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FTA/Economic Cooperation
ROK and Iran to Resume Ministerial Meeting for Economic Cooperation
The Republic of Korea (ROK) and Iran plan to resume their ministerial meeting for economic cooperation for the first time in eight years. The plan is part of the ROK's efforts to help promote the country's exports amid unfavorable external conditions such as falling oil prices and slowing global growth. The Korea Trade-Investment Promotion Agency (KOTRA) will also set up an office to support local exporters to tap into the Iranian market. The ROK government will step up efforts to promote the country's exports to other overseas markets such as Cuba, Russia, China, the Middle East and South and Central America. date2015-08-13
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Trade/Investment
MOTIE Minister Yoon Holds Meeting to Promote Exports
MOTIE Minister Yoon Holds Meeting to Promote Exports Minister of Trade, Industry and Energy Yoon Sang-jick held a meeting of high-level officials at relevant government agencies and industry organizations in Seoul today to discuss ways to promote the country's exports. During the meeting, Minister Yoon urged the participants to work together to overcome unfavorable external conditions such as low oil prices and help local exporters tap into overseas markets. date2015-08-12
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Trade/Investment
Export and Import Trends for July 2015
□ South Korea’s exports fell 3.3 percent to $46.6 billion and imports decreased 15.3 percent to $38.8 billion in July from a year earlier, resulting in a trade surplus, for the 42 consecutive month, of $7.76 billion. □ The volume of overseas shipments rose while unit prices fell as a result of factors such as falling oil prices and global oversupply. - By product, exports including petro products and petrochemical products increased. Shipments of steel, ships, and semiconductors rose, while those of automobiles, mobile telecom equipment, and home appliances decreased. Exports of OLED and cosmetics also showed steady gains. By region, exports declined for most regions amid the global trade slowdown. - Exports to Vietnam increased sharply due to increasing local production of South Korean wireless communication devices and home electronic appliances. □ Unit prices of major raw materials continued to decrease and imports of consumer goods fell slightly, while capital imports remained strong. □ ○ South Korea’s export volume maintained an upward trend despite a continued decline in exports in terms of dollar-denominated value. The profitability of export companies will likely improve slightly as won-denominated exports increased 8.4 percent in July thanks to a more favorable exchange rate. ○ The downward trend in overseas shipments could continue for the time being due to unfavorable external conditions such as a decline in world trade, falling oil prices, and the weakening yen and euro. - Exports of semiconductors and solid state drives (SSDs) are likely to show solid growth as a result of rising demand for automobiles, smartphones (in emerging countries), and wireless communication devices on the back of new product introductions. ○ The Korean government plans to focus on seeking new opportunities to promote exports of products such as cosmetics, SSDs, and organic light emitting diodes (OLEDs), while implementing measures to reinvigorate short-term exports announced in April and other steps aimed at strengthening export competitiveness in July as scheduled. date2015-08-10
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Industry
South Korea Hosts 10th International Standards Olympiad
South Korea Hosts 10th International Standards Olympiad The Korean Agency for Technology and Standards (KATS) is hosting the 10th International Standards Olympiad in Seoul from August 6 to 7. For more information about this tournament for teenage students, please visit its English website at: http://standards-olympiad.kr/eng/index.asp date2015-08-06
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FTA/Economic Cooperation
ROK, China, Japan to Hold 8th Round of FTA Negotiations
□ The Republic of Korea (ROK) will hold the eighth round of working-level negotiations for a trilateral free trade agreement (FTA) with China and Japan from July 20 to 24, 2015, in Beijing, China. ○The three countries will send their delegations, led respectively by Yoo Myung-hee, director-general of FTA negotiations at the ROK’s Ministry of Trade, Industry and Energy (MOTIE), Hong Xiao Dong, deputy director-general of the Department of International Trade and Economic Affairs at China’s Commerce Ministry, and Tatsuo Sato, deputy director-general of the Economic Affairs Bureau at Japan’s Ministry of Foreign Affairs. * The trilateral FTA negotiations have been divided into working-level and chief negotiators’ talks, which take place separately, since the sixth round. □ The ROK, China and Japan have held seven rounds of the trilateral talks under the principle of pursuing a "comprehensive and high-level FTA" since they declared the launch of the negotiations in November 2012. ○They have addressed a wide range of issues including not only products, services, and investments, but also customs, trade remedies, sanitary and phytosanitary measures (SPS), technical barriers to trade (TBT), competition, intellectual property rights, e-commerce, environment, general principles, and cooperation. □ The eighth round of talks will focus on key issues such as guidelines for negotiations on product concessions and the method for liberalizing services trade and investments, while more than 20 task forces or expert dialogues responsible for rules, areas of cooperation, and other issues will hold meetings to work out the details of the agreement and to exchange ideas on the key elements. ○The eighth round of chief negotiators' talks is scheduled for September in China, based on the outcomes of the working-level meetings. date2015-08-05
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Industry
South Korean Scientists Develop Robot That Walks on Water
A South Korean-led team of global scientists have developed a robot that can walk and jump on water like an insect, according to a paper published in Science magazine (). Mimicking the natural secrets of insects like the water strider, the robot can support its weight and even leap without breaking the surface tension of water. The researchers solved the mystery of how the so-called "Jesus bugs" support themselves on water by carefully studying their motions using high-speed cameras. Scientists are already imagining a whole host of uses for the robot, ranging from surveilance to enviornmental monitoring to disaster relief. To find out more about this robotics breakthrough and its possible applications, check out the report in Popular Science magazine: date2015-08-04
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Energy
S. Korea Gets First Batch of Murban Crude Delivery from Abu Dhabi's New Oil Concession
S. Korea Gets First Batch of Murban Crude Delivery from Abu Dhabi's New Oil Concession South Korea celebrated the first delivery of 500,000 barrels of Murban crude from Abu Dhabi's new onshore oil concession to the southern port of Yeosu last week. It's the first batch of the crude produced from the United Arab Emirates (UAE)'s prime onshore concession participated in by GS Energy Corp., a unit of the Korean conglomerate GS Group. Moon Jae-do, second vice minister for trade, date2015-08-04
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FTA/Economic Cooperation
ROK Holds Preparatory Meeting for FTA with Six Central American Nations
The Republic of Korea (ROK) held a preparatory meeting with six Central American countries in San Salvador, El Salvador, this week before starting negotiations for a free trade agreement (FTA). In the meeting, the ROK and the six nations decided on the principle that they would seek to conclude a high-level and comprehensive FTA and also agreed on detailed rules regarding the negotiations. The first round of the FTA talks is scheduled to take place from Sept. 21 to 25, and subsequent rounds will be held every two months, the ROK's Ministry of Trade, Industry and Energy (MOTIE) said in a statement. The six Central American countries are Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, and Panama. date2015-07-31
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Energy
Electricity Sales Trends in 2Q and Major Retailers Sales Trends in June 2015
Electricity Sales Trends in 2Q and Major Retailers Sales Trends in June 2015 □ The volume of South Korea's total electricity sales increased by 1.6 percent from a year earlier in the second quarter of 2015. ㅇ The overall electricity consumption increased, and in particular, the volume of electricity used for agriculture skyrocketed. This was mainly caused by a rise in the use of water lift pumps due to seasonal droughts. The volume of electricity sales for industrial use edged up by 0 date2015-07-30
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Trade/Investment
MOTIE Minister Yoon Speaks on Ways to Strengthen Exporters' Competitiveness
Minister of Trade, Industry and Energy Yoon Sang-jick gave a speech at a breakfast meeting hosted by the World Class 300 in Seoul yesterday. In the speech, the minister discussed various ways to strengthen the competitiveness of local exporters against unfavorable external conditions. The World Class 300 is a government-sponsored program to support local small- and medium-sized companies to become global market leaders. date2015-07-30