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FTA/Economic Cooperation
Republic of Korea and Six Central American Countries Holds First FTA Talks
The Republic of Korea is holding the first official round of negotiations for a free trade agreement (FTA) with six Central American countries from today through Sept. 25 in Seoul. During the five-day talks, Korea and the six nations including El Salvador, Panama, Honduras, Costa Rica, Guatemala and Nicaragua will seek a comprehensive and high-level FTA. date2015-09-21
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FTA/Economic Cooperation
First negotiation talks for the FTA to be held between Korea and six South American countries
The Ministry of Trade, Industry and Energy (MOTIE) announced on September 21 that the first negotiation talks for the FTA between South Korea, El Salvador, Panama, Honduras, Costa Rica, Guatemala and Nicaragua are to be held from September 21 to 25 in Seoul. The negotiation talks were scheduled and announced in June this year with the aim to achieve a "qualitative and comprehensive FTA", and a preliminary negotiation talks were held in July in order to specify minor regulations to be added in the agreement. In the first negotiation talks, representatives from the six countries will share opinions on a total of 9 areas and 15 chapters including products, trade aid, country of origin and customs clearance. The 6 South American countries have a high growth potential as they rank high both in GDP and population, and goods traded between South Korea and these countries amounted to $ 5 billion in 2014. The FTA is expected to help diversify economic cooperation between the countries. * Short version date2015-09-21
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Energy
MOTIE 2nd Vice Minister Moon Speaks on Future of Global LNG Market
MOTIE's 2nd Vice Minister Moon Jae-do gave a speech at the LNG Producer-Consumer Conference 2015 held in Tokyo, Japan, last week, which about 1,000 participants from 50 countries attended. In the speech, the South Korean vice minister discussed how producing and consuming countries of liquefied natural gas (LNG) should cooperate to stimulate the global LNG market in the era of low oil prices. date2015-09-21
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Industry
MOTIE 1st Vice Minister Lee Holds Presser with Alibaba's Vice Chairman
MOTIE's 1st Vice Minister Lee Kwan-sup held a press conference with Alibaba Vice Chairman Joseph Tsai in Seoul this week on China's biggest e-commerce company's global business strategy. In related news, Samsung C&T Corp. is expected to launch its fast-fashion brand 8 Seconds on Alibaba's Tmall platform in 2016, reports China Daily: date2015-09-18
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Industry
MOTIE Minister Yoon Speaks at 38th ISO General Assembly
MOTIE Minister Yoon Speaks at 38th ISO General Assembly Minister of Trade, Industry and Energy Yoon Sang-jick delivered a congratulatory speech at the 38th ISO General Assembly held in Seoul earlier this week. About 700 guests from 162 countries attended this year's gathering, including Zhang Xiaogang, the first Chinese President of the International Organization for Standardization (ISO). date2015-09-18
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Industry
Mobile factory for door-to-door 3D printing services to become available
The Ministry of Trade, Industry and Energy (MOTIE) announced on September 18 at KICOX that it can send vehicles mounted with a 3D printer to industrial complexes to produce prototypes, provide technical assistance and offer basic training on 3D printing for the businesses within the complex. The 3D printing vehicles will be dispatched to various industrial complexes throughout the country in each quarter to provide a wide range of 3D printing services. However, due to limited equipment, manpower and time, industrial complexes must apply for the service at www.kamic.or.kr. Many businesses are now interested in 3D printing since it can be used to produce complicated structures that are hard to manufacture and produce small quantities of various types of products, but are still hesitant to actually add one to their production line because of the high price and lack of application skills. In order to promote the application of 3D printers and further upgrade manufacturing technology, MOTIE and local businesses made joint efforts to build a manufacturing center in Ansan, Daejeon and then in Changwon in July last year, and they'll continue to build more in Iksan, Gumi and Gangneung next year. * Short version date2015-09-18
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FTA/Economic Cooperation
ROK and EU Hold 5th FTA Trade Committee Meeting
The Republic of Korea and the European Union (EU) held the Fifth Trade Committee meeting in Seoul today to check the implementation of their bilateral free trade agreement over the past five years. Minister of Trade, Industry and Energy Yoon Sang-jick met with European Trade Commissioner Cecilia Malmström before leading their delegations at the committee meeting. During their meeting, they exchanged views on various trade issues between Korea and the EU, such as technical barriers to trade (TBT), sanitary and phytosanitary (SPS) and intellectual property (IP). date2015-09-15
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Industry
School backpacks found to be 294 times more toxic than they should be
The Ministry of Trade, Industry and Energy (MOTIE) announced on September 15 that according to a recent safety test, some school backpacks use 294 times more phthalate plasticizer, an endocrine disrupting chemical, than allowed. The test conducted by the Korean Agency for Technology and Standards on 334 most-sold products in autumn showed that 7 of the school backpacks have exceeded the safety standards on phthalate plasticizer and cadmium, and the agency ordered a recall of the school backpacks. The test also showed that one color pencil model also contained too much lead, and one pencil case model had too much phthalate plasticizer. Other products that were recalled include two wheeled walker models for the elderly because they can tip over too easily. Meanwhile, all portable lawn trimmers passed the safety test. KATS provides the list of recently recalled products at www.safetykorea.kr, and added product barcodes to the sales blocking system so that they can't be sold at large supermarkets throughout Korea. * Short version date2015-09-15
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Industry
South Korea to Hold 2015 ISO General Assembly
South Korea to Hold 2015 ISO General Assembly South Korea will hold the 2015 ISO General Assembly in Seoul September 16-18, providing a great opportunity for the world of standardization to come together and shape its future. More than 600 delegates from 163 countries are expected to participate in this global event by the the International Organization for Standardization (ISO). For more information about the 2015 ISO General Assembly, please visit its English website at ht date2015-09-14
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Industry
2015 ISO Plenary Meeting to be held in Seoul with 162 countries participating
The Ministry of Trade, Industry and Energy (MOTIE) announced on September 14 that the 2015 ISO Plenary Meeting was held from September 14 to 18 at the Lotte Hotel Seoul with the participation of over 700 people from 162 countries. Along with the IEC and ITU, the ISO has the largest number of standards in various areas. It's Korea's first time hosting the plenary meeting since it joined the ISO in 1963, where issues such as international standardization policies, strategies between 2016 and 2020 and advantages of standards will be discussed at the meeting. On the last day of the event, the participants will have a tour of Samsung Electronics and Amore Pacific to see Korean exporter's technology and standard cases. The ISO is dedicated to develop standards for various areas so that standards can be applied at anytime, anywhere, and South Korea proposes an average of 78 standards a year as one of the 20 ISO Council members that ranks 9th in ISO evaluation. * Short version date2015-09-14