Ministry of Trade Industry and Resources

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held the inaugural Korea–EU special committee on emerging trade issues in Seoul on March 31, 2026, with Park Jung-sung, Deputy Minister for Trade at MOTIR, and Sabine Weyand, Director-General for Trade and Economic Security at the European Commission, as chief delegates.

This was the first meeting under a new vice minister-level consultative body created in response to a rapidly changing trade environment amid global supply chain realignment and growing protectionism. The two sides discussed key issues including critical minerals, supply chain resilience, advanced technologies, and security.

On critical minerals, Korea and the EU noted that both have limited production bases and remain heavily dependent on external supply chains, leaving them structurally vulnerable. They agreed to expand strategic dialogue and continue discussions on specific areas for cooperation.

The two sides shared their assessments of recent developments in the Middle East and their respective response systems. They underscored the importance of close Korea–EU coordination for an effective response and agreed to stay in close contact on related issues.

Korea briefed the EU on developments and its position in areas the EU had expressed interest in, including its supply chain management system, technology security framework, and cooperation on semiconductor and connected-vehicle security and safety. Korea also set out its position on major industrial policies and regulations currently under discussion in the EU.

Korea welcomed the March 4, 2026, final text of the Industrial Accelerator Act (IAA), which treats content originating in FTA partner countries as equivalent to EU origin. Korea noted, however, that some provisions remain unclear and that concerns raised by the Korean government and industry have yet to be fully addressed. Korea noted that it had already submitted a document on March 20, 2026, setting out its questions and requests, and asked the EU to take them into account so that the measure can be introduced in a way that strengthens bilateral cooperation.

On the tariff-rate quotas (TRQs) the EU is considering on steel imports, Korea acknowledged the need to address global steel overcapacity, but stressed that any measure should remain consistent with the Korea–EU FTA and WTO rules and should not unduly restrict market access for Korean companies.

The two sides said the meeting had strengthened the basis for cooperation on key issues including critical minerals, supply chains, and economic security. They agreed to pursue tangible outcomes through follow-up channels, including the Korea-EU Next-Generation Strategic Dialogue at the ministerial level, scheduled for April 2026.