Ministry of Trade Industry and Resources

Trade Minister Yeo Meets Deputy Prime Minister Sun to Discuss Korea–Cambodia Economic Cooperation

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Sun Chanthol, Cambodia’s Deputy Prime Minister and First Vice Chairman of the Council for the Development of Cambodia (CDC), at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on June 15, 2026. The two sides discussed expanding economic and trade cooperation between Korea and Cambodia.  The meeting was held at Deputy Prime Minister Sun’s request during his visit to Korea for the 2026 Incheon–Cambodia Investment Roadshow, held in Incheon. The two sides exchanged views on a broad range of bilateral economic issues, including the implementation of the Korea–Cambodia Free Trade Agreement (FTA), stronger economic cooperation, official development assistance (ODA), and international greenhouse gas emissions reduction. Minister Yeo welcomed the continued growth in bilateral trade and investment since the Korea–Cambodia FTA entered into force in 2022 and bilateral relations were upgraded to a strategic partnership in 2024. Minister Yeo also shared updates on MOTIR’s ODA projects for Cambodia, including the TASK (Technology Advice and Solutions from Korea) Center Project for Cambodia’s food processing sector, which has been under way since 2023, and the ASEAN Trade Officials Training Program scheduled for the second half of 2026. Deputy Prime Minister Sun said Korea’s ODA projects have contributed significantly to Cambodia’s economic development and expressed hope that they would further strengthen bilateral cooperation. The two sides also reviewed the outcomes of Korea’s first approved international greenhouse gas reduction project in the industrial sector, which was finalized in 2025 with the Cambodian government’s approval. They agreed to strengthen cooperation in future industries, including green technology, building on Cambodia’s commitment to carbon reduction and Korean companies’ technological capabilities. MOTIR will continue working with Cambodia to expand bilateral exchanges and support Korean companies seeking to enter and operate in the Cambodian market. date2026-06-15

Korea and Bangladesh to Hold Fourth Round of CEPA Negotiations

Korea and Bangladesh will hold the fourth round of official negotiations toward a Comprehensive Economic Partnership Agreement (CEPA) in Dhaka from June 14 to 19, 2026. The talks come amid a growing need to expand into promising emerging markets and diversify Korea’s export destinations in response to the rapidly changing global trade environment. The Office of Trade Negotiations at the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that around 60 delegates from the two countries will attend the negotiations. Korea’s delegation will be led by Park Geun-oh, Director General for Trade Agreement Policy at MOTIR, while Bangladesh’s delegation will be led by Ayesha Akther, Additional Secretary and Head of the Foreign Trade Agreement Wing at the Ministry of Commerce. Since declaring the launch of negotiations in November 2024, the two countries have held three official rounds of talks. In Dhaka, they plan to continue detailed discussions across 11 areas, including tariff concessions, services, and rules of origin, with the aim of building a solid basis for concluding the agreement. Bangladesh is one of South Asia’s key growth markets, with a population of 170 million and a high rate of economic growth. A CEPA with Bangladesh is expected to help Korean companies broaden their export base. As the Bangladeshi government is actively expanding national infrastructure, including power, roads, and aviation, the agreement is also expected to create more opportunities for Korean construction and engineering companies. Bangladesh is scheduled to graduate from least developed country (LDC) status in November 2026 and is pursuing market-opening policies, including accession to the Regional Comprehensive Economic Partnership (RCEP) and free trade agreements with major partners. “Bangladesh is a key South Asian market, with average annual growth of more than 6 percent. A CEPA with Bangladesh is expected to expand Korean companies’ access to the South Asian market,” said Director General Park. “Korea will take a proactive approach to the negotiations so the talks can make swift progress.” date2026-06-15

Korea and Saudi Arabia Strengthen Partnership in Resources and Industry

Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) visited Saudi Arabia from June 13 to 14, 2026, as a follow-up to the April visit to the Middle East by the Presidential Special Envoy for Strategic Economic Cooperation. Saudi Arabia is Korea’s largest crude oil supplier and pledged during the April visit to give priority to supplying crude oil and naphtha to Korea. The visit was arranged to follow up on the crude oil and naphtha supply arrangements and strengthen resource security and industrial cooperation with Saudi Arabia amid the Middle East conflict. Minister Kim first met with Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy. The two ministers reviewed progress on the crude oil and naphtha supply arrangements made during the Special Envoy’s April visit and agreed to maintain stable supplies of the planned volumes through the end of 2026. They also signed an MOU on Cooperation in the Crude Oil and Gas sector between Korea and Saudi Arabia to establish a medium- to long-term foundation for resource cooperation beyond short-term supply arrangements. The MOU identifies specific areas for stronger cooperation across energy resources, including oil, gas, and petrochemicals. These include crude oil stockpiling; pipeline infrastructure development; innovation in energy and resource technologies using AI and digital transformation; technology development to improve environmental and economic sustainability; development and use of petrochemical materials; development of appropriate infrastructure to improve access to energy resources; and business-to-business cooperation. Minister Kim also met with Fahad Al-Saif, Minister of Investment, and Bandar Al-Khorayef, Minister of Industry and Mineral Resources, to review progress on major industrial cooperation projects Korean companies are pursuing in Saudi Arabia. The projects include Hyundai Motor and PIF’s joint vehicle plant in Saudi Arabia, a project expected to deliver tangible results as it begins full-scale mass production in 2027. They also include International Maritime Industries (IMI), a joint shipyard project between HD Korea Shipbuilding & Offshore Engineering and Aramco. IMI is the largest shipyard in the Middle East, covering 4.96 million square meters, or roughly the size of 700 soccer fields. Minister Kim asked the Saudi government to provide active support to ensure timely completion of the projects. Building on successful models in traditional manufacturing, including automobiles and shipbuilding, the two sides agreed to explore new cooperation areas such as minerals. They also agreed to expand future cooperation into advanced industries, including AI. Noting Saudi Arabia’s abundant minerals for advanced industries—including sulfur, phosphate rock, bauxite, and rare earth elements—Korea’s world-class high-purity refining and processing technologies, and strong demand for these minerals in advanced industries, the two sides agreed to pursue full-cycle cooperation spanning mining, refining and processing, and advanced industry development. The two sides agreed to explore cooperation between research institutions in both countries on mineral deposit exploration in Saudi Arabia and the development of national geological information systems. “This visit to Saudi Arabia was significant because it reaffirmed stable supplies of key national resources, including crude oil and naphtha, amid continued global supply chain instability and laid the groundwork for medium- and long-term resource cooperation,” Minister Kim said. “Building on the outcomes of practical industrial cooperation, Korea will continue to expand economic cooperation with Saudi Arabia across manufacturing, advanced industries, and other areas.” Following his visit to Saudi Arabia, Minister Kim will visit Qatar on June 15 and the United Arab Emirates (UAE) on date2026-06-15

Korea Signs AI Standardization Cooperation MoU with Singapore, UK, Australia, and Canada

The Korean Agency for Technology and Standards (KATS, Administrator Kim Dae-ja), under the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim), announced that it signed an MoU on AI pre-standardization cooperation with the national standards bodies of Singapore, the United Kingdom, Australia, and Canada in Singapore on June 11, 2026. The signatories were Enterprise Singapore (ESG), the British Standards Institution (BSI), Standards Australia (SA), and the Standards Council of Canada (SCC). The MoU reflects a shared view among the five countries that, as AI advances rapidly and spreads across industries, a cooperation framework needs to be built at the pre-standardization stage, before international standards are developed. The five countries plan to regularly hold joint workshops and expert seminars to share best practices in AI standardization and conformity assessment. The MoU also calls for pre-standardization cooperation on white papers, technical reports, and guides. The five countries will also carry out joint standardization pilot projects in key fields for AI application, such as manufacturing and healthcare. This work will help bring any draft standards developed through the projects into international standardization discussions at bodies such as ISO/IEC JTC 1/SC 42, the international committee on AI standardization. KATS President Kim Dae-ja said, “This MoU is significant in that it establishes a broader international cooperation framework that reflects a wider range of perspectives on AI standardization amid intensifying U.S.- and China-centered competition over AI technology and standards. Building on this MoU, KATS will expand cooperation with standards partners, connect M.AX outcomes to standardization, and support Korean companies as they expand globally.” date2026-06-12

Korea and Morocco Accelerate Economic Cooperation

Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) visited Morocco on June 11-12, 2026, to advance trade and industrial cooperation between Korea and Morocco. During the visit, he held talks with Omar Hejira, Secretary of State to the Minister of Industry and Trade, in charge of Foreign Trade, and met with Korean companies operating in Morocco to discuss bilateral economic cooperation and ways to support Korean businesses. On June 11, Minister Yeo met with Secretary of State Hejira to discuss economic cooperation, including ways to expand trade and investment. The two sides agreed to establish a working group at the director-general level to continue detailed discussions. Through the working group, they will work closely so that negotiations for the Korea–Morocco Comprehensive Economic Partnership Agreement (CEPA) can begin at an early date. Minister Yeo also reviewed progress on Korean companies’ projects in Morocco, including Hyundai Rotem’s plan to build an electric train plant and LG Energy Solution’s investment in a battery-grade lithium refinery. He asked for the Moroccan government’s support and cooperation to help the projects proceed smoothly. The two sides also discussed cooperation in shipbuilding, defense, and other industries. At a roundtable with Korean companies operating in Morocco, Minister Yeo heard their concerns and requests related to tariffs, logistics, customs clearance, and taxation, and discussed ways to address them. He said MOTIR will closely review the difficulties raised by companies on the ground and use bilateral consultation channels to help resolve them. Amid growing interest and demand for Korean cosmetics in Morocco, Minister Yeo also visited a local store specializing in Korean cosmetics. He was briefed on the current distribution and sales of Korean cosmetics in Morocco, heard related business concerns, and discussed support measures to help more Korean companies enter the local market. “Morocco is a key emerging economy in North Africa and a geoeconomic hub linking Europe, the Americas, the Middle East, and Africa. As the only African country with FTAs with major economies, including the United States and the EU, Morocco is an important gateway for Korean companies seeking to enter African markets,” Minister Yeo said. “Korea will strengthen government-to-government cooperation with Morocco to support stable trade and investment by Korean companies.” date2026-06-12

Korea and Kyrgyzstan Move to Accelerate Trade and Investment Cooperation

1. First Korea–Kyrgyzstan Trade and Investment Cooperation Committee The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that Bae Jun-hyoung, Director General for International Trade Relations, held the first meeting of the Korea–Kyrgyzstan Trade and Investment Cooperation Committee with Mederbek Tumanov, Deputy Minister of Economy and Commerce of the Kyrgyz Republic, in Bishkek on June 12, 2026. At the meeting, the two sides discussed cooperation tasks and future work across trade and investment, official development assistance (ODA), critical minerals, industrial cooperation, business cooperation, and other areas. On trade and investment, the two sides welcomed the recent growth in bilateral trade and agreed to create favorable conditions to expand two-way investment and strengthen industrial cooperation. They also agreed to support Korean companies entering the Kyrgyz market and promote business exchanges through the Korea Trade-Investment Promotion Agency (KOTRA) trade office in Bishkek, which is being prepared for opening within 2026. On development cooperation, the two sides reviewed the results of MOTIR’s technical guidance project for Kyrgyzstan’s textile sector and discussed future ODA cooperation, including a digital transformation (DX) technical guidance project scheduled to begin in 2026. The project will support the digitalization of Kyrgyzstan’s transport infrastructure and textile and apparel industry, expand technical exchanges between the two countries, and help build a stronger basis for Korean companies to enter the local market. On critical minerals, the two sides identified potential for cooperation on promising mineral resources in Kyrgyzstan, including antimony and tungsten. They agreed to share information on mineral resources, policies, and prospective projects, and to review possible cooperation in sustainable mineral development and processing technologies over the medium to long term. On business cooperation, the two sides focused on key issues Korean companies raised in the course of advancing business projects in Kyrgyzstan. The Korean side asked the Kyrgyz government for its close attention and support in maintaining a predictable and favorable business environment, so that Korean companies can continue investing and operating in the country under stable conditions. 2. Meeting with Kyrgyzgeology Vice President Director General Bae then met with Tynchybek Uulu Ryskul, Vice President of State Enterprise Kyrgyzgeology. The meeting focused on expanding bilateral cooperation in critical minerals, particularly high-potential mineral resources in Kyrgyzstan, including antimony, tungsten, and rare earth elements. The two sides shared the view that stable and diversified critical mineral supply chains are important and agreed to continue cooperation between relevant organizations from both countries in exchanging mineral resource information, identifying project opportunities, and strengthening exploration capabilities. 3. Roundtable  with Korean Companies Operating in Kyrgyzstan Director General Bae also attended a roundtable to support Korean companies operating in Kyrgyzstan at the Korean Embassy in Bishkek, together with Ambassador Kim Kwang-jae. At the roundtable, he exchanged views with Korean companies on expanding their presence in the Kyrgyz market and advancing their business projects in the country. He noted that MOTIR will continue to strengthen communication with Korean companies operating in Kyrgyzstan and work with the Korean Embassy, relevant ministries, and related organizations to support the stable progress of their business projects and help them achieve concrete results. “Bilateral trade between Korea and Kyrgyzstan is expanding rapidly, and Kyrgyzstan is an important economic cooperation partner for Korea in Central Asia,” Director General Bae said. “Bui date2026-06-12

Korea and Italy Build on Improved Trade Environment to Advance High-Tech Supply Chain Synergies

During President Lee Jae Myung’s visit to Italy, Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met with Adolfo Urso, Italy’s Minister of Enterprises and Made in Italy, in Rome on June 11, 2026. The two ministers exchanged views on shared priorities, including EU economic legislation, a more stable trade environment for businesses, and cooperation in high-tech industries. The two sides first discussed recent developments in EU legislation on key economic issues and cooperation to provide businesses with more predictable trade conditions. Korea expressed appreciation that Italy moved swiftly to remove the “Made in EU” regional restriction from the hyper-depreciation regime introduced by emergency decree on March 28, 2026, giving the change final legal effect through parliamentary approval on May 22, 2026, and helping reduce uncertainty in bilateral trade conditions. The two ministers agreed that high-quality Korean machinery and equipment could help Italian small and medium-sized manufacturers improve productivity and compete globally, while creating a basis for closer cooperation across future strategic industries. They also agreed to continue intergovernmental cooperation during future EU legislative processes on economic issues, helping strengthen industrial ecosystems in both countries and improve predictability for businesses. On high-tech industries, the two sides agreed that cooperation centered on AI and semiconductors could combine their complementary strengths and strengthen both countries’ global competitiveness. Korea presented its Manufacturing AI Transformation (M.AX) policy and highlighted potential synergies between Korea’s AI-driven manufacturing transformation and Italy’s traditional manufacturing base. Italy outlined its strengths in semiconductor materials, equipment, and advanced packaging, and expressed strong interest in working with Korea’s world-class memory and foundry technologies. The two sides also agreed to continue reviewing cooperation on stable supply chains for critical minerals essential to electric vehicles, batteries, and other industries. The meeting served as an opportunity for the two countries to share tangible outcomes from efforts to improve the trade environment and to jointly address shared industrial priorities, including AI transformation in manufacturing and semiconductor supply chains. The two sides will closely review progress in implementing the agreed items and continue to strengthen their strategic partnership in industry and trade. Minister Kim said, “The significance of this discussion lies in its move beyond coordination on individual trade issues to broaden the scope of bilateral industrial cooperation. At a time of major shifts in the global industrial paradigm, Korea and Italy explored a shared future vision and a joint industrial strategy.” He added, He added, “We will continue to develop a partnership built around improving the EU trade environment and expanding cooperation in high-tech industries, and translate that partnership into tangible synergies on the global stage.” date2026-06-12

Korea and EU Expand Economic Cooperation in Advanced Technologies, Digital Trade, and Supply Chains

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) announced that it held an investment declaration ceremony and a roundtable with European investors in Belgium on June 10, 2026, during President Lee Jae Myung’s visit to the European Union (EU). Korea and the EU also formally signed the Korea–EU Digital Trade Agreement (DTA), marking key outcomes in trade, investment, and digital cooperation. 1. European High-Tech Firms Report USD 165 Million in FDI At the investment declaration ceremony co-hosted by MOTIR and the Korea Trade-Investment Promotion Agency (KOTRA), four European high-tech companies reported a combined USD 165 million in foreign direct investment in Korea. Germany’s Orafol plans to expand the factory of a Korean reflective film company it acquired in 2025 and use Korea as an export hub serving Asia-Pacific demand by combining its technology with the Korean company’s global network, which spans more than 80 countries. France’s Quandela plans to expand R&D with Korean companies, universities, and research institutes and build Korea into an R&D and manufacturing base for photonic quantum computing. Dutch company Prodrive Technologies will establish its first Korean subsidiary to import and sell equipment modules for advanced industries, including semiconductors, and may later consider establishing a manufacturing base and R&D center as the business develops. Sweden’s Mycronic plans to use Korea as a research base to advance display and semiconductor equipment technologies, including laser systems used to produce photomasks. The investor roundtable that followed brought together Minister JK (Jung-Kwan) Kim; Kang Kyung Sung, President of KOTRA; Philippe van Hoof, Chairperson of the European Chamber of Commerce in Korea (ECCK); and representatives from six European companies and research institutes in areas including semiconductor materials, parts, and equipment, and quantum computing. Participants shared the view that investment cooperation among trusted partners, including Korea and Europe, has become more important as geopolitical tensions, growing protectionism, and rapid technological change make it difficult for any one country to respond alone. They also shared their business operations and future investment plans in Korea. “Korea’s competitive supply chains in advanced industries and its AI ecosystem will continue to create new opportunities for cooperation with European companies,” Minister JK Kim said. “The government will support investment in Korea by expanding foreign investment incentives, improving the regulatory environment, and addressing difficulties that arise during the investment process.” 2. Formal Signing of the Korea–EU Digital Trade Agreement Minister for Trade Yeo Han-koo of MOTIR and Maroš Šefčovič, European Commissioner for Trade and Economic Security, formally signed the Korea–EU DTA in the presence of the leaders of Korea and the EU. The agreement is Korea’s second bilateral digital trade agreement after Singapore and the first it has concluded with one of Korea’s top five trading partners. Building on the Korea–EU Free Trade Agreement, which entered into force in 2011, the DTA extends the two sides’ trade relationship into the digital field and provides an institutional basis for responding to the changing digital trade environment. The EU, with its 27 member states and growing e-commerce market, has been seen as a promising next-generation export market for Korean companies, led by K-content. The standalone agreement consists of 42 articles. The two sides launched negotiations in October 2023, held seven formal rounds, and announced the conclusion of negotiations in March 2025. The Korea–EU DTA is expected not only to further solidify digital trade cooperation between the two sides, but also to sign date2026-06-12