Ministry of Trade Industry and Resources

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) attended the 2026 World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, holding around 50 meetings with trade ministers from major economies, global business leaders, and leading international scholars. At the forum, he addressed key trade issues, expanded trade networks, supported efforts to restore the multilateral trading system, and promoted global investment, including by attending the WTO informal ministerial meeting and chairing the Investment Facilitation for Development Agreement (IFDA) meeting.

Held amid heightened global uncertainty under the theme “A Spirit of Dialogue,” the Davos Forum drew record participation from government and business leaders, with discussions covering trade and investment as well as emerging issues such as AI, critical minerals, and digital technologies.

Engagements with Government Counterparts

On the sidelines, Trade Minister Yeo met with U.S. Trade Representative Jamieson Greer to discuss pending Korea–U.S. trade issues and agreed to maintain close communication to sustain bilateral relations. He also met with Michigan Governor Gretchen Whitmer, California Governor Gavin Newsom, Kentucky Governor Andy Beshear, and Senator Chris Coons to highlight the role of Korean investment in the U.S. and the importance of strengthening mutually beneficial industrial cooperation.

Trade Minister Yeo discussed plans for consultations with European Commissioner for Trade and Economic Security Maroš Šefčovič aimed at identifying practical solutions to the EU’s steel import safeguard measures, and urged progress on resolving Canada’s steel import restrictions in talks with Canadian Minister of International Trade Maninder Sidhu. He also exchanged views on the EU’s trade response to the U.S., including Greenland-related issues, with French and Swiss counterparts—France’s Minister Delegate for Foreign Trade and Economic Attractiveness Nicolas Forissier and Switzerland’s Director of the State Secretariat for Economic Affairs (SECO) Helene Budliger Artieda—and discussed expanding bilateral industrial cooperation with Israel’s Minister of Economy and Industry Nir Barkat.

Trade Minister Yeo also advanced efforts to diversify Korea’s trade network by accelerating ongoing FTA talks with key economies. He discussed signing the Gulf Cooperation Council (GCC) FTA with GCC Secretary-General Jasem Mohamed AlBudaiwi and Saudi Arabia’s Minister of Commerce Majid bin Abdullah Al-Kassabi; accelerating Korea–Thailand FTA negotiations with Thailand’s Minister of Foreign Affairs Sihasak Phuangketkeow and Minister of Commerce Suphajee Suthumpun; launching Korea–Egypt CEPA talks with Egypt’s Minister of Investment and Foreign Trade Hassan El-Khatib; expediting Korea–Mongolia CEPA negotiations with Mongolia’s Prime Minister Gombojavyn Zandanshatar; advancing a Korea–Bangladesh FTA with Bangladesh’s Special Envoy of the Head of the Interim Government Lutfey Siddiqi; and resuming Korea–MERCOSUR trade agreement discussions with Argentina’s Secretary of International Economic Relations, Foreign Affairs, International Trade and Worship Fernando Brun.

He also reviewed progress in the Korea–China FTA services and investment negotiations with China’s International Trade Representative and Vice Minister of Commerce Li Chenggang, and discussed facilitating trade and investment under existing FTAs with Indonesia’s Deputy Minister for Investment Promotion Nurul Ichwan and Cambodia’s Senior Minister of Multilateral Trade and Economic Affairs Sok Siphana.

Meetings with Business Leaders and Experts; Participation in Sessions

Trade Minister Yeo met with chief executives from major foreign-invested companies, including Merck, Apple, Ørsted, AstraZeneca, Coca-Cola, Amazon Web Services (AWS), Maersk, and Trafigura. He outlined Korea’s policies to foster new industries—including AI—and support foreign-invested companies, and encouraged further investment in Korea, citing its strong research capabilities and manufacturing base. He also agreed to continue engagement to address company-specific concerns.

He also met with experts in semiconductors, AI, and international relations. In discussions with Professor Chris Miller, author of Chip War, he exchanged views on the U.S. Section 232 tariffs on semiconductors and the global semiconductor outlook. In a meeting with Professor Yoshua Bengio of the University of Montreal, he introduced Korea’s M.AX initiative to enhance manufacturing productivity through AI and sought views on Korea’s AI policy direction. He also discussed global geopolitical trends, including U.S.–China relations, with Ian Bremmer, President of the Eurasia Group.

In addition, Trade Minister Yeo spoke at various sessions held alongside the Davos Forum, covering trade facilitation and emerging issues such as AI, critical mineral supply chains, and cooperation with emerging economies. He outlined Korea’s policy direction on AI, digital transformation, and supply chains, and reaffirmed its commitment to global cooperation.

WTO Informal Ministerial Meeting and IFDA Chairmanship

As part of Korea’s efforts to help restore the multilateral trading system, Trade Minister Yeo attended the informal WTO ministerial meeting hosted by the Swiss government on January 22, 2026. Together with ministers from more than 20 economies—including the U.S., members of the EU, China, and Japan—he discussed ways to deliver concrete outcomes at the 14th WTO Ministerial Conference (MC-14) scheduled for March 2026, including incorporating plurilateral agreements such as the IFDA into the WTO framework, extending the e-commerce moratorium, and advancing WTO reform.

Trade Minister Yeo underscored that MC-14 will serve as a defining juncture for the WTO’s credibility and relevance, noting that rulemaking through plurilateral agreements offers a realistic path forward. He expressed Korea’s commitment to leading the IFDA toward adoption as a formal WTO agreement. He also chaired a breakfast meeting of ministers supporting the IFDA, where participants discussed a coordinated outreach strategy to support its incorporation into the WTO. In a separate meeting with WTO Director-General Ngozi Okonjo-Iweala, he stated that Korea—as a beneficiary of the multilateral trading system—would serve as a bridge at MC-14 and support WTO reform.

Trade Minister Yeo noted, “Despite heightened global uncertainty, the Davos Forum highlighted strong international demand for dialogue and cooperation, as well as sustained investor interest in Korea.” He added, “Korea will continue close coordination with major partners on trade issues, advance investment in line with national interests, and serve as a rule-setter in restoring the multilateral trading system, including through WTO reform and new trade rules in AI and digital trade.”