Ministry of Trade, Industry and Energy

South Korea and Brazil Seek Stronger Industrial Cooperation

South Korea and Brazil Seek Stronger Industrial Cooperation   The Ministry of Trade, Industry and Energy's Deputy Trade Minister Woo Tae-hee held the sixth meeting of the bilateral committee on industrial cooperation between the Republic of Korea (ROK) and Brazil in Brasilia last week.   During the meeting, Deputy Minister Woo and his Brazilian counterpart discussed various ways to promote bilateral industrial cooperation on e-commerce for small- and medium-sized enterprises (SMEs), in date2015-12-14

9th Korea-China-Japan FTA negotiation talks to be held in Hakone, Japan

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 14 that the 9th working-level talks for the Korea-China-Japan will be held from December 14 to December 18, 2015 in Hakone, Japan.     The talks will include guidelines for negotiations on the reduction of customs duties, free service and investment, and other core issues. The negotiations will be carried out by over 20 technical teams.     Korea, China, and Japan have brought the "Comprehensive and High-Standard FTA Principles" to the negotiation table on eight occasions since the announcement of the FTA in November 2012.     At the summit meeting held between the three countries in November this year, the leaders have agreed to accelerate the negotiations to reach a comprehensive, high-standard, and mutually beneficial FTA     * Short version date2015-12-14

South Korea and Indonesia Seek Ways to Boost Trade Ties

South Korea and Indonesia Seek Ways to Boost Trade Ties   The Ministry of Trade, Industry and Energy (MOTIE)'s 2nd Vice Minister Moon Jae-do welcomed a visit by Indonesian Trade Minister Thomas Lembong yesterday in Seoul. The two officials discussed ways to improve industrial and economic cooperation between Asia's fourth-biggest economy and one of its most important partners in the Association of Southeast Asian Nations (ASEAN), including following through on tariff cuts under the Korea-AS date2015-12-11

Provisional Korea-EU FTA fully in effect starting December 13

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 11 that the Korea-EU FTA will be in full effect starting December 13 after a provisional period of 4 years and 5 months.     The Korea-EU FTA has been provisionally in effect since July 1, 2011 due to the different ratifications by the 27 EU member states.     After the full implementation of the FTA on December 13, and according to the decisions made at the EU council meeting, some of the articles that have been excluded during the provisional period, such as cultural cooperation protocol and intellectual property enforcement, have also been put in force.     The Cultural Cooperation Protocol regulates cooperation between artists, cultural experts, performers, and audio-visual production as well as broadcasting, performing arts, publication, and cultural properties.     The intellectual property enforcement regulates trademark rights, copyright, violation of neighboring rights, criminal punishment procedures, and types with regard to the violation of geographical indication and design counterfeit.     * Short version date2015-12-11

Korea-China FTA to Take Effect from December 20

      A free trade agreement (FTA) between the Republic of Korea (South Korea) and China will go into effect from December 20.   The two countries exchanged a diplomatic document for the official implementation of their bilateral FTA in Beijing today.   The Korea-China FTA was signed in June to gradually remove all tariffs on more than 90 percent of goods traded between the two countries within 20 years.   South Korea and New Zealand have also agreed to implement their recently-signed bilateral FTA on December 20. date2015-12-09

Korea-New Zealand FTA in Force from December 20, 2015

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 09 that the FTA between Korea and New Zealand will be in force from December 20, 2015.     Korea and New Zealand exchanged diplomatic notes to confirm the enforcement of the FTA on December 20, 2015 at the New Zealand Ministry of Foreign Affairs and Trade on December 9, 2015.     According to the FTA, customs duties will be reduced for the second time on January 1, 2016 for mutual benefits for both countries.     Click below to see details of the Korea-New Zealand FTA.         * Short version   date2015-12-09

Korea-China FTA to be in force from December 20

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 09 that the FTA between Korea and China will be in force from December 20, 2015.     Korea and China exchanged diplomatic notes to finalize the enforcement of Korea-China FTA starting on December 20 in Beijing on December 9, 2015.     Customs duties will be reduced on December 20, 2015 and again on January 1, 2016, which will greatly help Korean companies increase their exports to China.     The two countries will also speed up the negotiation process to allow Korean companies to enter some of the promising Chinese markets such as law, engineering, environment and entertainment while also removing non-tariff barriers.     Meanwhile, a number of global companies from other advanced countries are expected to invest in Korean companies to take advantage of the Korea-China FTA, creating more jobs.     Other possible effects of the Korea-China FTA include 0.96 percent GDP increase, $ 14.6 billion increase in consumer service and creation of 53,800 new jobs over the following 10 years.     * Short version date2015-12-09

South Korea's National Assembly Approves FTA with China

      South Korea's National Assembly yesterday approved a bilateral free trade agreement (FTA) with China, clearing the final hurdle for the implementation of the deal possibly within this year.   The parliamentary bill was passed with a 196-33 majority for the Korea-China FTA, which was signed in June to eventually remove tariffs on about 90 percent of goods traded between the two countries.   The National Assembly also approved FTAs with New Zealand and Vietnam.   In a press briefing, Kim Hak-do, assistant minister for trade negotiations at the Ministry of Trade, Industry and Energy (MOTIE), welcomed the passage of the FTA bill with Korea's largest trading partner and pledged to make all efforts to implement it as quickly as possible before the new year. date2015-12-01

ROK and China Discuss Industrial Cooperation Complex

ROK and China Discuss Industrial Cooperation Complex   The Republic of Korea (South Korea) and China held the first vice ministerial-level meeting in Seoul yesterday to discuss how to develop a joint industrial complex as agreed in their free trade agreement (FTA) and at their summit meeting in October. During the meeting, the Ministry of Trade, Industry and Energy (MOTIE)'s First Vice Minister Lee Kwan-sup and China's Vice Commerce Minister Gao Yan led their delegations to exchange views o date2015-12-01

MOTIE and EEC Sign MoU on Economic Cooperation

      The Ministry of Trade, Industry and Energy (MOTIE) signed a memorandum of understanding (MoU) with the Eurasian Economic Commission (EEC) on promoting economic cooperation between South Korea and the Eurasian Economic Union (EEU) at a ceremony held in Seoul this week. After the ceremony, MOTIE Minister Yoon Sang-jick and EEC Board Commissioner Andrey Alexandrovich Slepnev discussed various bilateral issues including industrial technology cooperation. date2015-12-01