Ministry of Trade, Industry and Energy

Republic of Korea Starts Free Trade Talks with Six Central American Countries

Republic of Korea Starts Free Trade Talks with Six Central American Countries   The Republic of Korea has started negotiations for a free trade agreement with six Central American countries, including Guatemala, El Salvador, Honduras, Nicaragua and Paraguay.   MOTIE Minister Yoon Sang-jick and trade ministers from the six Central American nations declared the launch of the FTA talks during a meeting yesterday in Houston, the United States.   During the trade ministers' meeting, Mi date2015-06-19

Republic of Korea and China Formally Sign FTA

  □ The Republic of Korea (ROK) has formally signed a free trade agreement (FTA) with China, its largest trade and investment partner, opening a new era of bilateral cooperation in time of for the 23rd anniversary of their diplomatic relations.   ○ ROK Minister of Trade, Industry, and Energy Yoon Sang-jick and Chinese Commerce Minister Gao Hucheng hosted the signing ceremony at the Grand Hyatt Seoul Hotel on June 1, 2015.   ○ The two ministers signed and exchanged the English, Korean, and Chinese texts of the ROK-China FTA, completing the final formal step of their three-year negotiations that started in May 2012.   ○ The ROK-China FTA only awaits the procedures for its implementation in both countries such as ratification before its entry into force, bringing an end to a process that first started with a private joint study in 2005 and led to the substantial conclusion of the agreement on November 10, 2014, and its initialing on February 25, 2015.       □ In a meeting held before the FTA signing, the two trade ministers shared the view that the ROK-China FTA will not only expand bilateral trade and investment but also provide a cooperative platform between the two countries’ governments and companies that will serve as a new growth engine for all frontiers of the economy.   ○ They also exchanged views on bilateral trade issues in general, including the ROK-China industrial complex and regional economic integration projects such as the ROK-China-Japan FTA and the Regional Comprehensive Economic Partnership (RCEP).       □ The ROK government plans to swiftly carry out the implementation of the ROK-China FTA so that people and companies of both countries can begin to enjoy its benefits as soon as possible.   ○ To this end, the government will submit a ratification bill to the National Assembly along with an evaluation of the ROK-China FTA’s effects on South Korea’s industries and counter-measures to strengthen those industries’ competitiveness in compliance with the Trade Agreement Procedural Law.   ○ The FTA will take effect 60 days after both countries notify each other in writing of the completion of their local procedures for the implementation or on a set date agreed upon by both parties.   * To obtain the Korean and English texts of the ROK-China FTA, please visit at our ministry’s FTA website.     date2015-06-19

MOTIE Seeks Manufacturing Innovation with U.S.

      The MOTIE's 1st Vice Minister Lee Kwan-sup delivered a congratulatory speech at the Republic of Korea-U.S. Advanced Manufacturing Innovation Forum held in Virginia yesterday.   During the forum, VM Lee stressed the need to promote industrial cooperation in manufacturing innovation between Korea and its second-largest trading partner.   About 150 officials and experts gathered to exchange ideas and share cases of manufacturing innovation, including Deputy Secretary of Commerce Bruce Andrews and U.S. Senator Mark R. Warner (D-VA). date2015-06-16

MOTIE VM Moon Urges OECD Countries to Work Together for Policy Coordination

MOTIE VM Moon Urges OECD Countries to Work Together for Policy Coordination   The MOTIE's 2nd Vice Minister Moon Jae-do attended the Organization for Economic Cooperation and Development (OECD)'s Ministerial Council Meeting (MCM) in Paris last week, which discussed the many challenges facing the global economy.   During a session on trade, VM Moon urged OECD members to join hands in policy coordination to promote inter-country trade and exchanged views on facilitating cross-country inv date2015-06-08

South Korea Pushes for National Assembly's Approval of FTAs with China, Vietnam and New Zealand

      The South Korean government submitted three bills to the National Assembly today for approval on the recently signed bilateral free trade agreements (FTAs) with China, Vietnam and New Zealand.   The government will make its best efforts to put the FTAs with these countries into effect as soon as possible to realize their benefits, the MOTIE's Deputy Trade Minister Woo Taehee said in a press briefing today.   date2015-06-08

ROK and Senegal to Cooperate in Trade, Industry and Investment

      Republic of Korea President Park Geun-hye and Republic of Senegal President Macky Sall have agreed to strengthen bilateral cooperation in trade, industry and investment.   During the summit between their leaders in Seoul yesterday, the two countries signed memoranda of understanding to upgrade their economic relations.   MOTIE Minister Yoon Sang-jick attended the signing, which is expected to help Korean companies tap into Senegal's Plan Senegal Emergent (PSE) - or Emerging Senegal Plan - a blueprint for the African country's development. date2015-06-05

ROK and China Formally Sign FTA for New Era of Future Partnership

      The Republic of Korea (ROK) and China formally signed a bilateral free trade agreement (FTA) in Seoul today, opening a new era of their future partnership.   MOTIE Minister Yoon Sang-jick and China’s Commerce Minister Gao Hucheng hosted the signing ceremony, completing three years of FTA talks that started in May 2012.   During a meeting earlier today, the two ministers concurred that, in addition to promoting bilateral trade and investment, the FTA will serve as a platform to pursue cooperation for new growth engines in all directions between the governments and companies of both countries.   The ROK government will submit a bill to the National Assembly for approval of today’s signed FTA and carry out its implementation as soon as possible in order to quickly bring its benefits to the country's people and companies.   The FTA will go into effect 60 days after both countries notify each other in writing of the completion of their local procedures for the implementation or on a set date agreed upon by both parties. date2015-06-01

MOTIE and Vietnam Discuss Investment, Industrial and Energy Cooperation

    MOTIE Minister Yoon Sang-jick greeted a visit by Ho Chi Minh City Party Committee Secretary Le Thanh Hai earlier this week at his satellite office in Seoul.   During the visit, the two exchanged views on bilateral economic cooperation between South Korea and Vietnam, especially in investment, industry and energy.   date2015-05-28

South Korea and Uzbekistan Seek Business Cooperation

  MOTIE Minister Yoon Sang-jick attended a business forum to strengthen cooperation between South Korea and Uzbekistan in Seoul yesterday, ahead of Uzbek President Islam Karimov's state visit to Seoul on May 28.   About 200 quests from both countries attended the forum, including Uzbek Deputy Prime Minister Rustam Azimov and Minister of Foreign Economic Affairs, Investments and Trade Elyor Majidovich Ganiyev. date2015-05-27

South Korea and Japan's Trade Ministers Discuss Bilateral Cooperation

South Korea and Japan's Trade Ministers Discuss Bilateral Cooperation   MOTIE Minister Yoon Sang-jick held a meeting with Yoichi Miyazawa, Japan's Minister of Economy, Trade and Industry, in the Philippines over the weekend to discuss bilateral economic cooperation and issues related to South Korea and Japan.   The one-on-one meeting took place on the sidelines of the 21st Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Boracay on May 23 and 24 date2015-05-26