Ministry of Trade, Industry and Energy

MOTIE holds 59th Trade Day

The Ministry of Trade, Industry and Energy (MOTIE) held the 59th Trade Day ceremony on December 5 at COEX in Seoul with the Korea International Trade Association (KITA). This year’s ceremony is meaningful in that Korea recorded highest-ever exports amid the COVID pandemic, Russia-Ukraine war and numerous countries’ interest hikes. Contributors to trade advancement were awarded various Tower Orders of Industrial Service Merit. To commemorate the first Trade Day since inauguration, t date2022-12-07

Trade Minister attends 59th Trade Day with President Yoon

Trade, Industry and Energy Minister Lee Chang-yang attended the 59th Trade Day ceremony on December 5 at COEX with President Yoon Suk-yeol, held under the slogan, “Taking on the Trade Powerhouse Challenge! South Korea takes the Leap!”    The ceremony was attended by various trade and industry representatives, including Korea International Trade Association (KITA) Chairman Koo Ja-yeol.   date2022-12-07

Korean delegation visits U.S. to negotiate IRA amendment

Minister for Trade Dukgeun Ahn will be visiting Washington D.C. through December 5-9 (local time) as member of South Korea’s delegation to negotiate the Inflation Reduction Act (IRA) with key figures of the Biden administration and U.S. Congress. The delegation is composed of Government officials and National Assembly members, including the Trade, Industry and Energy Ministry’s Small and Medium Venture Business Committee Chairman Yoon Kwan-seok. The delegation will be discussing IR date2022-12-06

Minister attends 51st UAE National Day 2022

Trade, Industry and Energy Minister Lee Chang-yang attended the 51st UAE National Day 2022 ceremony on December 2 at the Shilla Seoul.   The Minister gave an opening message, stating that South Korea, as UAE’s “brother” and core partner, will strive together for the successful execution of “Projects of the 50” national strategy aiming for UAE’s oil phase-out, economic diversification and innovation goals, and expand the scope of bilateral cooperation to date2022-12-06

MOTIE holds public-private meeting for Korea-Saudi economic cooperation

Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin held a public-private working-level support group committee meeting for Korea-Saudi economic cooperation on December 1 at the Korea Chamber of Commerce and Industry (KCCI) and facilitated discussions on the implementation of contracts and MOUs signed on the occasion of Korea-Saudi Investment Forum.   The Deputy Trade Minister gathered opinions from each company participating in the total of 26 contracts and MO date2022-12-05

Korea launches World Expo 2030 Busan promotion in Paris

The Government of the Republic of Korea held a variety of activities in Paris, France, through November 28-29 to promote Korea’s bid to host World EXPO 2030 in Busan, on the occasion of attending the 171st Bureau International des Expositions (BIE). Korea carried out promotion activities on the Seine River by floating a cruise ship named “2030 Expo Busan Space” with an 8 m-tall “Boogi” on the deck next to Pont d'Iéna ('Jena Bridge'). “Boogi” is s date2022-12-05

Korea and EU discuss major trade issues

Minister for Trade Dukgeun Ahn met with European Commissioner for Trade Valdis Dombrovskis on November 30 in Brussels, Belgium, to hold ministerial talks and the 10th Korea-EU FTA Trade Commission (hereinafter 'Commission') meeting. In Korea-EU ministerial talks, the two sides exchanged views on the U.S.’ Inflation Reduction Act (IRA) and WTO reform among other major global trade issues. As both sides have serious concerns over IRA’s discriminatory rules on EV tax credits, and prop date2022-12-02

Trade Minister meets EU Commission leaders to discuss CBAM

Minister for Trade Dukgeun Ahn met with European Commission Vice-President Valdis Dombrovskis on November 30 at the European Commission and discussed U.S.’ Inflation Reduction Act (IRA), Carbon Border Adjustment Mechanism (CBAM) and EU’s Critical Raw Material Act.   The following day he met with Directorate-General for Taxation and Customs Union (TAXUD) Gerassimos Thomas, Deputy Chairman of Committee on the Environment, Public Health and Food Safety (ENVI) Cesar Luena, and Com date2022-12-02

Korea and EU hold 10th FTA Trade Committee meeting

Minister for Trade Dukgeun Ahn attended the 10th Korea-EU FTA Trade Committee meeting on November 30 in Brussels, Belgium to discuss Korea-EU digital trade principles, 8K TV, ramyeon, bio plastic and other EU market issues with other representatives, including European Commission Vice-President Valdis Dombrovskis.   date2022-12-02

Korea's exports decline 14.0% in November

The Ministry of Trade, Industry and Energy announced on December 1 that Korean exports in November decreased 14.0 percent year-on-year to USD 51.9 billion. Imports rose 2.7 percent to $58.9 billion and the trade balance stood at a deficit of $7.0 billion. Exports were hit by global economic slump, major countries’ interest rate hikes and the prolonged Russia-Ukraine war, which in turn are lowering imports around the world. Slowdown in exports growth is currently a common factor among coun date2022-12-01