On January 26, Deputy Prime Minister and Minister of Economy and Finance Koo Yun Cheol convened the 262nd Ministerial Meeting on International Economic Affairs at the Government Complex-Seoul.
Amid the continued uncertainty in the international economic environment stemming from the expansion of trade measures such as tariffs, ongoing instability in global supply chains, and persistent volatility in raw material prices, competition surrounding global value chains and future industries is also evolving as geoeconomic tensions intensify. At the meeting, DPM Koo outlined the government’s overarching policy direction to strengthen strategic economic cooperation in response to these changing external conditions.
At the meeting, participants reviewed the economic outcomes derived from the Korea-China and Korea-Japan summits and discussed directions for follow-up measures. They also held wide-ranging discussions on key external economic issues, including plans to promote Korea-China cultural cooperation in connection with these efforts, recent international developments on critical minerals and corresponding future response strategies, support measures for overseas plant orders in 2026, as well as the current progress and future plans for advancing the Korea-Egypt Comprehensive Economic Partnership Agreement (CEPA).
First, with regard to the Korea-China summit, the meeting assessed that the state visit to China, the first in nine years, served as an opportunity to firmly consolidate the full restoration of bilateral relations and to lay the groundwork for future-oriented cooperation based on the principles of equality and mutual benefit. In particular, it was noted as significant that partnership, previously centered on manufacturing, has been expanded to consumer goods, content, and service sectors, thereby revitalizing practical, people-centered exchanges that can be tangibly felt by the public.
In addition, participants shared the view on the need to more actively enhance cultural exchanges between the two countries on the occasion of the summit and reviewed ways to advance Korea-China cultural cooperation. The Ministry of Culture, Sports and Tourism stated that, following the official agreement between the two governments on the gradual and phased resumption of cultural exchanges that had slowed since 2017, it plans to systematically broaden exchanges and partnership across all cultural areas, including K-content, arts and culture, sports, and tourism.
As for the Korea-Japan summit, the meeting assessed it as a meaningful opportunity that advanced substantive dialogue on key bilateral economic issues. Major outcomes cited included the launch of discussions on comprehensive economic cooperation, accelerated efforts to deliver tangible results from bilateral consultative frameworks on shared social challenges, an agreement to deepen cooperation on AI and the protection of intellectual property, a proposal to expand areas for mutual recognition of technical qualifications, and the communication of Korea’s basic stance regarding accession to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).
Meanwhile, the meeting reviewed recent international developments on critical minerals and considered future directions for policy responses. DPM Koo underscored that addressing critical minerals requires a whole-of-government approach with coordinated fiscal, trade, industrial, and foreign measures, and called on relevant ministries to work together organically with a strong sense of responsibility.
Regarding support measures for overseas plant orders in 2026, it was agreed to make full use of strategic economic cooperation engagements in regions such as the Middle East, Asia, and the Americas to fully support the industry’s efforts to win 22 projects totaling $41.2 billion. To this end, the meeting discussed the establishment of a government-wide task force to support overseas plant order acquisition comprising the government, businesses, industry associations, and relevant support institutions. Efforts will focus on providing timely information and bolstering financial support to strengthen bidding capacity, while also addressing on-site difficulties after winning orders, including workforce development, contract changes, and the settlement of outstanding payments.
The meeting also outlined the policy direction for pursuing the conclusion of a CEPA with Egypt, the largest economy in North Africa with a population exceeding 100 million, and agreed to maintain close inter-ministerial coordination in moving forward with the negotiations.
Please refer to the attached files.
