Ministry of Trade, Industry and Energy

South Korea Holds 2nd Round of FTA Negotiations with Central American Countries

      South Korea held the second round of negotiations for a free trade agreement (FTA) with Central American countries led by El Salvador this week.   The Ministry of Trade, Industry and Energy (MOTIE)'s FTA Director-General Cheong Seung-il led the Korean delegation for the negotations in San Salvador.   El Salvador’s Vice Minister of Energy Luz Estrella Rodriguez de Zuniga represented the six countries, including El Salvador, Panama, Honduras, Costa Rica, Guatemala and Nicaragua. date2015-11-25

FTA negotiations to be held on protecting Korean contents in new markets through copyright laws

The Ministry of Trade, Industry and Energy (MOTIE) announced on November 19 that experts pointed out that Korea should engage in the FTA negotiation talks by taking into consideration the current conditions of the digital world in order to protect Korean content in emerging markets.     Choi Gyeongsu, one of the experts present at the meeting, said, "Most of Korean online content such as TV dramas, movies and music are distributed on the Internet and smartphones even in the emerging markets. Therefore, we need to come up with a system with which to prevent copyright violation by strengthening the access control tools through this FTA."     Here, the access control tools refer to various technical measures employed to prevent or control unauthorized access to the works, including DVD area code and access password.     Choi also stressed that Korea should add provisions on the protection of Korean broadcasting and satellite signals that are currently copied and transmitted illegally in the local areas."     The experts of copyright law also present at the meeting agreed that Korean online content will receive added protection if the civil and criminal procedures regarding copyright violation in the emerging markets are more clearly defined.     The strategic meeting for copyright protection in the FTA was called to order by MOTIE and Ministry of Culture, Sports and Tourism in order to review and discuss the goals and strategies of copyright negotiations through the FTA, while also sharing the trends in copyright negotiations through the RCEP and FTA copyright negotiations with America.     * Short version date2015-11-19

MOTIE Deputy Trade Minister Woo Attends 27th APEC Ministerial Meeting

MOTIE Deputy Trade Minister Woo Attends 27th APEC Ministerial Meeting   The Ministry of Trade, Industry and Energy (MOTIE)'s Deputy Trade Minister Woo Tae-hee attended the 27th Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting in Manila, the Philippines, this week. During the global gathering, Deputy Minister Woo stressed the need for promoting inclusive and sustainable growth through regional economic intergration in the Asia-Pacific. date2015-11-18

Korea and Vietnam Hold Sixth Joint Committee Meeting on Economic Cooperation

      Minister of Trade, Industry and Energy Yoon Sang-jick attended the Sixth Meeting of Joint Committee Between Vietnam and Korea for Cooperation on Nuclear Power Development, Energy, Industry and Trade in Hanoi last week.   During the meeting, Minister Yoon and Vietnam's Minister of Industry and Trade Vũ Huy Hoàng discussed their achievements of bilateral economic cooperation, including the Korea-Vietnam Incubator Park (KVIP) in Can Tho City.   To find out more information about the KVIP, please check this related article by Tuoi Tre News at date2015-11-16

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