Ministry of Trade Industry and Resources

Korea and the U.S. Establish Framework for Tariff Discussions

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) and Deputy Prime Minister Choi Sang-mok of the Ministry of Economic Affairs (MOEA) held the Korea-U.S. 2+2 Trade Dialogue in Washington, D.C. on April 24, 2025. Later that day, Minister Ahn met with U.S. Trade Representative (USTR) Jamieson Greer, and the two sides agreed to launch bilateral working-level consultations on tariff issues at the earliest possible date. At the 2+2 Trade Dialogue held earlier that morning, Minister Ahn and Ambassador Greer discussed ways to strengthen Korea-U.S. trade cooperation, with a focus on building a mutually beneficial and balanced trade relationship. During the meeting, Minister Ahn requested the U.S. to exempt Korea from all forms of tariffs, including reciprocal tariffs, product-specific tariffs on automobiles and steel, and any additional tariffs that may be imposed in the future. The two sides also reached a principled agreement on establishing a framework for future consultations. They agreed to hold working-level discussions next week to determine the scope and format of the consultations. The specific agenda and approach will be finalized through coordination with relevant ministries and the Economic Security Strategy Task Force, chaired by the Acting President. Based on this internal process, discussions with the U.S. will proceed. To address issues of interest to the U.S. side in a comprehensive manner, officials from several Korean ministries also participated in the meeting, including the Ministry of Science and ICT (MSIT), Ministry of Land, Infrastructure and Transport (MOLIT), Ministry of Environment (ME), Ministry of Agriculture, Food and Rural Affairs (MOFRA), and Ministry of Health and Welfare (MOHW). They shared updates on cross-sectoral issues, laying the groundwork for future consultations. Minister Ahn stated, “With both sides agreeing to launch working-level consultations, we now have an open channel for more detailed discussions. We will approach future consultations with the U.S. in a calm and deliberate manner, while maintaining close communication with relevant ministries and industry stakeholders." date2025-04-25

Korea Trade Commission Proposes Anti-Dumping Duties on Cold-Rolled Stainless Steel Products From Vietnam

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) held its 459th meeting on April 24, 2025, for deliberation and resolution on six agenda items. First, the KTC decided to recommend anti-dumping duties on cold-rolled stainless steel products from Vietnam, after making a final determination that the dumped imports have caused material injury to the domestic industry. The KTC will recommend the Minister of Economy and Finance to impose a five-year anti-dumping duty of between 11.37% and 18.81%. For sodium dithionite from China and particle board from Thailand, the KTC made preliminary determinations that dumped imports had caused injury to the domestic industries. Accordingly, the KTC will recommend provisional anti-dumping duties to the Minister of Economy and Finance to prevent further injury during the main investigation:  between 15.15% and 33.97% for sodium dithionite products from China and between 11.82% and 17.19% for particle board from Thailand. In investigations into the alleged infringement of a toner cartridge patent and mango jelly copyright, the KTC ruled that the respondents have not violated claimants’ rights and thereby have not engaged in unfair trade practices. In investigations into the alleged infringement of a tent and sleeping bag trademark, the KTC accepted both parties’ request to withdraw the case and closed the investigations. The KTC also received a report on the launch of an interim review of anti-dumping duties on polyethylene terephthalate (PET) film from China. Anti-dumping duties of 2.2% to 36.98% were imposed on the product for five years, from May 2023 to May 2028. The review on Chinese firms Tianjin Wanhua and Kanghui New Material Technology was requested by four Korean companies over concerns that the dumping margin in 2024 may have risen above the level found during the original investigation period in 2021, amid the recent rise in import shipments and decline in import prices. If the KTC’s investigation confirms an increased dumping rate over the next six months, it may recommend the Minister of Economy and Finance to apply a revised dumping rate until the anti-dumping duty expires in 2028. Meanwhile, the KTC held a public hearing on the same day on injury to the domestic industry caused by imports of stainless steel plates from China, an investigations that began in September 2024. The hearing was intended to grant interested parties sufficient opportunity to make statements and ensure their rights of defense. The products are currently subject to a provisional anti-dumping duty of 21.6% and await a final determination in the first half of 2025 following domestic and overseas due diligence procedures. date2025-04-24

No facts confirmed of news article reporting that Chinese gov’t sent Korean companies an official warning letter as export control measure on Chinese rare earth elements

A news article by Hankyung on April 22 reported that the Chinese government sent Korean firms an official letter warning of sanctions should they export to U.S. arms companies any products manufactured using Chinese rare earth elements. The news article further claimed that this may seriously impede Korea’s exports. The Korean government is in the process of checking whether the news article is based on facts by communicating with the Chinese government and relevant industries. As of yet, no facts have been confirmed concerning any Korean company receiving such warning letters from the Chinese government. The Korean government plans to closely monitor the export controls of major trading partners and will make the utmost effort towards resolving domestic supply chain issues through communication and consultation with relevant countries.   date2025-04-23

Korea and Turkmenistan Step Up Plant Cooperation

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) met with Baymyrat Annamammedov, Deputy Chairman of the Cabinet of Ministers of Turkmenistan for Construction and Industrial Complex, in Seoul on April 18, 2025, for high-level Korea–Turkmenistan talks on plant cooperation. Prior to the talks, the two sides held a signing ceremony for a framework agreement on the Türkmenabat mineral fertilizer plant project, worth about USD 700 million. This project was commissioned by the “Turkmenhimiya” State Concern, with Korea’s Daewoo E&C participating as a contractor. Once completed, the plant will process phosphate rocks from the Türkmenabat region into phosphorus to produce fertilizers, which is expected to help improve Turkmenistan’s industrial and agricultural productivity and diversify its export portfolio. During the high-level talks, Minister Ahn proposed an early conclusion of the final agreement for the Türkmenabat mineral fertilizer plant project and requested the Turkmen government’s support for Korean companies seeking to participate in additional plant projects going forward. date2025-04-18

Korea’s auto exports log 2nd highest for March

The Ministry of Trade, Industry and Energy (MOTIE) of Korea announced today that automobile production (up 1.5 percent), domestic sales (up 2.4 percent), and export value (up 1.2 percent) for the month of March 2025 all advanced year-on-year for the second consecutive month. Notably, March automobile exports reached the second highest in history for the month at $6.2 billion. The export value for the first quarter (Q1) inched down 1.3 percent year-on-year, which is attributable to last year’s high base effect and this year’s lower number of working days (-3) compared to Q1 2024. Domestic sales rose 2.7 percent to 388,294 units during Q1 2025 as a result of a base effect from last year’s sluggish domestic demand. Q1 sales of eco-friendly vehicles soared over 20 percent to 169,013 units and the total automobile production volume (1,013,485 units) breached the one-million-unit mark for the third consecutive year, driven by strong domestic demand.   date2025-04-15

Korea and Vietnam Sign MOUs to Broaden Economic Cooperation

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) met with Nguyen Hong Dien, Vietnam’s Minister of Industry and Trade, in Hanoi on April 14, 2025, for the 14th Korea-Vietnam Joint Industrial Committee and the 8th Korea-Vietnam FTA Joint Committee, where they discussed measures for wider economic cooperation between the two countries. At the Korea-Vietnam Joint Industrial Committee meeting, the two sides discussed detailed implementation measures to achieve USD 150 billion in bilateral trade by 2030 and agreed to cooperate on nuclear reactor projects in Vietnam, LNG power generation, clean energy development, and textile sector investments, and the resumption of logistics policy meetings at the director general level. At the subsequent FTA Joint Committee meeting, the two sides reviewed key issues, including amending the bilateral FTA to help reduce costs and streamline customs procedures for exporters, expanding electrical safety certification bodies, broadening trade in agricultural and livestock products, and import regulations. They also discussed ways to help companies make better use of the bilateral FTA. Following the meetings, the chief delegates of the two countries signed a memorandum of understanding (MOU)  on implementation measures to achieve $150 billion in bilateral trade volume by 2030, while the director generals in charge of nuclear power development signed an MOU on bilateral nuclear reactor cooperation. In addition, Korea Electric Power Corporation (KEPCO signed an MOU with Vietnam’s state-owned power transmission company for cooperation in power grids and new energy industries.  In the evening of the same day, Minister Ahn convened a conference with the representatives of 16 Korean companies operating in Vietnam to discuss business issues. He stated that the ministry will continue to maintain intergovernmental, high-level consultations with relevant authorities. date2025-04-15

Korea’s ICT exports climb 9.4% in March

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Science and ICT (MSIT) of Korea announced today that exports and imports of information and communications technology (ICT) goods for March 2025 rose 9.4 percent and 6.8 percent year-on-year, respectively, to USD 20.6 billion and $12.2 billion. The trade balance stood at a surplus of $8.4 billion. Compared to February, the month of March saw exports and trade surplus soar steeply, each advancing 24 percent and 48 percent month-on-month. It is also significant to note that exports of major ICT items gained simultaneously for the first time in eight months. Leading items like semiconductors (up 11.8 percent year-on-year), displays (up 1.3 percent), mobile phones (up 14.5 percent), and computers/peripherals (up 28.1 percent) all achieved growth, whereas communication devices (down 0.4 percent) slowed. The rebound of semiconductors is attributed to buyers’ depleting memory chip inventories and increasing demand for high value-added memory chips like HBMs and DDR5s. Displays snapped their eight-month losing streak, thanks to new mobile phone model releases and wider demand from downstream ICT industries.  Mobile phones performed strong as shipments of parts surged on the backs of demand from overseas production bases. Computers/peripherals enjoyed growth as increasing investments in servers and datacenters across the U.S. and the EU led to higher demand for storage devices. Meanwhile, communication devices inched down as a result of the diminished supply of parts for wireless communication devices. By region, Korea’s ICT exports expanded to destinations like the U.S., Vietnam, and Japan, while those to China (including Hong Kong) and the EU declined.   date2025-04-14

Public and Private Sector Experts Gather in Seoul to Discuss Clean Energy Transition

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) held the 16th Clean Energy Ministerial (CEM) and 10th Mission Innovation (MI) high-level working meetings in Seoul on April 9–11, 2025, bringing together about 280 participants from the governments of 24 member economies, international organizations, and the public and private sectors. During the meetings, participants exchanged views on trends in clean energy distribution, technological innovations, and policies to expedite clean energy transitions in line with global energy and climate goals. They also discussed sector-specific joint measures and preparations for the CEM and MI ministerial conferences slated for August 2025. As the chair of this year’s CEM and MI ministerial meetings, Korea proposed expanding clean power, promoting hydrogen as a future fuel, artificial intelligence (AI), and energy innovation as key agenda items. Given the importance of clean power, hydrogen, and AI technology to climate action, clean energy distribution, and energy security, participants are expected to actively seek joint measures for related support policies and technological innovations. The CEM and MI ministerial conferences will be held in Busan on August 26–27, 2025, alongside the APEC Energy Ministerial Meeting on August 27–28, 2025, and the World Climate Industry EXPO on August 27–29, 2025. Together, the events are expected to provide a broad forum for discussions on measures for sustainable growth and cooperation among energy leaders from more than 40 countries. date2025-04-10