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Korea, UK sign continuity free trade agreement in London
Trade Minister Yoo Myung-hee (right) signed a continuity FTA with the UK’s Secretary of State for International Trade Elizabeth Truss in London, Aug 22. The agreement focuses on maintaining the bilateral trade relations at the same level as the existing Korea-EU FTA, allowing businesses to trade freely in the event of a no-deal Brexit....
Exports of Korean ICT goods drop 21.8% to $14.5 billion in July
The Ministry of Trade, Industry and Energy announced on August 21 that July exports of Korean information and communications technology (ICT) goods fell 21.8 percent year-on-year to USD 14.5 billion.Inbound shipments, on the other hand, moved up 6.9 percent to $9.7 billion, and trade balance in this sector stood at a surplus of $4.8 billion.By item...
Korea, Israel sign bilateral free trade agreement in Jerusalem
Trade Minister Yoo Myung-hee (left) and Israel’s Economy Minister Eli Cohen declared the conclusion of the Korea-Israel FTA in Jerusalem on Aug 21. The trade pact will further promote bilateral trade in a variety of areas including parts, materials and equipment industries.
Trade Minister Yoo presides over 14th trade promotion meeting in Seoul
Trade minister Yoo Myung-hee chaired the 14th trade promotion meeting in Seoul on Aug 16 to review current trade issues. During the meeting, Trade Minister Yoo stressed that Korea will seek new free trade agreements (FTAs) this year to diversify markets for Korea’s exports amid growing external uncertainties such as Japan’s lates...
Korea’s auto exports post double-digit growth in July
The Ministry of Trade, Industry and Energy announced on August 15 that exports of Korean automobiles grew 11.6 percent to 215,927 vehicles compared to the same period last year. In value terms, outbound shipments increased 21.6 percent to USD 3.8 billion. This expansion in exports was largely attributable to improved sales of sport utility vehicles...
Minister Sung meets with reps. of state-run research institutes for materials and parts
Trade, Industry and Energy Minister Sung Yun-mo presided over a meeting with the rep. of 11 state-run research institutions for materials and parts at the Korea Research Institute of Chemical Technology (KRICK) in Daejeon on Aug 8. During the meeting, Minister Sung discussed ways to revamp R&D policies in direction to raise local p...
Trade minister Yoo Meets with Australia’s Trade Minister
Trade Minister Yoo Myung-hee (right) had a meeting with Australia’s Minister for Trade, Tourism and Investment Simon Birmingham in Seoul on Aug 5. The Ministers explored ways to boost trade and investment between the two countries and expand cooperation in the energy sector.
Trade Minister Yoo Attends the 8th RCEP Intersessional Ministerial Meeting
Trade Minister Yoo Myung-hee (fourth from the right in the front row) attended the 8th Regional Comprehensive Economic Partnership (RCEP) intersessional ministerial meeting in Beijing from Aug 2 to 3. During the meeting, Trade Minister Yoo met with her counterparts and discussed ways to conclude the trade pact this year. She also addre...
Minister Sung meets with Pakistan’s Adviser to Prime Minister on Commerce
Trade, Industry and Energy Minister Sung Yun-mo (right) had a meeting with Pakistan's Adviser to Prime Minister on Commerce, Textile, Industries and Investment Abdul Razak Dawood in Seoul on August 1. Minister Sung and Adviser Dawood discussed ways to promote investment between the two countries and expand bilateral cooperation in the fields...
Korea’s July exports decrease 11% to $46.1 billion
The Ministry of Trade, Industry and Energy announced on August 1 that Korea’s exports in July decreased 11.0 percent year-on-year to USD 46.1 billion. Imports also declined 2.7 percent to $43.7 billion, and the trade balance stood at a surplus of $2.4 billion, remaining positive for 90 straight months.The decrease in exports was due to a mix ...