Ministry of Trade Industry and Resources

Trade Minister Delivers Keynote Address at PECC, APEC’s Think Tank

Korea’s Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Energy (MOTIE, Minister JK Kim) attended the 32nd General Meeting of the Pacific Economic Cooperation Council (PECC) on Tuesday, August 12, 2025, at the Federation of Korean Industries (FKI) Conference Center in Seoul, Korea. The event was co-hosted by the Korea Institute for International Economic Policy (KIEP) and the Federation of Korean Industries (FKI). Established in 1980, PECC is an Asia-Pacific Economic Cooperation (APEC)-affiliated policy think tank that brings together government, industry, and academic leaders. It has served  as an official observer of APEC and directly contributed to the launch of APEC in 1989 by developing the concept for a regional economic cooperation body. This year’s General Meeting, held in Seoul as Korea prepares to host APEC in 2025 for the first time in two decades, is convened under the overarching theme, “Reimagining Asia-Pacific Cooperation: Trade, AI, and Demographics in a Shifting Global Landscape.” At the meeting, Trade Minister Yeo delivered a keynote address  alongside Professor James Robinson of the University of Chicago, 2024 Nobel Laureate in Economics. He presented Korea’s mid- to long-term trade strategies in response to fundamental shifts in the global trade environment, as well as his vision for the future direction of APEC. In his remarks, Trade Minister Yeo stated, “The global trade environment is undergoing a structural transformation,” identifying the securitization of economic issues, the weaponization of interdependence, and the rapid acceleration of AI and digital innovation as the three major changes. He stressed that trade, technology, and supply chains are no longer purely economic issues but matters directly linked to national security. He noted that while interdependence had in the past helped deter conflict and promote cooperation, rising protectionism is increasingly prompting countries to use it to pressure  other countries in pursuit of national interests. Trade Minister Yeo added that these shifts in the trade landscape have a particularly pronounced impact on Korea, given its high trade dependence (over 90 percent) and the significant share of manufacturing in its economy (27 percent). He set out three policy directions: diversifying supply chains and export markets by expanding cooperation with the Global South, including ASEAN and India; strengthening convergence policies that align trade, industry, and security around strategic sectors; and leading the establishment of new trade rules in areas such as climate change, supply chains, and AI. He stated, “Trade and industrial policy can no longer be pursued separately,” emphasizing the need for a package approach that links strategic sectors with trade negotiations, overseas investment, and technology cooperation. He further added, “We stand at a turning point where the trade order that underpinned global economic growth is at an inflection point.  More creative and practical cooperation at the APEC level is needed that ever.” He called on APEC and PECC—long regarded as incubators of policy ideas for Asia-Pacific economic growth and prosperity—to “once again chart a path for cooperation and solidarity for the region.” Looking ahead to the 2025 APEC Summit scheduled for October, MOTIE is preparing a series of international business events to deliver tangible economic outcomes. These include the APEC CEO Summit hosted by the Korea Chamber of Commerce and Industry; the Invest KOREA Summit; and Boom-Up Korea Week. The Korean government plans to successfully host APEC, demonstrating the country’s economic resilience and mature democracy while exercising open leadership as a middle power country in the changing global trade order. date2025-08-13

Korea and Vietnam to Strengthen Industrial Cooperation for Supply Chains and Energy Transition

Korea’s Ministry of Trade, Industry and Energy (MOTIE, Minister JK Kim) signed a Memorandum of Understanding (MOU) with Vietnam’s Ministry of Industry and Trade (MOIT) on Monday, August 11, 2025, to promote cooperation in renewable energy. The signing took place immediately following the Korea–Vietnam summit held earlier that morning during General Secretary of the Communist Party of Vietnam To Lam’s state visit to Korea, with President Lee Jae Myung and General Secretary To Lam attending the ceremony.  Companies from both countries also signed an MOU on workforce development for nuclear power, laying the groundwork for substantive economic cooperation and a stronger, future-oriented partnership. MOTIE and MOIT signed the MOU on renewable energy cooperation to support a sustainable energy transition. Under the agreement, the two sides will pursue joint public-private projects in promising renewable energy areas—including solar power, wind power, and energy storage systems (ESS)—and help corporate investors address business challenges. Korea Electric Power Corporation (KEPCO) and Petrovietnam (PVN) also signed an MOU on nuclear power workforce development, with the two leaders in attendance. The agreement will train specialized personnel for the Korean nuclear power sector and deepen understanding of Korea’s nuclear technology to further strengthen the foundation for bilateral cooperation on nuclear power construction. Meanwhile, at a bilateral ministerial meeting held prior to the summit at Lotte Hotel Seoul, the two ministers exchanged Records of Discussion signed by the Korea Institute for Advancement of Technology (KIAT) and Vietnam’s National Institute of Mining and Metallurgy Science and Technology on establishing a technology cooperation center for critical mineral supply chains in Vietnam. Under the arrangement, the two sides will launch a five-year development assistance program (ODA) in the second half of 2025, investing KRW 16.6 billion (USD 12 million) to procure equipment, provide technical guidance, and train personnel for the beneficiation and smelting of critical minerals in Vietnam. Going forward, the Korean government will support corporate activities to translate the MOU into concrete business projects through continued public-private cooperation. date2025-08-12

APEC 2025 Leads Discussion on Regulatory Improvements to Boost Services Trade

The Ministry of Trade, Industry and Energy (MOTIE, Minister JK Kim) held the Workshop on Recent Approaches to the Domestic Regulation of Services in the Asia-Pacific Economic Cooperation (APEC) region on Wednesday, August 6, 2025, at Songdo ConvensiA in Incheon, on the sidelines of the third APEC Senior Officials’ Meeting. Domestic regulation of services refers to efforts to enhance transparency and predictability in domestic processes—such as licensing and qualification—with the goal of reducing transaction costs and promoting trade in services. APEC established relevant non-binding principles in 2018, while the World Trade Organization (WTO) adopted legally binding disciplines in 2021 following plurilateral negotiations. These disciplines entered into force in 2024 and currently apply to 72 WTO members, including 16 APEC economies. According to WTO data, these members account for over 92.5 percent of global services trade, and implementation of the disciplines is projected to cut global trade costs in the services sector by more than USD 127 billion. The MOTIE workshop brought together government delegations from Australia, Taiwan, Hong Kong, and the United States; Jaime Coghi Arias, Chair of the WTO negotiations on services domestic regulation; Jillian DeLuna, Convenor of the APEC Group on Services; and representatives from the APEC Business Advisory Council (ABAC), the Korea Culture and Tourism Institute (KCTI), Walmart, and other industry and expert groups. The program consisted of four sessions covering recent developments in APEC and WTO discussions, best practices among member economies, the impact of domestic regulation on services trade, sector-specific issues such as tourism and AI, and future directions for regulatory development. At the event, Oh Choong-jong, Director General for Multilateral Trade and Legal Affairs at MOTIE, stated, “The services industry is a key driver of economic growth in the APEC region, and its importance continues to grow as digital transformation expands its scope.” He added, “APEC is an incubator of new ideas and has supported the multilateral trading system. We hope this workshop will serve as a catalyst for achieving meaningful outcomes at the 14th WTO Ministerial Conference scheduled for next year." date2025-08-06

APEC Automotive Dialogue to Continue Talks on Intelligent, Eco-friendly Future Mobility Technologies and Policies

The Ministry of Trade, Industry and Energy (MOTIE, Minister JK Kim) announced that the 42nd Asia-Pacific Economic Cooperation (APEC) Automotive Dialogue (AD) will be held from Friday, August 1 to Saturday, August 2, 2025, at Songdo ConvensiA in Incheon as part of Korea’s APEC 2025 host-year program. Established in 1999, the AD is an official public-private consultative body where governments and industry representatives from across the APEC region share key automotive policy issues and industry trends and discuss cooperation. Delegations from 14 APEC member economies—including the Republic of Korea, the United States, Japan, and China—will attend, and MOTIE and the Korea Automobile & Mobility Association (KAMA) will again serve as co-chairs, following the 41st AD held from May 8 to 9, 2025, at the Jeju International Convention Center (ICC). The agenda includes the global automobile market outlook; strategies for electric vehicle and battery ecosystems; the social impacts of emerging technologies such as AI and autonomous driving; and the inclusiveness and sustainability of future mobility. Korea will present on battery safety technology trends, hydrogen mobility, connected and autonomous driving technologies, and related policy issues. On July 31, 2025, ahead of the AD, officials and experts held a working-level workshop on the sustainable development of the automobile industry and people-centered mobility, laying the groundwork for cooperation on future vehicle technologies and policy exchanges among APEC members. The AD will provide an opportunity for APEC members to explore joint responses to key issues in the future vehicle sector and shape cooperation toward a sustainable and inclusive future mobility ecosystem. date2025-08-01

Korea's Exports Rise 5.9% in July

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 1 that Korea’s exports in July 2025 rose 5.9 percent year-on-year to USD 60.8 billion, while imports edged up 0.7 percent to $54.2 billion. The trade balance recorded a surplus of $6.6 billion. Daily average exports for the month, factoring in the number of working days, also rose 5.9 percent to $2.4 billion. Of Korea’s 15 major export categories, three posted growth in July. Semiconductors hit a historic high for the month, up 31.6 percent to $14.7 billion, driven by rising contract prices and sustained global demand for high-value memory products, such as HBM and DDR5. Automobile exports grew 8.8 percent to $5.8 billion for the second consecutive month, supported by strong demand for hybrid electric vehicles and internal combustion engine vehicles. Ship exports increased for the fifth straight month, soaring 107.6 percent to $2.2 billion fueled by greater shipments of high-value vessels, including tankers and LNG carriers. Non-major export items reached a new record of $14.2 billion with the help of agricultural food products (up 3.8 percent to $1.1 billion), cosmetics (up 18.1 percent to $1.0 billion), and electric machinery (up 19.2 percent to $1.6 billion). Furthermore, exports increased in six out of nine major regional markets. Exports to ASEAN climbed 10.1 percent to $10.9 billion, driven largely by strong growth in semiconductors, though China-bound exports dropped 3.0 percent to $11.0 billion. Exports to the US increased 1.4 percent to $10.3 billion due to a rise in semiconductors, wireless communication devices, cosmetics, electric machinery, and other non-major export items, offsetting declines in steel and automobile parts. Exports to the EU grew for the fifth consecutive month, gaining 8.7 percent to $6.0 billion, with multiple major export items such as automobiles, ships, and petroleum products trending upward. Exports to CIS countries (up 21.5 percent to $1.2 billion) grew for the fifth consecutive month, and Latin America (up 4.4 percent to $2.7 billion) and India (up 10.7 percent to $1.8 billion) marked their second consecutive months of growth. Exports to Taiwan also soared 68 percent to $4.7 billion thanks to a near-doubling of semiconductor exports. date2025-08-01

Korea’s retail industry grows 7.8% in H1 2025

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s retail industry gained 7.8 percent year-on-year in the first half (H1) of 2025, with offline sales declining 0.1 percent and online sales advancing 15.8 percent. MOTIE's monthly retail sales figures are based on surveys of 23 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 10 are online retailers. Korea’s retail industry growth over the past five years was mainly driven by sales of department stores, convenience stores, and SSMs, powered by consumer preference for luxury goods and shopping local trends. Moreover, the increasing number of single-person households led to the expansion of small quantity purchases and online grocery shopping. On the other hand, online retail sales rose steeply each year alongside the growth of the service sector, as e-coupons, travel/culture packages, and delivery services continued to flourish. During H1 2025, offline retail sales were affected by deteriorating consumer sentiment, rise of e-commerce, and the decreasing number of brick-and-mortar store visitors. Consequently, sales at hypermarkets (down 1.1 percent) and convenience stores (down 0.5 percent) dropped, whereas those of department stores inched upward by 0.5 percent on the backs of increasing demand for luxury goods. SSMs (up 1.8 percent) experienced a steady growth in the number of stores based on the rise in food prices and demand for home dining. By category, strong demand for home dining and services drove up sales of food products (up 8.3 percent), service/other (up 28.8 percent), and home/living (up 3.7 percent). Online retail sales were especially high in service/other (up 57.6 percent) and the sales growth of food products was also higher across online retail (up 19.6 percent) compared to offline (up 0.6 percent). Meanwhile, sales of fashion/miscellaneous (down 2.6 percent) and kids/sports (down 2.9 percent) decreased. For the month of June 2025, offline retail sales fell 1.1 percent year-on-year while online sales climbed 15.9 percent, achieving an overall growth of 7.3 percent.   date2025-07-30

KTC Recommends Provisional Anti-Dumping Duties on Hot-Rolled Products from Japan and China

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) held its 462nd session today to review two anti-dumping cases and two patent infringement cases in international trade, and received a report on one newly initiated patent infringement investigation. The KTC examined ongoing anti-dumping investigations launched in March 2025 on hot-rolled carbon and alloy steel products from Japan and China, as well as single-mode optical fiber from China. In both cases, the KTC issued preliminary determinations finding dumping and material injury to the Korean industry. To prevent further harm while the investigations continue, the KTC decided to recommend that the Minister of Economy and Finance impose provisional anti-dumping duties of 28.16% to 33.57% on hot-rolled products from Japan and China, and 43.35% on single-mode optical fiber from China. In a patent-related trade case, the KTC revisited a complaint filed by Wyeth LLC concerning alleged infringement of its pneumococcal conjugate vaccine patent. The KTC had found infringement in February 2024, but a recent administrative court ruling overturned that decision. Accordingly, the KTC issued a new determination of non-infringement in line with the court’s ruling. The KTC also received a report on a new investigation launched on a complaint filed in June 2025 by Korean company Value Innovation Partners Co., Ltd. over alleged patent infringement involving connected electric vehicles. date2025-07-25

Korea and Cambodia Launch First Article 6.2 Climate Project

Korea has officially launched its first carbon mitigation project under Article 6.2 of the Paris Agreement, in partnership with the Kingdom of Cambodia. The project was authorized by the Cambodian government on July 18, 2025, and commemorated at an official ceremony on July 21, 2025, in Phnom Penh, marking a major milestone in Korea’s global climate action and bilateral cooperation. The approved project, led by Korean private company VeryWords, aims to reduce greenhouse gas emissions in Cambodia’s transport sector through the deployment of electric motorcycles and the development of charging infrastructure over a ten-year period (2025–2034). The project is expected to reduce 680,000 tCO2eq, of which 400,000 tons will be transferred to Korea and counted toward its Nationally Determined Contribution (NDC). “This is the first approved outcome of Korea’s investment support program, launched in 2023, which provides upfront financing to Korean companies and recovers the investment later in the form of carbon credits,” a MOTIE official said. Article 6.2 in Action: From Framework to Implementation The Ministry of Environment of Cambodia issued a Letter of Authorization (LOA) under its national Article 6 governance framework, officially allowing the project to commence operations in accordance with Cambodia’s rules and procedures. The LOA followed work by a joint working group involving Korea’s Ministry of Trade, Industry and Energy (MOTIE), Cambodia’s Ministry of Environment, and the Global Green Growth Institute (GGGI). On the Korean side, KOTRA and the Korea Energy Agency (KEA) also took part. The group reviewed key project elements, including the methodology, total emission reductions, and allocation ratios, laying the groundwork for the official authorization. Advancing Structural Cooperation Through High-Level Dialogue Building on this achievement, Korea and Cambodia are working to expand cooperation beyond individual projects. On July 21–22,2025, high-level bilateral meetings and an International Mitigation Forum were held in Phnom Penh to discuss future collaboration in the transport sector. MOTIE held bilateral meetings with the Ministry of Public Works and Transport (MPWT) and the Ministry of Mines and Energy (MME) of Cambodia, focusing on government-to-government partnerships in the transport sector.   The forum also brought together key stakeholders from government, industry, and international organizations to discuss future mitigation projects and ways to align carbon market strategies. “This project shows that bilateral cooperation under Article 6.2 is moving into implementation,” said the MOTIE official. “By aligning Cambodia’s policy leadership with Korea’s technology and investment, the two countries are laying the groundwork for scalable, long-term climate partnerships beyond individual projects.” date2025-07-21