Ministry of Trade, Industry and Energy

Korea, U.S. reach revised free trade agreement in principle

Seoul, Korea - The Ministry of Trade, Industry and Energy announced on March 26 that the Republic of Korea and the United States reached an agreement in principle to the revision of the Korea-U.S. Free Trade Agreement. The agreement reached between the two sides has removed the uncertainty that could result from long-term negotiations. Both sides will finalize the details of a draft agreement before proceeding with their respective domestic procedures. The two countries also agreed to exempt t date2018-03-26

Korea, China, Japan hold 13th round of FTA talks in Seoul

Deputy Minister of Trade and Investment Kim Young-sam (center) of the Ministry of Trade, Industry and Energy, China’s Vice Minister Wang Shouwen (left) of the Ministry of Commerce, and Japan’s Deputy Minister Kazuyuki Yamazaki (right) of the Ministry of Foreign Affairs posed for a photo at the 13th round of Korea-China-Japan FTA negotiations in Seoul on March 23.During the meeting, the three ministers discussed ways to advance negotiations on topics such as goods, services, and inves date2018-03-23

Minister Paik meets Vietnamese counterpart in Hanoi

Trade, Industry and Energy Minister Paik Ungyu (right) posed for a photo with Vietnam’s Industry and Trade Minister Tran Tuan Anh during his visit to Hanoi, Vietnam, on March 22.During their meeting, Minister Paik and Minister Anh discussed the direction of economic cooperation between the two sides.The meeting was followed by a signing ceremony of memorandums of understanding for closer ties between the two countries in five different sectors: automobiles, textiles and shoes, electricity, date2018-03-22

Korea, China begin subsequent FTA negotiations in Seoul

Korea and China began the first round of subsequent negotiations for the Korea-China free trade agreement (FTA) to expand liberalization in the service and investment sectors based on a negative list approach in Seoul on March 22.The Korean delegation was led by Deputy Minister of Trade and Investment Kim Young-sam (third from right) of the Ministry of Trade, Industry and Energy. The Chinese delegation was led by Vice Minister Wang Shouwen (third from left) of the Ministry of Commerce.During Pre date2018-03-22

Korea, China to begin follow-up FTA talks in Seoul

The Ministry of Trade, Industry and Energy announced on March 14 that the first round of follow-up negotiations about services and investments under the Korea-China free trade agreement (FTA) will take place in Seoul on March 22 and 23.During President Moon Jae-in’s visit to China in December last year, the Ministry and China’s Ministry of Commerce agreed to commence the negotiations on liberalization in services and investments early this year.The negotiations follow the completion date2018-03-14

Minister Paik meets with Saudi Arabian counterpart

Trade, Industry and Energy Minister Paik Ungyu (right) met with Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid A. Al-Falih in Riyadh, Saudi Arabia, on March 12 (Saudi time).During the meeting, Minister Paik and Minister Al-Falih discussed ways to deliver tangible outcomes of the Korea-Saudi Arabia Vision 2030 and expand cooperation between the two countries in the industry and energy sectors. date2018-03-13

Minister Paik chairs meeting in response to US steel and aluminum tariffs

Trade, Industry and Energy Minister Paik Ungyu (left) chaired a meeting with steel and aluminum industry leaders in response to U.S. President Donald Trump’s signing of proclamations imposing tariffs on steel and aluminum at COEX in Seoul on March 9.The presidential proclamations were issued under Section 232 of the Trade Expansion Act of 1962, which allows the U.S. president to impose tariffs or quotas on imports for national security purposes.Minister Paik expressed his regrets about the date2018-03-09

Minister Paik meets with Indian counterpart in New Delhi

Trade, Industry and Energy Minister Paik Ungyu (left) met with Indian Commerce and Industry Minister Suresh Prabhu during his visit to New Delhi, India, on February 27 (India time).During their meeting, Minister Paik and Minister Prabhu exchanged their views on issues of mutual interest, including the Korea-India Comprehensive Economic Partnership Agreement (CEPA) and technological cooperation in promising industries. date2018-02-28

Korea, Russia discuss energy cooperation in Seoul

The Ministry of Trade, Industry and Energy’s Deputy Minister for Energy and Resources Park Won-joo (second from right) and Russia’s Deputy Minister of Energy Anton Inyutsyn (second from left) co-chaired the 15th Meeting of the Korea-Russia Joint Committee for Energy and Natural Resources Cooperation at a hotel in downtown Seoul on February 21.During the meeting, the two sides discussed means to enhance cooperation in the energy and natural resources sector. date2018-02-21

Trade Minister Kim signs trade deals with five Central American counterparts

Seoul, Korea - The Ministry of Trade, Industry and Energy announced that Trade Minister Kim Hyun-chong signed free trade agreements with representatives from five Central American countries in Seoul on February 21. The five Central American ministers were El Salvadoran Economy Minister Tharsis Salomón López Guzmán, Honduran Minister of Economic Development Arnaldo Castillo, Costa Rican Minister of Foreign Trade Alexander Mora, Nicaraguan Minister of Development, Industry an date2018-02-21