Seoul: South Korea's industry ministry is conducting a series of high-level meetings this week with officials from major Asia-Pacific Economic Cooperation (APEC) member economies to boost industrial and trade cooperation amid uncertainties in global trade.
According to Yonhap News Agency, Industry Minister Kim Jung-kwan is scheduled to meet with Indonesian counterpart Airlangga Hartarto to discuss challenges faced by Korean companies in Indonesia, including changes in the national standards system, and to explore effective utilization of the countries' bilateral comprehensive economic partnership agreement (CEPA).
The ministry added that Kim plans to seek Indonesia's support for implementing a long-term liquefied natural gas (LNG) supply deal with a Korean energy importer. Trade Minister Yeo Han-koo has already met with his counterparts from Thailand, Canada, and New Zealand, as well as leaders from the World Trade Organization (WTO) and the International Chamber of Commerce (ICC), the ministry reported.
In discussions with Canadian Minister of International Trade Maninder Sidhu, Yeo focused on expanding cooperation in areas such as defense, industry, energy, critical minerals, and advanced technologies. Their discussions aligned with a joint statement by President Lee Jae Myung and Canadian Prime Minister Mark Carney on the countries' strategic partnership in security and defense. Yeo also addressed Seoul's concerns over Canada's tariff-rate quota on steel imports.
During a meeting with Thai Minister of Commerce Suphajee Suthumpun, Yeo explored enhancing cooperation in manufacturing, supply chains, and trade. The two countries are negotiating a CEPA to further open their markets to each other.
In a meeting with New Zealand's Minister for Trade and Investment Todd McClay, discussions focused on expanding bilateral trade, coinciding with the 10th anniversary of their free trade agreement (FTA). They also explored strengthening cooperation in the digital economy and supply chains.
Yeo discussed the WTO's role in addressing recent shifts in the global trade environment, such as rising protectionism, with director-general Ngozi Okonjo-Iweala and exchanged views on Korea-ICC cooperation with ICC Secretary General John Denton, the ministry said.
Vice Trade Minister Park Jong-won met with Hong Kong counterpart Algernon Yau, seeking support for Korean businesses in Hong Kong. The ministry stated its commitment to expanding Korea's trade network in the APEC region and enhancing cooperation in supply chains with major economies.