Ministry of Trade, Industry and Energy

Trade Minister attends 4th public-private joint strategic meeting for IPEF

Minister for Trade Dukgeun Ahn attended the 4th public-private joint strategic meeting for Indo-Pacific Economic Framework for Prosperity (IPEF) on May 31 at the Korea Chamber of Commerce and Industry (KCCI) held to share outcomes from the 3rd round of negotiations, ministerial meeting and to discuss directions for negotiations during the second half.   Trade Minister Ahn stated in his opening message that “through the IPEF Supply Chain Agreement, the basics for joint response has b date2023-06-07

Korea's exports decline 15.2% in May

The Ministry of Trade, Industry and Energy (MOTIE) announced on June 1 that Korea’s exports in May declined 15.2 percent year-on-year to USD 52.2 billion and imports fell 14.0 percent to $54.3 billion, resulting in a trade balance of $2.1 billion deficit, which has been continuously improving since January. May exports were negatively impacted by lower number of operating days (1.5 days less), sluggish IT industry, and the high base effect from last year’s May exports having reached date2023-06-01

Korea's retail industry grows 4.0% in April

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 30 that Korea’s retail sales in April achieved an overall growth of 4.0 percent, year-on-year. Offline and online sales both expanded, by 4.8 percent and 3.2 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four &ldqu date2023-05-31

Press Statement on the Substantial Conclusion of IPEF Supply Chain Agreement Negotiations

  Press Statement on the Substantial Conclusion of IPEF Supply Chain Agreement Negotiations May 27, 2023   Today, the 14 partners of the Indo-Pacific Economic Framework for Prosperity (IPEF) -Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the United States, and Viet Nam - announced the substantial conclusion of the negotiations of a first-of-its-kind international IPEF Supply Chain Agreemen date2023-05-31

Trade Minister attends APEC trade ministerial meeting

Minister for Trade Dukgeun Ahn attended the Asia-Pacific Economic Cooperation (APEC) trade ministerial meeting on May 25-26 in Detroit, U.S., where 21 APEC member states’ trade ministers discussed the strengthening of the multilateral trading system and the role of trade for sustainable and inclusive growth. date2023-05-31

Trade Minister attends APEC trade ministerial meeting

Minister for Trade Dukgeun Ahn attended the Asia-Pacific Economic Cooperation (APEC) trade ministerial meeting on May 25-26 in Detroit, U.S as head of the Korean government delegation. Held annually to foster discussions on Asia-Pacific trade and investment issues, this year’s meeting was chaired by the U.S. Representative Katherine Tai and dealt with issues of strengthening the multilateral trading system and the role of trade for sustainable and inclusive growth. In Session One on May date2023-05-31

Korea and Chile restart negotiations for upgrading FTA

Trade, Industry and Energy Ministry’s FTA Policy Planning Director Ahn Chang-yong headed the Korean delegation for the seventh round of official negotiations to upgrade a free trade agreement (FTA) with Chile on May 22-24 in Santiago. The seventh round of negotiations were launched subsequent to follow-up consultations between the two countries on the occasion of Korean Prime Minister Han Duck-soo’s visit to Chile last October. Prior to negotiations, delegation head Ahn stated that date2023-05-26

Korea and Germany discuss measures to bolster supply chain cooperation

Minister for Trade Dukgeun Ahn met with Jörg Kukies, Germany’s State Secretary for Economic, Finance and European Affairs at the Federal Chancellery, on May 22 at the Lotte Hotel Seoul to discuss measures to bolster Korea-Germany supply chain cooperation. Germany is Korea’s largest European trading partner, with bilateral trade reaching historic highs in 2022 (USD 33.7 billion). The two countries’ economic and industrial supply chain cooperation is expected to deepen on t date2023-05-25

MOTIE sends economic delegation to Estonia, Lithuania & Finland

Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin is heading Korea’s economic delegation to Estonia, Lithuania and Finland and meeting with high-level officials through May 22-26 to discuss measures for expanding trade and investment, industrial cooperation in secondary batteries, bio and nuclear energy, cooperation on EU trade issues and in digital, high-tech areas. The economic delegation includes members from the Korea Trade-Investment Promotion Agency (KO date2023-05-25

Korea and Singapore hold 1st Digital Economy Dialogue

Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin attended the 1st Korea-Singapore Digital Economy Dialogue on May 19 at the Korea International Trade Association (KITA), where representatives of the two countries’ digital firms gathered to discuss bilateral cooperation measures. A first digital trade agreement for Korea, the Dialogue was hosted by Korea’s Ministry of Trade, Industry and Energy (MOTIE) and Singapore’s Ministry of Trade and Industr date2023-05-25