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Trade/Investment
Trade Minister to attend ASEAN meetings in Cambodia
Trade Minister Ahn Duk-geun will be attending the 19th ASEAN Economy Ministers’ Meeting, the 25th ASEAN+3 Meeting, the 10th East Asia Summit (EAS) Ministers’ Meeting and the Regional Comprehensive Economic Partnership (RCEP) Ministers’ Meeting through September 16-18 held in Siem Reap, Cambodia. Key objectives of these meetings are to bolster economic cooperation with ASEAN partners in the Indo-Pacific region, expand trade and investments opportunities in the East Asian region date2022-09-15
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Trade/Investment
IPEF ministerial statement outlines four pillars for economic cooperation
The Ministry of Industry, Trade and Energy (MOTIE) announced on September 10 that the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting held on September 8-10 in Los Angeles saw the fruition of a joint ministerial statement containing the text and statements focused on the following four pillars: trade, supply chains, clean economy and fair economy. The statement is the outcome of intensive negotiations that have taken place since the first launching of the Framework in date2022-09-13
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Trade/Investment
Trade Minister attends IPEF Ministerial Meeting
Trade Minister Ahn Duk-geun will be attending the Indo-Pacific Economic Framework (IPEF) Ministerial Meeting held in Los Angeles, U.S. on September 8-9, which is the first in-person IPEF ministerial meeting to be co-hosted by U.S. Trade Representative Katherine Tai and Secretary of Commerce Gina Raimondo. The fourteen IPEF member countries’ ministers will discuss four major issues and relevant agendas, namely trade, supply chain, clean economy and fair economy. The Ministry of Trade, Ind date2022-09-08
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Trade/Investment
Minister Lee holds talks with U.S. Representatives on IRA
Trade, Industry and Energy Minister Lee Chang-yang held talks on September 5 with the U.S. House of Representatives members visiting Korea on the recently passed Inflation Reduction Act (IRA) and expressed serious concerns. Minister Lee concurred with the U.S.’ intent for climate change response and clean energy expansion, but relayed that the IRA’s discriminatory elements regarding tax benefits for U.S-made EVs are a source of great concern to the Korean government and rela date2022-09-06
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Trade/Investment
Minister Lee holds talks with U.S. Representatives on IRA
Trade, Industry and Energy Minister Lee Chang-yang held talks on September 5 with the team of U.S. Representatives during their visit to Korea, and raised concerns over the Inflation Reduction Act (IRA) and exchanged views on reinforcing Korea-U.S. cooperation. Visiting members of the U.S. House of Representatives are Andy Barr, Darrell Issa, Claudia Tenney, Stephanie Murphy, Scott Franklin, Kaiali’I Kahele, Joe Wilson, Michael Waltz and Kat Cammack, nine in total. Seven are members of th date2022-09-06
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Trade/Investment
Trade Minister visits Washington D.C. for IRA talks
Trade Minister Ahn Duk-geun is visiting Washington D.C. through September 5-7 to meet U.S. government officials and Congress members in person to discuss the recently signed Inflation Reduction Act (IRA) concerning tax benefits for electric vehicles (EVs) 'for which final assembly occurred in North America.' As the abovementioned IRA incorporates discriminatory treatment towards imported EVs in the U.S. market, Korean automakers have voiced serious concerns. Accordingly, the trade chief is cont date2022-09-05
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Trade/Investment
Korea and Oman hold talks on energy supply chain cooperation
Trade, Industry and Energy Minister Lee Chang-yang held talks on September 5 with Oman’s Energy and Minerals Minister Salim bin Nasser Al Aufi concerning bilateral energy supply chain cooperation and Korea’s participation in Oman’s energy infrastructure projects. Minister Lee noted how important the two countries are to one another, as Oman is fourth largest LNG supplier (9.6 percent of Korea’s total LNG imports) to Korea, while Korea is Oman’s largest LNG importer date2022-09-05
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Trade/Investment
Trade Minister meets with UK Prime Minister's trade envoy to Korea
Trade Minister Ahn Duk-geun met with John Whittingdale, the UK Prime Minister's trade envoy to the Republic of Korea, on September 1 at the Four Seasons Hotel Seoul and discussed climate change, digital trade, supply chain and requested UK’s support for Korea’s winning the bid to host World EXPO 2030 in Busan. date2022-09-01
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Trade/Investment
Minister holds talks with U.S. Ambassador to Korea
Trade, Industry and Energy Minister Lee Chang-yang met with Philip Seth Goldberg, U.S. Ambassador to Korea, on August 31 in Seoul and discussed IRA, Korea-U.S. supply chain and other current issues for future cooperation. date2022-09-01
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Trade/Investment
Korea's exports rise 6.6% in August
The Ministry of Trade, Industry and Energy announced on September 1 that Korea’s exports in August saw a year-on-year expansion of 6.6 percent and recorded USD 56.7 billion, hitting the highest value for the month of August in history. Imports jumped 28.2 percent to $66.2 billion, resulting in a trade deficit of $9.5 billion. Total trade volume achieved highest ever $960.3 billion. Despite protracted Russia-Ukraine war and tighter monetary policies of major countries, exports posted grow date2022-09-01