Ministry of Trade, Industry and Energy

4th round of Korea-GCC FTA negotiations

The 4th round of Korea-GCC FTA negotiations are being held (March 28-31) in Seoul. Korea’s government delegation is led by Ministry of Trade, Industry, and Energy (MOTIE)’s Director General for FTA Negotiations Lee Kyung-sik, and consists of relevant ministries’ officials across the Ministry of Economy and Finance, Ministry of Agriculture, Food and Rural Affairs, Korean Intellectual Property Office, Ministry of Oceans and Fisheries, and Korea Forest Service. The Gulf Cooperati date2022-03-31

MOTIE holds public hearing on CPTPP application

Trade, Industry, and Energy Minister Moon Sung-wook held a public hearing on its application for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on March 25 at the Government Complex Sejong to gather opinions of interest parties, experts and the general public. The hearing was commenced by opening remarks of Trade Negotiations Deputy Minister Jeon Yoon-jong, followed by an overview of CPTPP and progress update, then an assessment of application impact on the ec date2022-03-30

MOTIE holds 5th Korea-Turkey FTA Joint Committee Meeting

The Ministry of Trade, Industry, and Energy held the 5th Korea-Turkey FTA Joint Committee Meeting on March 22 in Sejong City via videoconference to assess the FTA implementation progress on both sides in commemoration of their 9th year of enforcement. Representing Korea was Director General for FTA Policy Yang Gi-uk, whose Turkish counterpart was Hüsnü Dïlemre, Director-General of European Union Affairs at the Undersecretariat of Prime Ministry for Foreign Trade of Turkey. Turke date2022-03-28

10 years of Korea-U.S. FTA: Decade of Growth and Mutual Benefits

The Korea-U.S. FTA has reached 10 years since enforcement in 2012. Statistics show that the agreement has enlarged bilateral trade, as well as Korea’s exports to the U.S. over the decade. In 2012, Korea-U.S. trade amounted to USD 101.8 billion, which grew 66.1 percent to $169.1 billion in 2021. Korea’s shipments imports, and trade balance to U.S. grew 29.4 percent, 27.3 percent, and 36.7 percent, respectively. Major exports items to U.S. are automobiles (parts), semiconductors, co date2022-03-21

Trade Minister visits US in commemoration of Korea-US FTA 10th Anniversary

Trade Minister Yeo Han-ku and a parliamentary delegation visited the U.S. through March 14-18 (local time) in commemoration of the Korea-U.S. FTA 10th Anniversary, and met up with various U.S. government officials, lawmakers, and entrepreneurs.   They met with Senator Tom Carper on March 15 and discussed the need for digital trade rules establishment through the Indo-Pacific Economic Framework (IPEF), and held a roundtable meeting with U.S. House Ways and Means Committee Chair Kevin Brady date2022-03-17

Trade Minister to visit U.S. in time for Korea-U.S. FTA 10th Anniversary

Trade Minister Yeo Han-koo and a parliamentary delegation will visit the U.S. on March 14-18 (local time) in commemoration of the Korea-U.S. FTA 10th Anniversary, with plans to meet with various U.S. government officials, lawmakers, and entrepreneurs. The Korea-U.S. FTA is deemed to have mutually benefited both sides in terms of trade and investment growth, and is seen to have been the core foundation on which the two nations’ economic cooperation strengthened over the last decade. Korea date2022-03-14

Trade Minister attends 10th Korea-U.S. FTA Anniversary Seminar

Trade Minister Yeo Han-koo attended the Korea-U.S. FTA 10th Anniversary Seminar held at Korea International Trade Association (KITA) in Seoul on March 11 to assess the bilateral FTA outcomes and to discuss future goals. In his congratulatory remarks, Minister Yeo noted the need to prepare for the coming decade of new trade issues encompassing supply chain, new technology, digital, and climate change within the existing Korea-U.S. FTA framework. Recognizing the rapidly changing global date2022-03-14

Korea and Ecuador agree to resume SECA negotiations

Trade Minister Yeo Han-koo held online talks with Ecuador’s Production, Foreign Trade, Investment and Fisheries Minister Julio José Prado on Mar 2 in Mexico City to hold a virtual signing ceremony for resuming the Korea-Ecuador Strategic Economic Complementation Agreement (SECA) negotiations after a 5-year hiatus. The trade chiefs addressed the commemoration of the 60th anniversary of Korea-Ecuador diplomatic relations, and agreed to put in efforts for reaching a SECA agreement by date2022-03-08

Korea and Mexico agree to resume FTA talks

Trade Minister Yeo Han-koo held talks with Mexican Secretary of Economy Tatiana Clouthier on Mar 1 in Mexico City and agreed to resume the two countries’ halted FTA talks after a 14-year hiatus, on the occasion of the 60th anniversary of the establishment of Korea-Mexico diplomatic relations. Korea and Mexico presently share the same concerns over the rising risks of global supply chains from COVID-19 and the Ukraine situation, but anticipate that a bilateral FTA will act as a strategic l date2022-03-07

Korea-Hungary Ministers hold Closing Ceremony of the 4th Joint Commission on Economic Cooperation

Trade, Industry, and Energy Minister Moon Sung-wook held the closing ceremony of the 4th Korean-Hungarian Joint Commission on Economic Cooperation on Mar 3 at the Plaza Hotel Seoul with Hungarian Finance Minister Mihály Varga.   The two leaders agreed to promote close cooperation between their countries’ public institutions with regard to resolving difficulties faced by Korean companies in Hungary, in order to not only improve the investment environment, but also to expand bi date2022-03-04