Ministry of Trade Holds Successive Bilateral Talks with Japan, Vietnam, Mexico, and Others [Gyeongju APEC]

Seeking Solutions for Korean Companies' Challenges
and Expansion of FTAs

The Ministry of Trade, Industry and Energy announced that on the 31st, it held a series of bilateral meetings with high-level officials from major Asia-Pacific economies, including Japan, Vietnam, the Philippines, and Mexico, who visited Korea on the occasion of the Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting (AMM) and the 2025 APEC Summit. These meetings continued from the previous day.

On the 31st, at the Sono Calm Hotel in Gyeongju, where the Asia-Pacific Economic Cooperation (APEC) summit is being held, Kim Jeong-Kag, Minister of Trade, Industry and Energy (right), shakes hands with Ryosei Akazawa, Minister of Economy, Trade and Industry of Japan. Ministry of Trade, Industry and Energy

On this day, Minister Kim Jeong-Kag met with Ryosei Akazawa, Minister of Economy, Trade and Industry of Japan, and agreed to strengthen cooperation in key areas such as advanced technology and economic security, as discussed at the Korea-Japan summit the day before, and to build a future-oriented relationship. The two ministers agreed to enhance cooperation between their ministries in strategic fields, including advanced industry supply chains and the application of artificial intelligence (AI) in industry, and to continue trilateral cooperation such as Korea-U.S.-Japan and Korea-Japan-China frameworks. In addition, they agreed to maintain communication on multilateral and regional trade issues, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Korea-China-Japan Free Trade Agreement (FTA).

Minister Kim also met with Nguyen Hong Dien, Minister of Industry and Trade of Vietnam, to discuss ways to expand bilateral trade and investment, as well as cooperation on nuclear power. Regarding the difficulties faced by Korean investors in Vietnam's renewable energy sector concerning the electricity sales price, Minister Kim requested that the original contract price be maintained as agreed. He also requested solutions to issues faced by Korean companies, including the implementation of the global minimum tax, value-added tax refunds, and institutional improvements for participation in liquefied natural gas (LNG) power generation projects.

Minister Dien responded that efforts are being made to resolve the challenges faced by Korean companies and expressed hope for continued investment from Korean firms. He also requested support for the entry of Vietnamese products into Korea through Korean distribution companies and proposed strengthening cooperation in Vietnam's newly promoted nuclear power sector.

Yeo Han-Koo, Deputy Minister for Trade at the Ministry of Trade, Industry and Energy, held a bilateral meeting with Marcelo Ebrard, Minister of Economy of Mexico. Deputy Minister Yeo positively evaluated Mexico's recent decision to suspend plans to raise tariffs on countries without an FTA and requested special consideration so that Korea would be excluded from any future tariff increases.

Deputy Minister Yeo also emphasized that Korean companies are creating many jobs and contributing to Mexico’s economic development through local investments, and requested the Mexican government’s support in resolving issues related to taxes and electricity supply. He highlighted the need to diversify bilateral trade and agreed to continue consultations to resume Korea-Mexico FTA negotiations.

In a meeting with Christina Roque, Secretary of the Department of Trade and Industry of the Philippines, Deputy Minister Yeo agreed to expand economic cooperation by utilizing the Korea-Philippines FTA, which took effect at the end of last year. He requested the creation of a favorable investment environment, such as designating additional special economic zones for Korean companies, and the identification of new digital cooperation projects through the Korea-Philippines FTA Joint Committee.

Both sides agreed to strengthen cooperation on the supply chain of key minerals such as nickel and cobalt, based on the memorandum of understanding (MOU) on critical raw material supply chains signed last year.

In a meeting with Richard Maru, Minister for International Trade and Investment of Papua New Guinea, Deputy Minister Yeo discussed strengthening supply chain cooperation and ways for Korean companies to participate in local projects. He requested attention to ensure Korean companies can participate in projects such as Papua New Guinea’s ongoing liquefied natural gas (LNG) project.

The Ministry of Trade, Industry and Energy stated, "Through this series of bilateral meetings, we shared perspectives on global affairs and trade issues with major economies, and discussed strengthening the stability of supply chains for key minerals, expanding trade networks, and resolving challenges faced by Korean companies. We will work to establish a stable industrial and trade ecosystem to proactively respond to uncertainties in the global trade environment and support business activities."