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FTA/Economic Cooperation
MOTIE Minister Yoon Meets with President-Designate of AIIB
Minister of Trade, Industry and Energy Yoon Sang-jick received a visit by Jin Liqun, president-designate of the Asian Infrastructure Investment Bank (AIIB), at his satellite office in Seoul today. During the meeting, the two exchanged various ideas on how to facilitate cooperation between South Korea and the China-led AIIB once the new global lending institution is launched. date2015-09-09
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FTA/Economic Cooperation
South Korea and China Sign MoU for More Cooperation on Quality Inspection of Imports
South Korea and China signed a memorandum of understanding (MoU) to strengthen cooperation on the quarantine and quality inspection of their imports last week. Moon Jae-do, second vice minister at the Ministry of Trade, Industry and Energy (MOTIE) attended the signing ceremony held in Beijing, China. date2015-09-08
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FTA/Economic Cooperation
MOTIE Minister Yoon Visit Russia to Promote Industrial and Energy Cooperation
Minister of Trade, Industry and Energy Yoon Sang-jick attended the Eastern Economic Forum 2015 held in Vladivostok, Russia, last week, as the chief representative of the Republic of Korea. On the sidelines of the forum, Minister Yoon met with Russia's Energy Minister Novak Alexander to discuss ways to promote industrial and energy cooperation between Korea and the world's largest country. The Korean minister also signed a memorandum of understanding (MOU) with Aleksandr Galushka, minister of development of the Russian Far East, on providing support to companies in both countries. For more information about the Eastern Economic Forum 2015, please visit its English website at date2015-09-07
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FTA/Economic Cooperation
ROK President and Chinese Premier Agree to Bolster Economic Ties
Republic of Korea (ROK) President Park Geun-hye and Chinese Premier Li Keqiang led a meeting in Beijing on Wednesday to deepen bilateral cooperation on trade, culture, and regional development. The two sides agreed to accelerate the passage of the ROK-China free trade agreement (FTA) signed in June and seek ways to maximize its benefits by easing non-tariff barriers, such as rules on inspection and quarantine of Korean rice and kimchi. On the cultural front, they shared ideas on liberalizing cultural exchange and promoting the joint development and distribution of arts and entertainment, including animation and soap operas. To this end, the Korea Venture Investment Corp. and the China Development Bank Capital Corp. (CDBC) signed a memorandum of understanding (MOU) to set up a $200 million fund to invest in cultural content, software and consumer goods ventures. At a regional level, the two sides agreed to work closely together on the upcoming launch of the China-led Asian Infrastructure Investment Bank (AIIB). President Park also proposed the establishment of a Northeast Asian Development Bank as a way to further promote peace and economic development within the region. President Park is scheduled to return to Seoul today after wrapping up her three-day visit to South Korea's largest trading partner. To find out more about the visit and its outcomes, please check out the president's official website at . date2015-09-04
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FTA/Economic Cooperation
South Korea and Italy Seek to Promote Industrial and Economic Cooperation
Moon Jae-do, the second vice minister of the Ministry of Trade, Industry and Energy (MOTIE), greeted a visit by Marco Della Seta, Italy's new ambassador to South Korea, in Seoul this week. During the meeting held at the Foreign Ministry, the two exchanged various views on how to promote industrial and economic cooperation between their countries. date2015-09-04
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FTA/Economic Cooperation
MOTIE Hosts WTO/FTA Moot Court Competition
The Ministry of Trade, Industry and Energy (MOTIE) hosted the WTO/FTA Moot Court Competition 2015 in Seoul last week jointly with Korean Society of International Economic Law. Deputy Trade Minister Woo Taehee delivered an opening speech at the sixth annual event, which was held in time for the celebration of the 20th anniversary of the World Trade Organization (WTO). A team from Singapore won the grand prize this year, while a team from Korea University took second place. A total of 22 teams of local and foreign college and graduate students applied for the tournament, of which 16 qualified to compete in South Korea this year. Judges in the competition included members of the Appellate Body of the World Trade Organisation (WTO), such as Ricardo Ramirez-Hernandez from Mexico, Thomas R. Graham from the U.S., Ujal Singh Bhatia from India, and Yuejiao Zhang from China. The WTO-FTA Moot Court is an annual competition that began in 2010. Teams have to go through two preliminary rounds before the top eight teams by score advance to the first round of knockouts. The competition mainly comprises Korean teams, but since 2015 a limited number of foreign schools have been invited to participate each year. date2015-09-03
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FTA/Economic Cooperation
MOTIE Minister Yoon Greets Indonesian Vice President
Minister of Trade, Industry and Energy Yoon Sang-jick greeted a visit by Indonesian Vice President Muhammad Jusuf Kalla at Lotte Hotel in Seoul yesterday. During the meeting, they exchanged views on the trade and economic cooperation between South Korea and Indonesia. date2015-08-28
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FTA/Economic Cooperation
South Korea and China’s Shandong Province to Enhance Trade Cooperation
South Korea and China’s Shandong Province to Enhance Trade Cooperation Minister of Trade, Industry and Energy Yoon Sang-jick and Guo Shuqing, governor of Shandong Province, China, signed a memorandum of understanding (MoU) in Seoul yesterday to enhance bilateral cooperation between South Korea and the Chinese region. During the meeting, the two agreed to pursue comprehensive cooperation in the economic, trade, energy, and industrial sectors and to hold high-level talks on reg date2015-08-27
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FTA/Economic Cooperation
ROK and Ecuador Announce Start of FTA Negotiations
The Republic of Korea (ROK) and Ecuador announced the official launch of negotiations for a bilateral free trade agreement (FTA) in Seoul on Tuesday. The ROK's Minister of Trade, Industry and Energy Yoon Sang-jick made the announcement at a meeting with Ecuadorean Minister of Production Nathalie Cely and Minister of Foreign Trade Diego Aulestia. At the meeting, the two countries agreed to pursue a comprehensive, high-level FTA under the name of a Strategic Economic Cooperation Agreement (SECA) and to conclude the negotiations at the earliest possible date, the ROK's Ministry of Trade, Industry and Energy (MOTIE) said in a statement. The first round of negotiations is expected to take place before the end of the year, according to the statement. date2015-08-26
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FTA/Economic Cooperation
MOTIE Minister Yoon Attends 18th AEM Plus Three Consultations
MOTIE Minister Yoon Attends 18th AEM Plus Three Consultations Minister of Trade, Industry and Energy Yoon Sang-jick attended the 18th ASEAN Economic Ministers (AEM) Plus Three Consultations held in Kuala Lumpur, Malaysia, yesterday. A day before the consultations, Minister Yoon also signed a new protocol to amend the agreement on trade in goods between the Republic of Korea and the Association of Southeast Asian Nations (ASEAN). To see the full joint statement of the 18th AE date2015-08-25