Ministry of Trade Industry and Resources

Joint Media Statement of the Thirteenth Economic and Trade Ministers’ Meeting between the Republic of Korea, Japan and the People’s Republic of China

Joint Media Statement of the Thirteenth Economic and Trade Ministers’ Meeting between the Republic of Korea, Japan and the People’s Republic of China 30 March 2025, Seoul, Korea   1.      We, the Economic and Trade Ministers of the Republic of Korea, Japan and the People’s Republic of China, convened in Seoul, Korea, on 30 March 2025, to hold the Thirteenth Korea-Japan-China Economic and Trade Ministers’ Meeting.   2.      We reaffirmed our conviction that trilateral efforts in the economic and trade sectors are essential for fostering the prosperity and stability of the regional and global economy, as emphasized in the Joint Declaration of the Ninth Trilateral Summit in May 2024.    3.      We noted with satisfaction the advancements made in trilateral cooperation between our three countries and held fruitful discussions on the future trajectory of our cooperation. We especially recognized the need for ongoing trilateral economic and trade cooperation to effectively address emerging challenges and achieve tangible outcomes in key areas.    4.      We shared the view that the Thirteenth Trilateral Economic and Trade Ministers’ Meeting plays a vital role in strengthening our trilateral cooperation. The Minister of Economy, Trade and Industry of Japan and the Minister of Commerce of the People’s Republic of China expressed their appreciation for the efforts of the Minister of Trade, Industry and Energy of the Republic of Korea as Chair to ensure the continual progress of trilateral economic and trade cooperation.   5.        (WTO Reform) We support the rules-based, open, inclusive, transparent, non-discriminatory multilateral trading system with the World Trade Organization (WTO) at its core. We emphasized the need to advance the necessary reform of the WTO and strengthen all its functions, including negotiation, monitoring, deliberation and dispute settlement so that the organization can become more responsive and resilient in addressing current trade challenges, particularly in the lead up to the 14th WTO Ministerial Conference (MC14). We also reiterated our support for the extension of the moratorium on customs duties on electronic transmissions at MC14. We commended the efforts to intensify discussions in the WTO on contemporary key issues.   6.        (WTO JSIs) Acknowledging the value of ongoing plurilateral discussions under the WTO, including the Joint Statement Initiatives (JSIs), we highlighted their potential to address emerging trade issues, foster inclusive economic growth, and build momentum towards multilateral outcomes. We urged WTO Members to support the early incorporation of the Investment Facilitation for Development (IFD) Agreement and the Agreement on Electronic Commerce into the WTO legal framework and encouraged wider participation in the Agreements.   7.      (RCEP) We highlight the importance of the transparent, smooth and effective implementation of the Regional Comprehensive Economic Partnership (RCEP) Agreement. We encourage the RCEP Joint Committee to finalise the Terms of Reference of the Accession Working Group (AWG) for new membership to the RCEP as soon as possible.   8.        (Trilateral FTA) We keep discussions for speeding up negotiations for a Trilateral FTA with a view to realizing a free, fair, comprehensive, high-quality and mutually beneficial FTA with its own value.   9.       (Predictable and Reliable Business Environment) We will continue to work to ensure a global level playing field to foster a free, open, fair, non-discriminatory, transparent, inclusive and predictable trade an date2025-03-31

Korea and Dominican Republic Discuss Trade and Economic Cooperation

Minister for Trade Inkyo Cheong of the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) met with with Federico Cuello, Ambassador of the Dominican Republic to the Republic of Korea, on March 27, 2025, in Seoul to exchange views on the global trade landscape and discuss measures to strengthen bilateral economic cooperation. During the talks, Trade Minister Cheong noted the rising need to expand economic cooperation between Korea and Latin America amid the rapidly changing global trade environment and requested Ambassador Cuello, as the Dean of the Group of Latin American and Caribbean Countries (GRULAC), to play an active role. Noting that the Dominican Republic is one of Korea’s major economic cooperation partners in the Central American and Caribbean region, Trade Minister Cheong called for expanding trade and industry cooperation between the two countries based on the bilateral Trade and Investment Promotion Framework (TIPF) signed on the occasion of the Dominican Republic Vice President Raquel Peña’s visit to Korea in April 2023. The trade minister also asked for the Dominican Republic’s cooperation in launching the bilateral Economic Partnership Agreement (EPA) negotiations to establish a stable basis for greater trade and investment between the two countries. He also requested support to help facilitate Korean companies’ participation in the Dominican Republic’s future energy infrastructure projects. date2025-03-28

Korea and Japan to Boost Joint Efforts in Hydrogen Economy

Director General for Hydrogen Economy Policy Choi Woo-hyuk at the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) attended the second Korea-Japan Hydrogen Cooperation Dialogue in Tokyo on March 26, 2026. He was joined by Sadanori Ito, Director General for Energy Efficiency and Renewable Energy Department under Japan’s Ministry of Economy, Trade and Industry (METI), and representatives from 11 hydrogen-related institutions from both countries. The two countries had launched working groups on clean hydrogen supply chains, carbon intensity and certification, standards and criteria, and safety following the Korea–Japan industry ministerial talks and the first Hydrogen Cooperation Dialogue in June 2024. During today’s second meeting, the two sides reviewed the progress in the four working groups’ on cooperation agendas and discussed measures to expand collaboration. Recognizing the private sector’s critical role in clean hydrogen supply chain cooperation, the two sides agreed to establish a private Korea-Japan cooperative platform for hydrogen supply chain utilization alongside the existing intergovernmental cooperation channel. They also agreed to convene bilateral hydrogen seminars to make tangible progress in joint efforts on clean hydrogen supply chains, hydrogen co-firing, and hydrogen mobility. On carbon intensity and certification, the two countries agreed to work together improve methodologies for measuring greenhouse gas emissions generated during clean hydrogen production. They will also make joint visits to major overseas sites. On standards and criteria, the two sides will work together on the international standardization of key hydrogen technologies. On safety, Korea and Japan will expand exchanges on hydrogen safety information and best practice sharing. date2025-03-26

Korea’s retail industry grows 4.4% in February

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s retail industry advanced 4.4 percent year-on-year in February 2025, with offline sales declining 7.7 percent and online sales growing 16.7 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. With this year’s Seollal holidays landing in January and the number of working days for February coming short by a day compared to last year, retail sales across all offline channels decreased.  Hypermarkets slowed in most sales categories such as food products (down 19.7 percent), home appliances/culture (down 10.9 percent), clothing (down 23.6 percent), and home/living (down 22.5 percent). Department stores showed growth in foreign designer labels (up 4.5 percent) and household goods (up 4.3 percent), while food products (down 21.2 percent), miscellaneous goods (down 6.5 percent), and kids/sports (down 7.6 percent) shrank. Convenience stores and SSMs experienced retreating sales in both food and non-food categories. As for the online retail industry, food products (up 14.9 percent) and service/other (up 76.3 percent) sales expanded on the backs of stronger online delivery services and robust demand for food delivery and e-coupons, whereas fashion/clothing (down 9.7 percent) and sports (down 9.8 percent) contracted. Meanwhile, back-to-school demand drove sales for home appliances/consumer electronics (up 3.6 percent) and helped snap their five-month downward streak.   date2025-03-25

Global Companies Declare $0.3 Billion in Investments in Korea’s Offshore Wind and Advanced Materials

Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy (MOTIE) held a foreign investment strategy meeting in Seoul on March 24, 2025, with representatives of foreign-invested companies and foreign chambers of commerce in Korea. At the meeting, participants expressed appreciation for the Korean government’s efforts to foster a business-friendly environment and called for stronger incentives and regulatory easing in electric vehicles (EVs), healthcare, and offshore wind, as well as better conditions for foreign investors settling in Korea. Noting rising global uncertainties, including  protectionism and supply chain shifts, Minister Ahn stated that MOTIE intends to substantially expand incentives for foreign investors, improve the investment environment in line with global standards, and carry out strategic outreach activities despite changing conditions at home and abroad to spur foreign investment. At the meeting, MOTIE also announced that global companies including Vena Energy and Corning submitted investment declarations in Korea totaling USD 0.3 billion in offshore wind and advanced materials. date2025-03-24

Minister Ahn attends signing ceremony to advance Korean Air, Boeing & GE partnerships and strengthen Korea-U.S. aviation cooperation

On the occasion of Minister of Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea’s visit to Washington D.C. from March 20-21 (local time), Mr. Ahn and U.S. Secretary of Commerce Howard Lutnick jointly attended a signing ceremony with Korean Air, Boeing & GE to strengthen their strategic partnerships.   * Corporate Attendees: Walter Cho (Chairman & CEO of Korean Air and Hanjin Group), Kelly Ortberg (President & CEO of Boeing), Russel Stokes (President & CEO of GE Aerospace) The signing ceremony underscores Korean Air’s commitment to collaboration with Boeing and GE Aerospace prior to the finalization of large-scale contracts with a total value of 32.7 billion USD. In particular, this event marks the first joint participation of Ministers from Korea and the United States under President Trump’s second administration, raising expectations for further cooperation between the two countries in various areas including aviation, semiconductors, shipbuilding and energy. * Details of the contract between Korean Air-Boeing: The two companies will soon finalize a firm order for twenty Boeing 777-9 and twenty Boeing 787-10 by 2033, and options for an additional ten aircraft (worth a total 24.9 billion USD). ** Details of the contract between Korean Air-GE: The two companies will soon finalize a firm order for eight spare engines (plus options for two additional engines) and engine maintenance services (worth a total 7.8 billion USD). Minister Ahn stated in his congratulatory remarks that “through these collaborations with prominent U.S. aviation companies, Korean Air is set to further strengthen its position in the global aviation market, accelerating its journey to becoming one the world’s top ten airlines.” Minister Ahn also emphasized that these agreements will pave the way for further strengthening the wide-ranging material and human exchanges between Korea and the United States, vowing that the Korean government “will continue to actively support cooperation in the private sector between both countries.” date2025-03-21

MOTIE Launches Global Talent Supporters, Expands Online Recruitment Support for Foreign-invested Firms

The Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) held the Global Talent Supporters (“Supporters”) kick-off ceremony at the Korea Trade-Investment Promotion Agency (KOTRA) in Seoul on March 21, 2025, to enhance support for foreign-invested firms’ talent recruitment. Now in its second year, the Supporters program for 2025 selected 20 university students who hope to work at foreign-invested companies and grow into global talents, each of whom beat 22 other competitors in the nationwide selection process.  Over the next two months, the Supporters will promote recruitment information on foreign-invested firms and visit and report on leading global companies through YouTube and other media platforms. Leveraging their digital fluency and ability to create original content, the Supporters will serve as a bridge between companies and young job seekers by bringing quality job opportunities to young job-seekers. MOTIE will also expand support for year-round online recruitment. Since 2019, the ministry has operated a dedicated section on Job Korea (www.jobkorea.co.kr/Theme/kotra), a private career portal, to support year-round recruitment by foreign-invested firms. Starting this year, MOTIE plans to strengthen support for year-round online recruitment in advanced industries by adding special sections introducing leading companies in the sector and featuring interviews with HR managers. MOTIE will also support the creation of a special webpage for participating foreign-invested companies with plans for large-scale recruitment. The Korean government is also preparing for the Global Talent Fair 2025, scheduled for May 19 to 20, 2025, to actively assist job-seekers in finding employment at global companies. Preregistration for the fair is open from March 20 to May 2, 2025, and job seekers can preregister at the official website (globaltalentfair.kotra.biz) to access a variety of employment support programs. date2025-03-21

Korea Trade Commission Holds Public Hearing on Petroleum Resin Imports

The Korea Trade Commission (KTC) under the Ministry of Trade, Industry and Energy (MOTIE, Minister Ahn Duk-geun) held a public hearing on March 20, 2025, on whether imports of petroleum resin from China and Taiwan are causing injury to the domestic industry, following anti-dumping investigations launched in August 2024. Following a preliminary determination in December 2024, provisional anti-dumping duties of between 4.45% and 18.52% are currently levied on the products. Held under Article 64 of the Enforcement Decree of the Customs Act, the public hearing was held to grant interested parties sufficient opportunity to present their views and exercise their rights of defense. A final determination will be made during the first half of 2025 following domestic and overseas due diligence procedures. The KTC also held its 458th meeting on the same day to receive reports on anti-dumping investigations into hot-rolled carbon and alloy steel products filed by Hyundai Steel, as well as into single-mode optical fiber products filed by LS Cable & System. date2025-03-20