Ministry of Trade, Industry and Energy

Korea and China’s Shandong discuss economic cooperation

Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin met with China’s Shandong Province Secretary General Song Junji on March 10 at the InterContinental Seoul COEX to discuss Korea-Shandong supply chain and logistics cooperation and future economic cooperation measures, as well as the 7th Korea-Shandong Economic and Commercial Cooperation Exchange slated for this year. date2023-03-14

World Expo 2030 Busan Bid Committee signs MOU with Busan City and Lotte for joint promotion

The Ministry of Trade, Industry and Energy (MOTIE) announced on March 8 that the Bid Committee for World Expo 2030 Busan (hereinafter “Committee”) signed a cooperation memorandum of understanding (MOU) with Busan Metropolitan City and Lotte Holdings for promotion of Korea’s bid to host World Expo 2030 in Busan. The main purpose of the cooperation MOU is to prepare for enquiry mission by the Bureau International des Expositions (BIE), which will take place April 3-7, and to dra date2023-03-10

Minister holds meeting with commercial attachés to bolster exports

Trade, Industry and Energy Minister Lee Chang-yang held an emergency meeting with the Ministry’s 29 commercial attachés stationed in 26 countries, so as to achieve export growth for 2023 and seek preemptive action against major countries’ trade protectionism measures amid difficult export conditions.   Minister Lee gave an opening message and led discussions on measures to overcome export crisis, including policy directions on trade, energy and industry. date2023-03-09

MOTIE makes announcement on Korea-Japan export control status

The Ministry of Trade, Industry and Energy (MOTIE) announced as follows on March 6 regarding Korea-Japan export control issues: Governments of both countries have decided to swiftly proceed with relevant bilateral talks for them to return to the export control status prior to July 2019. The Korean government will be halting the World Trade Organization (WTO) dispute settlement resolution procedures while above talks proceed. The Japanese government will be holding a Korea-Japan expo date2023-03-09

Minister holds meeting with commercial attachés to bolster exports

Trade, Industry and Energy Minister Lee Chang-yang held an emergency meeting with the Ministry’s 29 commercial attachés stationed in 26 countries, so as to achieve export growth for 2023 and seek preemptive action against major countries’ trade protectionism measures amid difficult export conditions. MOTIE’s commercial attachés are stationed across a total of 36 countries where they monitor various trade and market conditions and engage in negotiations with gover date2023-03-09

Trade Minister presides 4th Multilateral Trade Strategy Assessment Meeting

Minister for Trade Dukgeun Ahn held the 4th Multilateral Trade Strategy Assessment Meeting on February 27 at the Government Complex Sejong to discuss the currently ongoing negotiations in preparation for the 13th WTO Ministerial Conference (MC13) and response measures for the WTO reform.    Trade Minister Ahn remarked that Korea will seek to play a major role in facilitating investment and contribute to the WTO reform dialogue so that the MC13 next year can create meaningful outcomes date2023-03-02

Trade Minister presides 4th Multilateral Trade Strategy Assessment Meeting

Minister for Trade Dukgeun Ahn held the 4th Multilateral Trade Strategy Assessment Meeting on February 27 at the Government Complex Sejong with relevant ministries and the Permanent Mission of the Republic of Korea in Geneva. Launched in July 2022, the Multilateral Trade Strategy Assessment Meeting is channel through which ministries and the Permanent Mission of the Republic of Korea in Geneva discuss multilateral trade issues. This meeting focused on the currently ongoing negotiations in prep date2023-03-02

Korea's exports decline 7.5% in February

The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s exports in February declined 7.5 percent year-on-year to USD 50.1 billion. Imports rose 3.6 percent to $55.4 billion. Trade balance stood at a deficit of $5.3 billion. The exports drop is attributed to the continued slowdown in the global economy and semiconductor industry, as well as the high base effect from the all-time high export performance in February of last year. Automobiles, car parts and general machi date2023-03-02

MOTIE holds briefing on EU’s Foreign Subsidies Regulation

The Ministry of Trade, Industry and Energy (MOTIE) held a briefing session on EU’s Foreign Subsidies Regulation (hereinafter “FSR”) on February 23 at the Trade Tower in Seoul in the attendance of approximately 60 companies and law firms. FSR is a regulation introduced by the EU with the objective of preventing distortion of fair competition arising from subsidies granted by non-EU states. It imposes notification obligations on companies in the EU to report on whether they rece date2023-02-28

Trade Minister presides Foreign Business Community Roundtable

Minister for Trade Dukgeun Ahn presided the “Roundtable Meeting for Foreign Business Community in Korea” on February 23 at the Lotte Hotel Seoul and announced the Ministry’s foreign investment promotion policy for 2023, which aims to attract more foreign direct investment (FDI) with focus on high-tech industries.   The roundtable was held to resolve investment challenges through in-person communication with foreign-invested companies and the American, European, Chinese, date2023-02-27