Ministry of Trade, Industry and Energy

Korean students to intern in the UAE

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 22 that Korean college students will intern at the Emirates Nuclear Energy Corporation (ENEC) during the winter vacation this year.     A total of 27 nuclear engineering majors at 10 different universities will have the opportunity to have real job experience at the headquarters of ENEC in Abu Dhabi and nuclear power plant construction site in Barakah from January 3 to February 18, 2016.     The ENEC Int date2015-12-22

ROK-Vietnam FTA to Take Effect Dec. 20

      The bilateral free trade agreement (FTA) between the Republic of Korea (ROK) and Vietnam will go into effect next week.   The two countries exchanged a diplomatic document to officially implement their FTA from December 20.   The FTA will open up 94.7 percent of the Korea's market and 92.4 percent of the Vietnamese market in terms of import volume.   Vietnam is South Korea's third-biggest export market after China (including Hong Kong) and the United States. date2015-12-16

South Korea and Peru Seek to Strengthen Industrial and Energy Cooperation

South Korea and Peru Seek to Strengthen Industrial and Energy Cooperation   The Republic of Korea (South Korea) and Peru are seeking to strengthen bilateral cooperation in promoting small- and medium-sized enterprises (SMEs) and e-commerce as well as energy-related projects.   The Ministry of Trade, Industry and Energy (MOTIE)'s Deputy Trade Minister Woo Tae-hee led a Korean delegation to hold bilateral committee meetings on industrial and energy cooperation in Lima, Peru, last week. date2015-12-16

Korea-Vietnam FTA to come into effect on December 20

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 16 that the FTA between Korea and Vietnam will come into effect on December 20.     Thanks to the FTA with Vietnam, which is Korea's third largest consumer, Korean businesses are expected to have enhanced price competitiveness in the Vietnamese market.     Customs duties will be reduced on December 20, 2015 and again on January 1, 2016, which will increase Korean exports to Vietnam.     For instance, the 25 percent tax levied on juice blenders would have been removed in 2020 if the FTA were put in force next year, but it will be removed from 2019 if it is put in force this year.     Vietnam is Korea's third largest consumer after the US and China. This FTA is also seen to increase the level of investor protection in the country.     Furthermore, the high-level investment protection policies are expected to help create a more stable investment environment than the Korea-ASEAN FTA, which included guarantee of remittance and suitable compensation.     * Short version date2015-12-16

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