Ministry of Trade Industry and Resources

Korea Leads IPEF Crisis Exercise to Strengthen Indo-Pacific Supply Chain Coordination

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) announced that as the Chair of the Indo-Pacific Economic Framework for Prosperity (IPEF) Crisis Response Network (CRN), Korea will host a virtual supply chain emergency tabletop exercise on May 22, 2025, to strengthen cooperation among IPEF partners in rapid responses to supply chain disruptions and enhance their crisis response capacity. The tabletop exercise will simulate a scenario in which member “Country A,” facing a shortage of therapeutic agents amid an outbreak of an unidentified acute respiratory infection, requests CRN Chair Korea to convene an emergency meeting to assist procurement. Through simulation, IPEF partners will assess the outbreak’s impact on the intraregional supply chain and explore support measures among member countries. As the second such exercise since last year, today’s simulation is designed not only to closely reflect a real emergency by incorporating input from the pharmaceutical supply chain experts and partner countries, but also to involve the ministries overseeing pharmaceuticals to maximize the effectiveness of the exercise. On the sidelines of the virtual tabletop exercise, Korea and Australia will introduce to IPEF partners the details of their joint supply chain capacity-building project. The two countries plan to provide country-tailored training on supply chain management and crisis response policymaking to reinforce IPEF partners’ capacity to respond to supply chain disruptions. They will also share best practices and discuss ways to improve CRN operations. MOTIE plans to launch an in-person CRN tabletop exercise in the second half of 2025 and to continue advancing the Korea-Australia IPEF supply chain capacity building project. date2025-05-22

Korea’s automobile exports record $6.5 billion in April

Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced today that domestic automobile sales for the month of April 2025 logged 150,622 units, increasing month-on-month for the third consecutive month. Domestic sales advanced 6.7 percent year-on-year on the backs of continued demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs), each gaining 50.3 percent and 29.9 percent year-on-year, respectively, in terms of units. Their aggregate sales volume accounts for 46 percent (68,048 units) of Korea’s entire domestic sales in April. Korea’s automobile exports for April (USD 6.5 billion) saw growth in destinations like the EU, Asia, Middle East, Latin America, and Africa. Exports to the EU advanced 26.7 percent year-on-year, based on strong demand for Korean EV models in the local market. Moreover, the robust exports of secondhand cars helped boost auto exports to non-EU European countries (up 11.6 percent) and Asia (up 53.9 percent). Meanwhile, U.S.-bound automobile exports shrank 19.6 percent from the impact of tariffs and other factors, including a major Korean automaker’s opening of a new production plant in Georgia, U.S. Automobile production inched down by only 2.2 percent to 385,621 units in spite of growing trade uncertainties, powered by surging domestic sales and Korean automobiles’ solid performance in the EU and non-U.S. markets.   date2025-05-20

Korea Strengthens Cooperation with Asia-Pacific Economies to Address Global Trade Uncertainties

Minister for Trade Cheong In-kyo of the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) held high-level bilateral talks on Jeju Island on May 14–16, 2025, with trade representatives of 14 APEC member economies and the World Trade Organization (WTO), on the sidelines of the 2025 APEC Ministers Responsible for Trade (MRT) Meeting. The talks reviewed the recent developments in U.S. tariff consultations with major economies and discussed measures to enhance trade and economic cooperation in addressing global trade uncertainties. First, Trade Minister Cheong met with U.S. Trade Representative Jamieson Greer on May 15 to review the status of U.S. tariff consultations with major economies and exchange views on the Korea-U.S. technical discussions launched on May 1, 2025. Representative Greer noted Korea’s efforts to deliver meaningful outcomes as chair of APEC 2025 through the 2025 APEC MRT Meeting. On May 16, Trade Minister Cheong met with Masaki Okushi, Vice Minister of Japan’s Ministry of Economy, Trade and Industry (METI), and Miyaji Takuma, Vice Minister of Japan’s Ministry of Foreign Affairs (MOFA). Commemorating the 60th anniversary of the normalization of diplomatic relations, the two sides agreed to deepen collaboration in advanced industries, hydrogen and other emerging energy sectors, and supply chain resilience. They also pledged to work together toward the success of APEC 2025 and the Osaka-Kansai Expo and to actively leverage both Korea-Japan and Korea-U.S.-Japan cooperation platforms. In his meeting with Indonesia’s Minister of Trade Budi Santoso, Trade Minister Cheong highlighted that more than 2,000 Korean companies are currently operating in Indonesia, requesting the Indonesian government’s support in resolving issues affecting Korean firms, including local certification and import restrictions, so as to ensure stable business operations. Meanwhile, Korea’s Deputy Minister for Trade Park Jong-won met with Ian McKay, Canada’s Special Envoy for the Indo-Pacific and Ambassador to Japan, to discuss ways to expand Korea-Canada cooperation as the two countries mark the 10th anniversary of their bilateral FTA and to discuss support for Korean companies operating in Canada. He also met with Claudia Sanhueza Riveros, Chile’s Undersecretary for International Economic Relations, to review progress in the Korea-Chile FTA upgrade negotiations and to ask for the Chilean government’s support for Korean companies seeking to participate in Chile’s lithium development projects. Trade Minister Cheong stated that the bilateral talks with 14 Asia-Pacific economies’ trade leaders and the WTO Director-General helped Korea share insights on global developments and trade response measures, while advancing close cooperation on key issues such as building resilient critical minerals supply chains, expanding trade networks, and addressing challenges faced by Korean companies operating overseas. He added that the ministry will strive to mitigate trade uncertainties and external risks based on the insights and strengthened intraregional cooperation. date2025-05-19

2025 APEC Ministers Responsible for Trade Joint Statement

2025 APEC Ministers Responsible for Trade Joint Statement Jeju, Republic of Korea | 15-16 May 2025   1. We, the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT), met in Jeju, Republic of Korea, from 15-16 May 2025, under the chairmanship of H.E. Inkyo Cheong, Minister of Trade of the Republic of Korea. We welcome the participation of the Director-General of the World Trade Organization (WTO), the Deputy Secretary-General of the Organisation for Economic Co-operation and Development (OECD), the APEC Business Advisory Council (ABAC), the Association of Southeast Asian Nations (ASEAN), and the Pacific Economic Cooperation Council (PECC).   2. Taking inspiration from Korea's APEC 2025 theme "Building a Sustainable Tomorrow", we have advanced APEC’s agenda through three thematic priorities: Connectivity through Multilateral Trading System, Artificial Intelligence (AI) Innovation for Trade Facilitation, and Prosperity through Sustainable Trade.   3. We remain committed to the Putrajaya Vision 2040, including through the implementation of the Aotearoa Plan of Action to build an open, dynamic, resilient, and peaceful Asia-Pacific community for the prosperity of all our people and future generations. We are concerned with the fundamental challenges faced by the global trading system. We remain committed to APEC as the premier forum for regional economic cooperation and emphasize the importance of its role in bringing us together to address the economic challenges facing our region and create a more resilient and prosperous Asia-Pacific region.   4. We recognize the importance of the WTO to advance trade issues, and acknowledge the agreed upon rules in the WTO as an integral part of the global trading system. We recognize the WTO has challenges and needs meaningful, necessary, and comprehensive reform to improve all its functions, through innovative approaches, to be more relevant and responsive in light of today’s realities.   5. We welcome the acceptance by 16 APEC economies of the WTO Agreement on Fisheries Subsidies, and call on remaining economies to complete their domestic procedures, and encourage all WTO Members to conclude negotiations on additional disciplines as soon as possible. We recognize the need for a constructive engagement on agriculture at the WTO. We also note the extension of the moratorium on customs duties on electronic transmissions as decided at MC13. We note the importance of enhancing predictability for the development of the digital economy. We welcome efforts to continue to reinvigorate work under the Work Program on Electronic Commerce.   6. We recognize the positive role of plurilateral negotiations at the WTO, including the Joint Statement Initiatives (JSIs), for advancing issues of interest to Members and to make the WTO more relevant. We welcome the progress made and emphasize their roles to address contemporary trade issues, foster new ideas, facilitate economic growth, and build momentum toward multilateral outcomes. We note the efforts of participating Members of the WTO JSIs to incorporate the Investment Facilitation for Development Agreement and the Agreement on Electronic Commerce into the WTO legal framework. We note the Statement of the APEC Committee on Trade and Investment together with the APEC Investment Experts’ Group Supporting the Investment Facilitation for Development Agreement, which reaffirms APEC’s strong commitment to a more transparent, predictable and business-friendly investment environment.   7. Recognizing its importance to APEC, we reaffirm our shared commitment to advancing economic integration in the Asia-Pacific region in a manner that is market-driven, including through the work on Free Trade Area of the Asia-Pacific (FTAAP) agenda. We welcome the study conducted by the APEC Policy Support Unit (PSU) on areas of convergence an date2025-05-19

Global Trade Leaders Gather in Jeju for the 2025 APEC MRT Meeting

Korea’s Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) is hosting the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) meeting on May 15–16, 2025, at the International Convention Center Jeju (ICC Jeju). With Korea serving as APEC chair for the first time in 20 years since 2005, Minister for Trade Cheong In-kyo is chairing the MRT meeting. Attendees include trade ministers from 21 major economies in the Asia-Pacific region, including Australia, Canada, Chile, China, Japan, and the U.S., as well as the WTO Director-General and the OECD Deputy Secretary-General. Amid the rapidly shifting global trade environment, the 2025 APEC MRT meeting will be the first official gathering of trade ministers for multilateral cooperation. Discussions will cover a range of trade issues and intraregional cooperation measures, such as the liberalization and facilitation of trade and investment. Under the 2025 APEC theme of “Building a Sustainable Tomorrow: Connect, Innovate, Prosper,” the meeting will feature three sessions: AI innovation for trade facilitation, connection through multilateral trade, and prosperity through sustainable trade.  In the first session, participants will discuss various cooperation measures to promote the use of AI in trade, such as AI application in tariffs and customs and standard information sharing, with OECD Deputy Secretary-General Yoshiki Takeuchi as the keynote speaker. The second session will focus on WTO reform and APEC’s role in restoring the multilateral trade system. WTO Director-General Ngozi Okonjo-Iweala will speak on WTO reform and future cooperation for multilateral trade. The last session, to be held on May 16, 2025, will address prosperity through sustainable trade. Participants will exchange views on joint efforts in establishing a sustainable supply chain, including climate crisis response. In his opening remarks, Trade Minister Cheong noted the current difficult external environment surrounding APEC and stated that the need for APEC is greater than ever amid severe global trade uncertainty. He expressed hope that the meeting will serve as a platform for dialogue and cooperation to help ease political and economic tensions and uncertainties facing the world today. date2025-05-15

Korea’s ICT exports grow 10.8% in April

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Science and ICT (MSIT) announced today that Korea’s exports of information and communications technology (ICT) goods for the month of April 2025 gained 10.8 percent year-on-year to USD 18.9 billion, while imports inched down 2.4 percent to $11.3 billion. The trade balance netted a surplus of $7.6 billion. Despite global trade uncertainties, April ICT exports saw solid growth momentum overall with semiconductors (up 17.2 percent to $11.7 billion) hitting all-time highs for the month. Mobile phones (up 28.6 percent) and communication devices (up 3.5 percent) likewise advanced, whereas exports of displays (down 7.6 percent) and computers/peripherals (down 11.9 percent) retreated. The growth of semiconductor exports is attributable to the rebound in fixed prices of DRAMs and heightened demand for high value-added chips like HBMs and DDR5s. Mobile phones maintained an upward trajectory powered by finished products’ export recovery and robust demand from overseas parts manufacturers. Communication device exports advanced on the backs of strong demand for automotive and 5G equipment.  Meanwhile, display exports shrank due to slower demand and an ensuing change in the shipment schedule. Computers/peripherals experienced a temporary slowdown in demand from increased inventory levels, exports turning to a contraction for the first time in 16 months. By region, Korea’s April ICT exports expanded to the U.S. (up 0.5 percent), Vietnam (up 13.4 percent), the EU (up 14.7 percent), and Japan (up 8.5 percent), whereas those to China (including Hong Kong) (down 1.5 percent) slid.   date2025-05-14

Korea and ASEAN Think Tanks Launch Policy Platform for Trade and Economic Cooperation

Trade Minister Cheong In-kyo of the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) attended the first ASEAN-ROK Think-Tank Dialogue on Economic and Trade Policy (AKTD) on Jeju Island on May 14, 2025. The event brought together approximately 100 participants, including representatives from Korean and ASEAN major think tanks, the ASEAN Secretariat, Economic Research Institute for ASEAN and East Asia (ERIA), the Asia Foundation, Yonsei University, and the Korea-Southeast Asia Policy Cooperation Center. AKTD is the first economic and trade cooperation project launched since  ROK-ASEAN diplomatic relations were elevated to a comprehensive strategic partnership at the 25th ROK-ASEAN Summit held in Vientiane, Lao PDR, in October 2024. It is also a ROK-ASEAN policy research platform to identify sustainable economic cooperation projects and support policy capacity building in ASEAN member states. The inaugural conference is significant in that Korea and 10 ASEAN think tanks gathered to establish a systematic policy dialogue channel for future economic and trade policy cooperation. In his welcoming remarks, Trade Minister Cheong noted that ASEAN is Korea’s third-largest trading partner and second-largest foreign direct investment (FDI) destination, highlighting that the two sides have continued to strengthen mutually beneficial cooperation in trade and economic areas. In view of ROK-ASEAN relations having advanced to a comprehensive strategic partnership, he expressed hope that AKTD would develop into a flagship ROK-ASEAN policy cooperation by helping identify and launch joint projects. During the forum session, Korea Institute for Industrial Economics & Trade (KIET) President Kwon Nam-hoon delivered a keynote speech on the role of think tanks for national development. Speakers from ERIA, the Institute of Malaysian and International Studies (IKMAS), and the Korea Institute for International Economic Policy (KIEP) then presented on ASEAN’s trade and economic development strategies. A panel discussion followed, chaired by the Asia Foundation’s Korean representative Song Kyung-jin. IKMAS Director Sufian Jusoh welcomed the launch of AKTD and pledged IKMAS’ active participation and support in its joint research projects and other events this year. In the subsequent roundtable session, participants discussed the basic direction for AKTD’s future operations and formally adopted the “Operational Guidelines for the AKTD,” signed by KIET and nine ASEAN think tanks. The guidelines will serve as a critical foundation for establishing AKTD as a sustainable cooperative platform that can support ASEAN’s economic development policies. MOTIE will report AKTD’s joint research outcomes at the 22nd ASEAN Economic Ministers (AEM)-ROK Consultation slated for September 2025 in Malaysia, while also preparing a follow-up conference in coordination with the ASEAN chair and the ASEAN Secretariat. date2025-05-14

Korean Culture and Technology Capture Global Attention at 2025 Osaka-Kansai World Expo

The Ministry of Trade, Industry, and Energy (MOTIE, Minister Ahn Duk-geun), Ministry of Culture, Sports, and Tourism (MCST), Ministry of Foreign Affairs (MOFA), Ministry of Agriculture, Food, and Rural Affairs (MAFRA), and the Korea Heritage Service (KHS) announced that Korea will host the five-day Korea Week (May 13–17) at the 2025 Osaka-Kansai World Expo, starting with Korea Day. Approximately 350 visitors attended the Korea Day event launched on May 13, 2025, including a total of 30 government officials and business leaders of both countries. The Korea Day event features a series of programs celebrating the history of Korea-Japan exchanges, beginning with a reenactment of the Joseon Tongsinsa procession commemorating the port entry of the ship that carried diplomatic envoys from the Joseon Dynasty into Osaka. The Joseon Tongsinsa was the Joseon Dynasty’s delegation for bilateral exchanges in the 17–19th century. Related records are jointly registered by the two countries on the UNESCO Memory of the World Register in 2017. The government officials and business leaders from both countries also visited the Japan Pavilion and the Korea Pavilion. Under the theme “Between Lives,” the Japan Pavilion features plant, farm, and factory zones showcasing the use of Japan’s cutting-edge technology in waste decomposition, recycling, and the circular economy. The Korea Pavilion, themed “With Hearts,” presents a blend of advanced technology and culture through AI, hydrogen fuel cells, and K-Pop to illustrate environmental recovery and intergenerational connection. Since its opening on April 13, the Korea Pavilion has attracted about 350,000 visitors and ranks as one of the most popular national pavilions at the Expo. Officials and business leaders then attended major sideline events, including the Korea Tourism Festa and K-Food Fair. A B2B and B2C marketing exhibition space brought together 90 Korean firms and 160 Japanese buyer companies, featuring a wide range of cosmetics and daily necessities produced by Korean SMEs as well as IT home appliances and mobility products of Samsung Electronics and Hyundai Motor, providing visitors the opportunity to experience the products firsthand. MOTIE Minister Ahn Duk-geun stated that growing global interest in the Korean lifestyle and culture is increasing demand for Korean products and technology, creating a virtuous cycle. He added that the government will build on the Expo to generate synergy so that Korea’s strengths in these areas can translate into stronger national competitiveness. Held as the final official program, the Korea-Japan Friendship Dinner brought together around 100 key figures of both countries to wish success for the 2025 Osaka-Kansai World Expo. date2025-05-13