On the 26th, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol emphasized leveraging Korea’s stable industrial infrastructure, advanced technology, and K-culture to achieve strategic economic cooperation and strengthen global alliances. Amid rising external risks such as expanded tariffs, trade measures, global supply chain instability, and raw material price volatility, he highlighted the need to turn these challenges into opportunities for Korea to secure leadership in future industries. The 262nd Foreign Economic Ministers’ Meeting reviewed the economic outcomes of the Korea-China and Korea-Japan summits, discussed follow-up measures, and addressed key issues such as Korea-China cultural cooperation, international trends in critical minerals, support for overseas plant orders by 2026, and the Korea-Egypt CEPA. The government aims to create tangible results in economic cooperation and secure a leading position in the global value chain.
The Korea-China summit, marking the first state visit to China in nine years, was evaluated as a milestone for fully restoring bilateral relations and laying the groundwork for future-oriented cooperation based on reciprocity. Cooperation, previously centered on manufacturing, has expanded to consumer goods, content, and services, enhancing practical exchanges that benefit the public. The Ministry of Culture, Sports and Tourism agreed to gradually resume cultural exchanges, which had slowed since 2017, and plans to systematically expand cooperation in K-content, arts, sports, and tourism. The Korea-Japan summit achieved progress in economic discussions, deepened cooperation on AI and intellectual property protection, proposed expanding mutual recognition of technical qualifications, and conveyed Korea’s position on joining the CPTPP. The issue of critical minerals was highlighted as a cross-governmental task requiring coordinated efforts among relevant ministries.
For overseas plant orders, the government will form a pan-government support group involving ministries, companies, associations, and support agencies to help secure $41.2 billion in 22 projects by 2026. Strategic economic exchanges with the Middle East, Asia, and the Americas will be actively utilized, focusing on providing the latest information and expanding financial support. Post-contract support, such as workforce training, contract amendments, and resolving outstanding payments, was also discussed. Additionally, the status and plans for concluding the Korea-Egypt Comprehensive Economic Partnership Agreement (CEPA) were shared, with continued close inter-ministerial cooperation. Each issue is overseen by relevant ministries, including the Ministry of Economy and Finance, Ministry of Foreign Affairs, Ministry of Culture, Sports and Tourism, and Ministry of Trade, Industry and Energy.
Looking ahead, the Korean government is expected to broaden the scope of global economic cooperation based on its robust industrial infrastructure, advanced technology, and cultural competitiveness. The Korea-China and Korea-Japan summits are anticipated to strengthen practical cooperation in economic, cultural, and technological fields. Cross-governmental responses and public-private partnerships will become increasingly important for addressing critical minerals, overseas plant orders, and CEPA negotiations. These strategies are likely to enhance Korea’s resilience to global supply chain disruptions and trade risks while securing leadership in future industries.
This meeting demonstrates Korea’s proactive approach to adapting to global economic changes and expanding its international influence in industry, technology, and culture. Strengthened economic and cultural cooperation with China and Japan could play a pivotal role in forming regional economic blocs and reshaping value chains in Northeast Asia. Efforts to stabilize supply chains and explore new markets, such as critical minerals and overseas plant orders, will directly boost the global competitiveness of Korean companies. Collaboration in AI, intellectual property, and technical qualifications is essential for Korea to lead in the Fourth Industrial Revolution. Building a robust public-private partnership framework will be key to securing Korea’s leadership in the global economy.