Ministry of Trade, Industry and Energy

A popular comic character to be used as a public relations officer for FTA

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 10 that Dalma, a popular comic character in South Korea who represents typical, married middle-aged South Korean office workers, was appointed as a public relations officer for FTA.     The government agencies that voted to use him in their guideline for using FTA's include MOTIE, KCCI (Korea Chamber of Commerce and Industry) and KOTRA (Korea Trade Investment Promotion Agency), because the character in the comic book, "Cheer Up, Dalma!" portrays the everyday life of an ordinary Korean man.     The guideline includes the basic concept of FTA, export methods, business culture by country and a list of experts who can provide help on a case by case basis.     MOTIE has been promoting the use of this guideline through video and theater ads since August this year.     This time, the ministry published a guideline that can actually help Korean businesses seeking to enter the Chinese market. As for KCCI and KOTRA, they plan to use this guideline as a training material for the FTA staff.     The webtoon, "Cheer Up, Dalma!" on Naver had over 16,000 subscribers and more than 20,000 viewers per episode.     * Short version date2015-11-10

The TPP agreement is open to public to show similarities of the Korea-US FTA

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 05 that the TPP (Trans-Pacific Strategic Economic Partnership) agreement is shown on the websites of participating countries including New Zealand.     Legal review of the agreement is yet to be completed, and it can be revised until it's officially signed.     The agreement is composed of a total of 30 chapters, which are very similar to those of the Korea-US FTA since the negotiations were carried out based on the Korea-US FTA.     In terms of market access, tariff elimination will be effective immediately up until 30 years from now, and about 95 to 100 percent of the items will be duty free according to the agreement. This is one of the similarities with the Korea-US FTA that has already been signed.     The TPP standards reflect the global trends discussed at the WTO and TISA, and it's highly likely that they' will serve as global standards for the future.     The agreement also has 6 more chapters than the Korea-US FTA which has 24 chapters, and the additional chapters include the areas of government-run enterprises, strengthening of cooperation and capabilities, promotion of competition and businesses, development, SME's and balanced regulations.     If Korea partakes in the TPP, it's expected to have positive effects on Korean companies' exports and investments such as further opening of services, investment and government procurement markets as well as conformity and improvement of regulations and systems in intellectual rights and e-commerce.     Soon after the announcement of the TPP agreement, Korean government organized a special team of experts from various government agencies under the supervision of MOTIE to analyze the TPP agreement, particularly the tariff reduction in services and investment by comparing the agreement with other FTA's currently in force.     Further discussions will take place at the 6th Trade Committee Meeting to be held on November 6, 2015 to come up with a detailed plan to analyze the TPP agreement.     Based on the results of the meeting, the Korean government will thoroughly analyze the effects on domestic industries and economy so it can act straight towards national interests after a series of procedures such as public hearing, report to the National Assembly and Trade Treaty Conclusion Procedure Act.     * Short version date2015-11-05

MOTIE Minister Yoon Discusses Bilateral Economic Cooperation with Chinese and Japanese Counterparts

      Minister of Trade, Industry and Energy Yoon Sang-jick held a meeting with Chinese Commerce Minister Gao Hucheng in Seoul last week to discuss ways to promote economic cooperation between South Korea and its biggest trading partner.   Minister Yoon also held a meeting with Japan's new Economy, Trade and Industry Minister Motoo Hayashi to exchange views on how to facilitate regional economic cooperation such as the Korea-Japan-China Free Trade Agreement (FTA) and the Regional Comprehensive Economic Partnership (RCEP).   The two meetings took place on the sidelines of a summit between the leaders of South Korea, Japan and China held more than three years after the last one in May 2012. date2015-11-02

MOTIE VM Moon Greets Montana Governor Bullock

      Moon Jae-do, second vice minister of the Ministry of Trade, Industry and Energy (MOTIE), received a visit by Steve Bullock, governor of the U.S. state of Montana, in Seoul last week.   During the meeting, the two exchanged views on how to promote bilateral trade and energy cooperation between South Korea and Montana following the implementation of the Korea-U.S. Free Trade Agreement (KORUS FTA) in 2012. date2015-11-02

Korea, Japan and China Hold 10th Trilateral Economic Trade Ministers' Meeting

    Korea, Japan and China held the 10th Trilateral Economic Trade Ministers' Meeting today in Seoul to discuss ways to facilitate regional cooperation in trade and investment among the three neighboring countries.   During the meeting, Minister of Trade and Industry and Energy Yoon Sang-jick and his two counterparts, Japan's International Trade and Industry Minister Motoo Hayashi and China's International Trade Representative Zhong Shan, agreed to accelerate talks aimed at establishing a three-way free trade agreement (FTA) and a new mega trading bloc encompassing Asia and Oceania.   The three countries are involved in both the trilateral FTA and the Regional Comprehensive Economic Partnership (RCEP), which also includes the 10 members of the Association of Southeast Asian Nations, India, Australia and New Zealand.   Today's meeting, the first since 2012, touched on other global and regional issues regarding East Asian economic integration, the World Trade Organization (WTO), the Group of 20 and the Asia Pacific Economic Cooperation (APEC). date2015-10-30

Korea, Japan and China to hold ministerial meeting in Seoul to strengthen cooperation in economy and trade

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 30 that the 10th Economic and Trade Ministers' Meeting among the Republic of Korea, the People's Republic of China and Japan was held on October 30, 2015 in Seoul, with the participation of Korean Minister of Trade, Industry and Energy Yoon Sang-Jick, Japanese Minister of Economy, Trade and Industry Hayashi and Chairperson of China Council for the Promotion of International Trade Zhongshan, who have gathered to strengthen th date2015-10-30

MOTIE Greets New French Ambassador to Korea

      The Ministry of Trade, Industry and Energy (MOTIE)'s Second Vice Minister Moon Jae-do received a visit by new French Ambassador to Korea Fabien Penone in Seoul last week.   During their meeting, the two exchanged views on how to further promote economic and industrial cooperation between Korea and France, including technology collaboration in new industries. date2015-10-28

Korea and Israel Seek to Strengthen Industrial Collaboration

Korea and Israel Seek to Strengthen Industrial Collaboration   The Ministry of Trade, Industry and Energy (MOTIE) hosted the 2015 Korea-Israel Industrial Collaboration Conference in Seoul last week.   During the annual event, the two countries discussed ways to develop and strengthen industrial cooperation beyond research and development (R&D) to include technology transfer and commercialization. date2015-10-27

Korea-Iraq resources cooperation committee resumes after 8 years

The Ministry of Trade, Industry and Energy (MOTIE) announced on October 27 that MOTIE held the 2nd Korea-Iraq Joint Committee on Mineral Resources on the same day at the Lotte Hotel Seoul, after holding the first meeting in Dubai in September 2007, with Korean Minister of Trade, Industry and Energy Kim Young-Ju and Iraqi Oil Minister al-Shahristani as the country representatives.     This time, Korean Second Vice Minister of Trade, Industry and Energy Moon Jae-do and Iraqi Deputy Oil Minister Fayadh Nima were the country representatives.     The representatives of the two countries had discussion on the possible areas of cooperation in oil and gas that Iraq has in abundance, and also measures for joint research.     They also shared in opinions on the promotion of oil and gas development projects that are being carried out by Korean companies in Iraq, and strengthening of partnership between the two countries.     As a result of the meeting, the two countries agreed to organize a joint committee and take follow-up measures for smooth implementation of the agreement.     * Short version date2015-10-27

President Park's U.S. Visit to Boost Economic Ties

      President Park Geun-hye is visiting the United States from October 13 to 16 accompanied by Minister of Trade, Industry and Energy Yoon Sang-jick and South Korea's largest-ever business delegation of 164 companies.   The South Korean leader will pay a visit to the National Aeronautics and Space Administration (NASA) on Wednesday to discuss bilateral cooperation in the space sector, followed by a meeting with Vice President Joseph Biden on Thursday and a summit and joint press conference with President Barack Obama on Friday.   The 164-company business delegation accompanying President Park, which includes executives of South Korea's top conglomerates like Samsung Electronics and Hyundai Motors as well as small and medium enterprises, is more than triple the size of the one that she led on her last state visit to the U.S. two years ago.   Its huge size reflects the Korean business community's eagerness to cooperate with their U.S. counterparts to capitalize on the booming trade between the two countries since the Korea-US Free Trade Agreement (KORUS FTA) went into force in 2012.   Bilateral trade has soared by more than 15 percent since 2011, causing the United States to rise from South Korea's 4th to its 2nd largest trading partner after China, as the KORUS FTA gradually eliminates trade barriers and tariffs on hundreds of products.   To find out more about the state visit, please see President Park's official website at date2015-10-14