateral trading system is undergoing a fundamental shift amid intensifying geopolitical competition and rising protectionism. He stressed that the shift calls for Korea to proactively expand trade networks with GRULAC members. With a population of nearly 690 million and GDP of around USD 7 trillion, Latin America and the Caribbean (LAC) is a key Global South market for diversifying Korea’s trade and reducing dependency in any single region. Korea currently has free trade agreements (FTAs) in force with seven GRULAC members, including Chile, Peru, and Colombia. Additionally, Ecuador formally signed the Strategic Economic Cooperation Agreement (SECA) with Korea on September 2, 2025, while Guatemala signed the Protocol on its Accession to the Korea-Central America FTA in January 2024. Both agreements will enter into force once remaining procedures, including National Assembly ratification, are completed. Trade Minister Yeo also noted that LAC is a major source of critical minerals such as lithium, nickel, copper, and graphite. Given Korea’s strengths in advanced manufacturing technologies for electric vehicles, batteries, and semiconductors, he emphasized further strengthening supply chain cooperation in critical minerals between Korea and the region. Trade Minister Yeo added that, as APEC Chair in 2025, Korea will seek meaningful outcomes on global issues such as AI cooperation and demographic change. He noted that Korea will also host a series of business events, including the APEC CEO Summit Korea 2025, to promote exchange and collaboration among global business leaders. He asked GRULAC members for their interest and support for APEC 2025. date2025-09-05

Korea and Ecuador Sign Strategic Economic Cooperation Agreement for Market Diversification

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Energy (MOTIE, Minister JK Kim) met with Luis Alberto Jaramillo, Ecuador’s Minister of Production, Foreign Trade, Investments, and Fisheries in Seoul on Tuesday, September 2, 2025. The two sides held bilateral talks and formally signed the Strategic Economic Cooperation Agreement (SECA). Since launching negotiations in 2016, Korea and Ecuador held nine rounds of formal talks and concluded the negotiations in October 2023. With the official signing completed, the SECA will enter into force following the remaining domestic procedures, including ratification by the National Assembly. Ecuador is regarded as a promising market with relatively low investment risk, supported by abundant energy and mineral resources—such as crude oil (the third-largest producer in Latin America) and copper—political stability in the region, use of the U.S. dollar, and its free trade orientation. The Korean government seeks to further diversify its export markets in Latin America through enhanced cooperation with Ecuador. Once the SECA takes effect, Ecuador will phase out tariffs of up to 40 percent on Korean automobiles within 15 years, including the current 35-percent tariff on hybrid vehicles within five years. This is expected to provide Korea with more favorable market access than major competitors, including China and Japan. Tariffs will also be eliminated on Korean pharmaceuticals and consumer goods—such as cosmetics and instant noodles—that have been gaining popularity in Latin America amid the spread of Korean popular culture, which is expected to boost related exports. In addition, Ecuador will open sectors such as online gaming, retail and distribution services, film, and music, supporting increased local consumption and exports of Korean cultural content that is already popular in the Ecuadorian market. Ahead of the signing ceremony, Trade Minister Yeo said, “Amid growing uncertainty in the global trade environment, bilateral free trade agreements are an effective tool for strengthening export competitiveness and diversifying markets..” He added that the SECA would help companies in both countries expand exports and diversify markets and encourage them to leverage the agreement’s economic cooperation provisions—including cooperation in response to supply chain crises, as well as IT and SME collaboration—to build a forward-looking partnership. Both sides agreed to accelerate remaining procedures for the SECA’s implementation, including ratification by the National Assembly. date2025-09-04

Korea–UK Trade Ministers Discuss Economic Cooperation and Key Trade Issues

Korea’s Trade Minister Yeo Han-koo met with Douglas Alexander, the UK’s Minister of State at the Department for Business and Trade, in Seoul on September 1, 2025. The two sides exchanged views on industrial and trade policy directions amid the current global trade environment and discussed ways to expand bilateral cooperation. The UK is Korea’s 25th-largest trading partner, with bilateral trade totaling $11.2 billion in 2024. Trade between the two countries remained active under the Korea–UK Free Trade Agreement (FTA), which entered into force in January 2011. The UK is also one of Korea’s major investment partners, ranking third among European countries in cumulative investment in Korea as of 2024. Active investment and technological partnerships between companies in both countries underpin bilateral cooperation. During the meeting, Trade Minister Yeo noted the ongoing industrial and trade cooperation between the two countries, including the Korea-UK FTA upgrade negotiations and supply chain dialogues. He emphasized the importance of sustaining a strong economic partnership based on shared values, such as liberal democracy and the market economy. He also expressed hope that the UK’s industrial and trade strategies announced in June would provide as basis for stronger bilateral ties. Regarding the UK’s introduction of Carbon Border Adjustment Mechanism (CBAM), Trade Minister Yeo underscored the need for sufficient lead time and measures to ease compliance burdens on businesses. He also conveyed Korean industry’s concerns and requests regarding the UK’s recently strengthened steel safeguard measures and the Electric Car Grant scheme, and called for the UK government’s cooperation and support. date2025-09-03

Korea’s Exports Rise 1.3% in August

The Ministry of Trade, Industry and Energy (MOTIE) announced on September 1 that Korea’s exports in August 2025 grew 1.3 percent year-on-year to USD 58.4 billion, while imports fell 4.0 percent to $51.9 billion. The trade balance recorded a surplus of $6.5 billion. Daily average exports for the month, factoring in the number of working days, also rose 5.8 percent to $2.6 billion. Despite having one fewer working day than a year earlier, August exports maintained an upward trajectory and set a monthly record for the third consecutive month. Of Korea’s 15 major export categories, three posted growth in August. Semiconductor exports surged 27.1 percent to $15.1 billion, setting a new all-time high just two months after the previous record. This growth was driven by rising contract prices and sustained global demand from downstream industries, such as the server market. Automobile exports rose 8.6 percent to $5.5 billion for the third consecutive month, supported by increased exports of used cars and eco-friendly vehicles, including electric and hybrid models. Ship exports grew for the sixth straight month (up 11.8 percent to $3.1 billion), fueled by deliveries of vessels ordered in 2022 and 2023. By region, exports increased in three out of nine major markets. Exports to ASEAN climbed 11.9 percent to $10.9 billion, the highest August figure on record and the third straight month of growth, driven by strong performance in semiconductors and ships. Exports to CIS countries (up 9.2 percent to $1.1 billion) grew for the sixth consecutive month, while those to the Middle East edged up 1.0 percent to $1.4 billion, returning to positive growth after one month. MOTIE Minister Kim Jung-kwan stated, “To minimize tariff impacts on small- and mid-sized companies, the ministry plans to announce and implement supportive measures in early September, focusing on three areas: ①easing burdens through short-term operation assistance and boosting domestic demand, ②diversifying export markets to sustain momentum, and ③strengthening the fundamental competitiveness of core and promising industries.” date2025-09-02

Korea Trade Commission Recommends Price Undertakings for Chinese Hot-rolled Steel Plates

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE, Minister JK Kim) held its 463rd meeting on Thursday, August 28, 2025, to deliberate on and resolve one anti-dumping investigation and four intellectual property (IP) infringement investigations related to exports and imports. The KTC also received a report on the initiation of a new anti-dumping investigation. The anti-dumping investigation under review was launched in October 2024 into imports of Chinese hot-rolled carbon and alloy steel plates. The KTC determined that dumping had occurred and that the dumped imports caused material injury to the domestic industry. The KTC set final anti-dumping duties at 27.91 to 34.10 percent for a five-year period and recommended that the Minister of Economy and Finance accept price undertakings proposed by nine Chinese exporters. Like anti-dumping duties, price undertakings are trade remedies designed to address injury to domestic industries. Under an undertaking, exporters commit to a minimum export price and quarterly price adjustment mechanism. If an undertaking is violated, anti-dumping duties may be imposed. For Chinese exporters that did not participate in the undertakings, the KTC decided to recommend a five-year anti-dumping duty of 34.10 percent to the Minister of Economy and Finance. A provisional anti-dumping duty of 27.91 to 38.02 percent was in place for these products from April 24 to November 23, 2025. Of the four IP infringement investigations, three were found to constitute unfair trade practices, with the respondents determined to have infringed the applicants’ rights. These cases involved interlayer films for head-up displays (launched in September 2024), uninterruptible power supply systems (launched in October 2024), and fishing plier designs (launched in January 2025). The KTC issued corrective measures—such as orders to halt manufacturing and export of the infringing goods and to exclude them entry—and imposed administrative fines. Notably, the head-up display interlayer film and uninterruptible power supply cases involved patent disputes between foreign companies. The cases point to the KTC’s potential to emerge as a global forum for investigating and adjudicating cross-border IP disputes, as its proceedings gain recognition for speed and impartiality compared with litigation. Meanwhile, the investigation into infringement of standard essential patents for connected cars, launched in December 2024, was terminated after the parties concluded a licensing agreement. The investigation process helped clarify the issues in dispute, and the complainant subsequently withdrew its petition, leading to termination of the investigation. The KTC also received a report on the initiation of an anti-dumping investigation into polyvinyl chloride paste resin from Germany, France, Norway, and Sweden. The KTC will continue to systematically respond to the shifting global trade environment and address unfair trade practices, including dumping and IP infringement. date2025-09-01

Prime Minister Kim Attends Opening Ceremony of 2025 World Climate Industry EXPO

The 2025 World Climate Industry EXPO (WCE) opened on August 27, 2025, in Busan, Korea. This large-scale expo is co-hosted by the Korean government, the International Energy Agency (IEA), and the World Bank (WB) as the central event of Energy Super Week (August 25–29, 2025). Under the theme “Energy for AI, AI for Energy,” the expo features exhibitions, 12 conferences, and nearly 60 side events and programs. ▶Global Energy and Climate Leaders Gather in Busan More than 1,000 participants attended the opening ceremony, including representatives from 32 government delegations, ambassadors from 15 countries and officials from 24 diplomatic missions in Korea, as well as the Executive Director of the IEA and the Vice President of the World Bank. Major digital companies—including Microsoft, Google, NVIDIA, and Amazon Web Services—joined the event alongside global clean energy leaders such as RWE, Schneider Electric, Siemens, and Bloom Energy. Korean corporations also participated in force, including Samsung Electronics, Hyundai Motor, SK Innovation, Hanwha Qcells, and Doosan Enerbility. In his opening remarks, Prime Minister Kim Min-seok stated, “Korea will pursue carbon neutrality while strengthening energy security and sustaining economic growth by building an “Energy Highway,” expanding power grids and accelerating the transition to renewable energy.” He added, “We will work with the international community toward a sustainable future powered by AI and energy.” Keynote addresses followed. IEA Executive Director Fatih Birol projected that AI, electric vehicles, and cooling could drive electricity demand up to six times the pace of overall energy demand. He stressed the importance of grid investment, noting, “Rapid grid expansion is a shared global challenge in the AI era. Strong, flexible power systems are the foundation of competitiveness in the AI industry.” Microsoft’s Director of Sustainability Policy Michelle Patron said, “Grid investment is necessary to expand clean energy supply in line with demands from AI and economic growth.” She added, “To secure reliable carbon-free energy supply for businesses, we must improve procurement approaches and coherently align relevant policy instruments, such as power purchase agreements (PPAs) and renewable energy certificates (RECs).” ▶New Korean Administration Unveils Visions for Climate and Energy The 2025 WCE operates six exhibition halls, where nearly 540 companies present future energy solutions and industrial strategies enabled by next-generation grids, AI, and renewable energy. This year’s highlight is the newly launched “Energy Highway” hall featuring Korea’s three major power equipment companies—Hyosung Heavy Industries, LS Electric, and HD Hyundai Electric. The hall showcases strategic projects of the new Korean administration, such as a West Coast high-voltage direct current (HVDC) network, along with onshore and offshore grid solutions, smart grids, microgrids, ultra-high-voltage transformers, and energy storage systems (ESS). Other exhibits feature a broad range of next-generation energy technologies. Doosan Enerbility presents Korea’s first 10MW-class wind turbine and small modular reactor (SMR) technologies. Korea Zinc introduces a value chain linking renewable energy and green hydrogen, while Hanwha Qcells showcases innovative technologies and products for building RE100 industrial complexes, including floating solar panels and agrivoltaics. Samsung Electronics, LG Electronics, SK Innovation, and Hyundai Motor provide a glimpse into the future of energy-AI convergence through consumer-facing innovations, such as immersion cooling for AI data centers, AI chips and glass substrates, zero-energy buildings, smart homes, eco-friendly heat pumps, and electric vehicle charging robots. � date2025-08-29

Korea’s Retail Industry Grows 9.1% in July

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 27 that Korea’s retail industry grew 9.1 percent year-on-year in July 2025, with offline sales gaining 2.7 percent and online sales surging 15.3 percent. MOTIE's monthly retail sales figures are based on surveys of 23 major retailers, comprising 13 brick-and-mortar retailers and 10 online retailers. By offline retail channel, convenience stores rose 3.9 percent, marking their first gain in four months. This growth was partly driven by use of People’s Livelihood Recovery Consumption Coupons, issued by the Korean government as part of efforts to revitalize the economy. Department stores also climbed 5.1 percent, supported by positive growth across all product categories except miscellaneous goods. Super supermarket operators edged up 1.8 percent, maintaining their upward trajectory for the fifth consecutive month. By category, offline sales expanded in food products (up 2.7 percent), services/others (up 4.4 percent), and luxury goods (up 11.3 percent). Meanwhile, online sales posted solid growth in July, driven by strong performance in the services category (up 24.9 percent) and the food category (up 24.2 percent). date2025-08-28

2025 APEC Energy Ministerial Meeting Opens in Korea

Korea’s Ministry of Trade, Industry and Energy (MOTIE) is hosting the 15th Asia-Pacific Economic Cooperation Energy Ministerial Meeting (APEC EMM) in Busan on August 27–28, 2025. In line with the global trend of advancing carbon neutrality while ensuring energy security, the meeting seeks to set directions and explore collaborative measures for energy transition and innovation in the APEC region. This year marks Korea’s first time chairing the APEC EMM in 20 years. The opening ceremony carries added significance as it took place at Nurimaru APEC House, the venue of the 2005 APEC Economic Leaders’ Meeting. <15th APEC Energy Ministerial Meeting> - (Date/Venue) August 27 (Wed) 16:30–18:30 — Nurimaru APEC House (Korea’s opening remarks available to the public) August 28 (Thu) 09:00–16:00 — Paradise Hotel Busan - (Agenda) ① Electricity grid & energy security, ② Expanding stable energy supply, ③ AI-driven energy innovation - (Participants) About 340 representatives from 21 APEC member economies, international organizations, and global companies A key global energy trend today is accelerating electrification, driven by the growth of advanced industries and the expansion of AI data centers. With energy demand surging, reliable supply and stronger grid security are becoming increasingly critical. AI has contributed to demand growth, but it can also improve efficiency by optimizing energy systems. Against this backdrop, the 15th APEC EMM is addressing the following three key agendas. The first agenda is expanding reliable energy supply. With energy demand rising within the APEC region—driven by AI data centers and the electrification of industries and transportation—participants are discussing measures to expand stable, affordable, and dependable supply. Senior officials from Mission Innovation and the World Bank are also attending this session to share insights on public-private cooperation for strategic investment and technology innovation. The second agenda is strengthening grid security and reliability. This session provides an opportunity to explore measures in bolstering energy security through grid expansion and modernization. Representatives from international organizations, including the Clean Energy Ministerial Secretariat, and global energy companies are participating in discussing grid modernization strategies, technological advances, and opportunities for regional innovation. The third agenda is AI-driven energy innovation. Participants are discussing how AI can help improve both the efficiency and reliability of energy systems, while recognizing that AI-driven transformation and energy innovation need to move forward together. The World Economic Forum and the Asian Development Bank are also participating, introducing initiatives and programs that apply AI in energy systems. These agendas will be taken up in depth at the APEC EMM plenary session. In his opening remarks, Vice Minister of MOTIE Lee Ho-hyeon stated, “Korea is developing a range of energy technologies to expand supply in response to surging demand, building an “Energy Highway” to enhance grid stability and resilience, and pursuing a “K-Grid” that combines microgrids with AI to improve the efficiency of grid management.” He added, “The 15th APEC EMM will be a key milestone in advancing energy cooperation in the region." date2025-08-28

Minister Meets US Secretary of Energy

Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan met with US Secretary of Energy Chris Wright on Friday, August 22, 2025 at the Department of Energy headquarters in Washington, DC. The two sides discussed measures to strengthen bilateral energy cooperation ahead of the Korea-US summit. date2025-08-27

16th Clean Energy Ministerial Meeting and 10th Mission Innovation Ministerial Meeting Convene in Busan

Korea’s Ministry of Trade, Industry and Energy (MOTIE) is hosting the 16th Clean Energy Ministerial Meeting (CEM16) and the 10th Mission Innovation Ministerial Meeting (MI-10) from August 25 to August 27, 2025, at BEXCO in Busan. Held as part of Energy Super Week, the meetings are taking place alongside the 2025 World Climate Industry EXPO (WCE) and the 15th APEC Energy Ministerial Meeting. CEM and MI are leading global platforms for public-private cooperation, bringing together a wide range of climate and energy stakeholders to discuss expanding clean energy and to explore collaborative measures for accelerating clean energy innovation. Under the theme, “Energizing Cooperation for a Prosperous Future,” this year’s meetings are drawing around 1,000 participants, including 41 government delegations and representatives from 111 international organizations. As chair of CEM16 and MI-10, Korea is steering discussions on global energy priorities to address challenges posed by the climate crisis. To facilitate practical public-private cooperation, four high-level roundtable dialogues have been convened, bringing together ministers, vice ministers, international business leaders, and officials from international organizations. In the power transformation session, ministers and vice ministers met with leading companies in power technologies—including LS Cable & System, Hyosung Heavy Industries, and Bloom Energy—to discuss carbon-free power generation and grid infrastructure to meet rising demand from AI, data centers, and electric vehicles, as well as power system reforms to accelerate the clean energy transition. The industry decarbonization and energy efficiency session covered private sector efforts to cut emissions in hard-to-abate industries such as steel and shared business models and financial mechanisms to improve energy efficiency. In the future fuels session, government officials from countries highly interested in advancing hydrogen and other future fuels met with Korean companies with strengths in the hydrogen sector, such as Hyundai Motor and Kolon Industries. Participants reaffirmed the decarbonization potential of future fuels—such as clean hydrogen, ammonia, and e-fuels—in industry and transportation, and discussed ways to expand deployment and investment. The energy and AI session brought together Microsoft, Google, NVIDIA, LG Energy Solution, and Korea Electric Power Corporation (KEPCO), along with ministerial-level officials. Participants examined both sides of the AI–energy nexus—rising energy demand driven by AI and energy innovation enabled by AI—and exchanged views on how the two can develop in tandem. Power transformation and future fuels will also be key topics at the G20 Energy Transitions Working Group Ministerial Meeting in October 2025 and the United Nations Climate Change Conference in November 2025, respectively. Korea expects CEM16 and MI-10to help deepen discussion on these global energy agendas. Vice Minister Lee Ho-hyeon of MOTIE stated that CEM16 and MI-10 served as valuable platforms for discussing energy transition, energy security, and energy technology innovation. He expressed hope that the meetings hosted in Korea this year will mark an important turning point for the wider deployment of innovative energy technologies, tangible solution-building, and a stronger commitment to solidarity. date2025-08-27