Ministry of Trade Industry and Resources

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) represented Korea as the Head of Delegation at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Suzhou, China, from May 22 to 23, 2026, and discussed ways to strengthen trade cooperation with other APEC economies. Korea, the 2025 APEC host, also joined China, the 2026 host, and Viet Nam, the 2027 host, as part of the APEC Troika, helping maintain continuity in discussions on Asia-Pacific economic cooperation.

Strengthening Global Leadership Through Multilateral Cooperation

1. Importance of APEC Cooperation in Responding to Supply Chain Crisis

Amid the prolonged war in the Middle East and deepening global supply chain disruptions, Minister Yeo stressed the need for Asia-Pacific economies to work together to build supply chain resilience. He noted that the crisis around the Strait of Hormuz has exposed vulnerabilities in global supply chains, causing oil price volatility, disruptions to oil and gas supplies, and higher maritime logistics costs. He also called for APEC-level discussions on regional response measures, including an emergency meeting mechanism and stronger information sharing.

Minister Yeo said the recent energy supply chain disruptions have underscored the urgent need for APEC members, including Korea, to accelerate the energy transition. He called for APEC-level cooperation to accelerate the region’s transition, including expanded renewable energy, stronger grid connectivity, and carbon credit cooperation.

In his intervention, Minister Yeo said, “In an unprecedented crisis, predictable progress in regionalism becomes even more critical.” He added, “Based on a shared understanding of the importance of a pragmatic approach for open plurilateralism, APEC should continue to serve as a platform for practical cooperation in the Asia-Pacific.”

2. Leading Cooperation on AI and Digital Trade

Minister Yeo said the digital transition and the rapid development of AI have the potential to fundamentally reshape trade and investment. He introduced Korea’s bilateral and multilateral efforts in digital rule-making, including the Korea–Singapore Digital Partnership Agreement (DPA) and the Korea–EU Digital Trade Agreement (DTA). He also expressed regret that no agreement was reached at the 14th WTO Ministerial Conference (MC 14) on extending the moratorium on customs duties on electronic transmissions, and shared with like-minded APEC economies the view that the moratorium should be made permanent.

On the sidelines of the APEC meeting, Minister Yeo attended the Digital Economy Partnership Agreement (DEPA) Ministers’ Meeting and reviewed progress in domestic procedures in Peru and Costa Rica, whose accession negotiations concluded in 2025. At the DEPA+China Ministers’ Meeting, participants also discussed China’s accession process.

3. Contributing to the Restoration of the Multilateral Trading Order, Including the WTO

Minister Yeo expressed regret that, although Korea served as Minister Facilitator for the reform session at MC14 and helped make meaningful progress and build broad consensus on WTO reform, members were unable to reach an agreement due to opposition from some countries over issues related to the moratorium on electronic transmissions. He called for reform discussions to continue in Geneva and said Korea will actively contribute to the WTO reform midway review process before the 15th WTO Ministerial Conference in 2027.

Minister Yeo also expressed regret that the incorporation of the Investment Facilitation for Development Agreement (IFDA), co-chaired by Korea and Chile through the conclusion of negotiations, into the WTO legal framework was not adopted due to opposition from one member, despite overwhelming support from 165 members. He stressed the need for concrete discussions on how to bring the IFDA into force and implement it at an early date, including by drawing on approaches reflected in the interim implementation arrangements for the Agreement on Electronic Commerce (ECA), and said Korea will play an active role in the process.

Minister Yeo also met separately with WTO Director-General Ngozi Okonjo-Iweala. They shared the need to maintain momentum in WTO reform discussions, extend or make permanent the moratorium on electronic transmissions, and advance the early entry into force and implementation of the IFDA. Minister Yeo also conveyed Korea’s willingness to contribute to these efforts.

Deepening Bilateral Economic Cooperation and Discussing Trade Issues with Key Partners

Minister Yeo held a series of 12 bilateral meetings with key partners, including China, Viet Nam, the United States, key partners in Latin America, Oceania and the New Southern Policy region, and the WTO Director-General and ASEAN Secretary-General.

In his meeting with Li Chenggang, China International Trade Representative and Vice Minister of Commerce, Minister Yeo agreed to continue cooperation to stabilize supply chains, including those for critical minerals. He also asked China to improve predictability for companies by expanding the use of expedited and general licenses under its export control measures. The two sides reviewed progress in subsequent negotiations on services and investment under the Korea–China FTA and agreed to convene the ministerial-level Korea–China FTA Joint Committee at an early date to review FTA implementation and accelerate negotiations on key issues of mutual interest.

Minister Yeo also met with Deputy United States Trade Representative Rick Switzer to discuss bilateral trade issues. The two sides discussed implementation plans for the Korea–U.S. Joint Fact Sheet agreed by the two leaders last year. Minister Yeo conveyed the need to maintain a stable bilateral trade environment in relation to the ongoing Section 301 investigations into forced labor and overproduction.

With Australia’s Minister for Trade and Tourism Don Farrell, Minister Yeo discussed cooperation to build stable supply chains for key energy and resource items, including LNG, critical minerals and petroleum products. With New Zealand Minister for Trade and Investment Todd McClay, he agreed to strengthen cooperation on digital trade and supply chains through multilateral trade channels, including the DEPA. With Paula Estévez, Chile’s International Economic Relations Undersecretary, Minister Yeo discussed cooperation on critical minerals, including lithium, as well as upgrading the Korea–Chile FTA and cooperation under the DEPA.

Minister Yeo also worked to strengthen cooperation with key Southeast Asian partners. In his meeting with ASEAN Secretary-General Kao Kim Hourn, 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. 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.

With Malaysia’s Minister of Investment, Trade and Industry Johari Abdul Ghani, Minister Yeo agreed to move quickly toward signing the Korea–Malaysia FTA, concluded in October 2025, and advancing domestic procedures so that the expected benefits of the agreement can materialize at an early date.

With Viet Nam’s Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan, Minister Yeo agreed to build on the momentum from the April 2026 state visit and expand bilateral trade by implementing the Action Plan to Achieve USD 150 Billion in Trade. The two sides also agreed to continue expanding multilateral cooperation with Viet Nam, the 2026 CPTPP chair and 2027 APEC host.