-
Trade/Investment
Korea and Bulgaria sign TIPF MOU
Minister for Trade Inkyo Cheong and Bulgaria’s Economy and Industry Minister Bogdan Bogdanov met on February 26 at ADNEC in UAE on the margins of WTO’s MC13 and held the MOU signing ceremony for Trade and Investment Promotion Framework (TIPF) between Korea and Bulgaria for expanding bilateral cooperation in trade, investment, industries and supply chain. date2024-03-04
-
Trade/Investment
Trade Minister furthers bilateral economic cooperation with trade leaders on margins of WTO's MC13
Minister for Trade Inkyo Cheong met with the trade ministers of 14 countries on the margins of the 13th World Trade Organization (WTO) Ministerial Conference (MC13), held through February 26-29 in Abu Dhabi in the United Arab Emirates (UAE), for discussions to facilitate MC13 outcomes and strengthen commitment towards restoring the WTO-led multilateral trade system, while holding bilateral talks on measures to deepen cooperation in critical minerals, advanced industries and clean energy areas through trade initiatives like the Free Trade Agreement (FTA) and the Trade and Investment Promotion Framework (TIPF). In talks with the U.S. Trade Representative Katherine Tai, Trade Minister Cheong highlighted the fact that bilateral relations between Korea and the U.S. are advancing towards an alliance on advanced industries and supply chains and requested the U.S.’ continued cooperation with regard to the Inflation Reduction Act (IRA). The trade chief also met with China’s Commerce Minister Wang Wentao to discuss the two countries’ cooperation in industrial and supply chains, as well as follow-up Korea-China FTA negotiations on service and investment. They also agreed to closely cooperate on incorporating the Investment Facilitation for Development (IFD) Agreement into the WTO system. With Hosaka Shin, Japan’s Vice Minister of International Affairs at the Ministry of Economy, Trade and Industry (METI), Trade Minister Cheong discussed measures for cooperation in hydrogen and other energy areas, multilateral trade and bilateral supply chain cooperation in advanced industries. The Korean trade leader also met with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng, Australia’s Trade and Tourism Minister Don Farrell and Singapore’s Trade and Industry Minister Gan Kim Yong to discuss critical minerals, advanced industries, carbon-free and clean energy cooperation measures as key industrial, energy and trade partners, and asked for support in resolving Korean companies’ investment issues in local business operation and other challenges. Moreover, with Uzbekistan’s Deputy Prime Minister for Investments and Foreign Economic Relations and Minister of Investments and Foreign Trade Jamshid Khodjaev, Trade Minister Cheong affirmed continued support for Uzbekistan’s accession to the WTO. The trade minister also attended the Coalition of Trade Ministers on Climate on the margins of the WTO’s MC13 and highlighted the importance of global efforts for climate change response and the free trade in goods, services, and technologies for mitigating climate change. In the WTO Ottawa Group Trade Ministers' meeting, he conveyed Korea’s expectations towards agenda items and outcomes related to strengthening the deliberative function of the WTO and other reform measures. Meanwhile, Korea sealed TIPF agreements with Bulgaria and Oman, respectively, establishing the base for bilateral trade and investment expansion as well as economic, technology and people-to-people exchanges with Europe and the Middle East. date2024-03-04
-
Trade/Investment
Korea's exports advance 4.8% in February
The Ministry of Trade, Industry and Energy (MOTIE) announced on March 1 that Korea’s export value for February 2024 increased 4.8 percent year-on-year to USD 52.4 billion. Imports decreased 13.1 percent to $48.1 billion and the trade balance stood at a surplus of $4.3 billion. February monthly exports recorded growth for the fifth consecutive month, despite the seasonal factors and relatively lower number of working days due to the Seollal holidays having landed in January last year. Factoring in the number of working days, the average daily export value ($2.6 billion) for February climbed 12.5 percent year-on-year and 12.2 percent month-on-month. By item, six out of major 15 export items showed growth. Semiconductors skyrocketed 66.7 percent to $9.9 billion, achieving the steepest climb since October in 2017 (up 69.6 percent) and continuing on the growth pace for the fourth consecutive month. Displays (up 20.2 percent) and computers (up 18.4 percent) both posted double-digit growth and advanced for the seventh and second consecutive month, respectively. For wireless communication devices, smartphones gained 57.5 percent, but exports of parts dropped 31.9 percent, resulting in a 16.5 percent fall overall. Exports of general machinery (up 1.2 percent), ships (up 27.7 percent) and bio health (up 9.3 percent) improved for the 11th, seventh and fourth consecutive month, respectively. Automobile exports showed a temporary decline of 7.8 percent due to the Seollal holidays and some automakers’ production line maintenance work. By destination, exports to five out of nine major export destinations increased in February. Exports to China (down 2.4 percent) were affected by the Spring Festival holiday, but the daily average export grew 4.8 percent to approximately $0.5 billion. Korea’s trade balance with China snapped the downward streak for the first time in 17 months, recording a $0.2 billion surplus. Exports to the U.S. posted an all-time high for the month of February, reaching $9.8 billion (up 9.0 percent) and continued on the growth streak for the seventh consecutive month. Exports to Japan (up 1.0 percent) and ASEAN (up 1.4 percent) grew for the fifth consecutive month, while those to Latin America (up 25.1 percent) advanced for the second consecutive month. Korea's February imports declined 13.1 percent year-on-year to $48.1 billion. The import of crude oil (up 0.9 percent) inched up, but that of gas (down 48.6 percent) and coal (down 17.3 percent) dropped, contracting overall energy imports by 21.2 percent. The trade balance stood at a $4.3 billion surplus in February, continuing on the surplus pace for the ninth consecutive month. * Short version date2024-03-04
-
Trade/Investment
Trade Minister meets Costa Rica’s Foreign Trade Minister
Minister for Trade Inkyo Cheong met with Costa Rica’s Foreign Trade Minister Manuel Tovar Rivera on February 28 at ADNEC in UAE on the margins of the WTO’s MC13 to discuss key agenda items for MC13 and measures for expanding bilateral economic cooperation. date2024-02-29
-
Trade/Investment
Trade Minister meets U.S. Trade Representative
Minister for Trade Inkyo Cheong met with U.S. Trade Representative Katherine Tai on February 28 at ADNEC in UAE on the margins of the WTO’s MC13 to discuss bilateral trade issues, including the Korea-U.S. FTA Joint Committee, remaining IPEF negotiations and cooperation for implementation. date2024-02-29
-
Trade/Investment
Trade Minister meets Australia’s Trade and Tourism Minister
Minister for Trade Inkyo Cheong met with Australia’s Trade and Tourism Minister Don Farrell on February 28 at ADNEC in UAE on the margins of the WTO’s MC13 and discussed cooperation in supply chains and climate change response. date2024-02-29
-
Trade/Investment
Trade Minister meets Canada’s Minister of Export Promotion, International Trade and Economic Development
Minister for Trade Inkyo Cheong met with Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng on February 28 at ADNEC in UAE on the margins of the WTO’s MC13 and discussed Korea-Canada FTA implementation and Canada’s participation in the CFE Initative. date2024-02-29
-
Trade/Investment
Trade Minister attends WTO dispute settlement reform at MC13
Minister for Trade Inkyo Cheong attended the WTO’s MC13 session on February 28 at ADNEC in UAE on the WTO dispute settlement reform and presented Korea’s stance on the issue. The session was attended by WTO member countries’ trade ministers and WTO Director General Ngozi Okonjo-Iweala. date2024-02-28
-
Trade/Investment
Korea and U.S. discuss resuming bilateral exchanges and cooperation in trade remedies
Trade Commissioner Cheon Young-gil of the Korea Trade Commission under the Ministry of Trade, Industry and Energy (MOTIE) visited Washington D.C. from February 26-27 to meet with Amy Karpel, Commissioner for the U.S. International Trade Commission (USITC), and Ryan Majerus, Deputy Assistant Secretary for Policy and Negotiations at the U.S. Department of Commerce (DOC), to discuss measures for resuming exchanges and cooperation between Korean and U.S. trade remedy organizations, and to cover bilateral trade remedy issues. Trade Commissioner Cheon Young-gil suggested that the two sides resume the bilateral technical committee on trade remedies, which has been on pause since the COVID outbreak, in order to expand and develop the cooperation between the two countries’ trade remedy organizations. He also asked that the DOC actively consider the opinion submitted by the Korean government in July 2023 regarding the DOC’s proposed amendment (announced May 2023) on regulations regarding the enforcement of trade remedies through the administration of anti-dumping and countervailing duty laws, conveying Korea’s stance on major issues related to countervailing duties. Moreover, in view of the issues concerning the ongoing anti-dumping investigations on Korean aluminum extrusions, the trade commissioner requested a reconsideration of the investigation scope. Lastly, Trade Commissioner Cheon extended an invitation to the USITC and U.S. DOC to attend Trade Remedies Seoul Forum 2024, slated for July 2 in Seoul this year. First launched in 2001 and held on a yearly basis, Trade Remedies Seoul Forum is an international forum bringing together major countries’ related institutions for promoting exchanges and cooperation on trade remedies. date2024-02-28
-
Trade/Investment
Trade Minister meets State Minister for Commerce of Bangladesh
Minister for Trade Inkyo Cheong met with Ahasanul Islam Titu, State Minister for Commerce of Bangladesh, on February 27 at ADNEC in UAE on the margins of the WTO’s MC13 to discuss trade and investment cooperation and measures to strengthen Korea-Bangladesh cooperation through trade networks like EPA and TIPF. date2024-02-28