Ministry of Trade, Industry and Energy

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

MOTIE Deputy Minister Attends 12th APEC Energy Ministers' Meeting

The MOTIE's Deputy Energy Minister Jung Yang-ho participated in the 2015 APEC Energy Ministrial Meeting held in Cebu, the Philippines, yesterday, to present South Korea's energy policy stance.   At this year's gathering, more than 200 delegates from member economies discussed ways to ensure functioning power systems amid weather swings and surging demand, among other topics.   For more information about the outcomes of the 12th APEC Energy Ministers' Meeting. please visit the relevant date2015-10-14

South Korea Hosts 10th RCEP Talks

      South Korea is hosting the 10th round of negotiations for the Regional Comprehensive Economic Partnership (RCEP) in its largest southern coastal city of Busan this week.   The MOTIE's Vice Trade Minister Moon Jae-Do said in a keynote speech on Monday that "foundations were laid to speed up economic integration in East Asia" through RCEP, a multilateral free trade agreement (FTA) involving China, South Korea, Japan and 10 ASEAN members as well as India, Australia and New Zealand.   Moon asked negotiators to seek "creative and constructive alternatives" to make progress at this week's gathering, where around 700 delegates joined to discuss the mega-FTA framework.   On the sidelines of the RCEP talks, Vice Minister Moon held a meeting with Iman Pambagyo, RCEP trade negotiating committee chairman, to seek better South Korea-ASEAN relations. date2015-10-14

MOTIE Vice Minister Discusses Bilateral Cooperation with German Deputy Economic Minister

      The MOTIE's Second Vice Minister Moon Jae-do received a visit by a government delegation from Germany led by Deputy Economic Minister Matthias Machnig at his satellite office in Seoul this week.   During the visit, Vice Minister Moon exchanged views on how to promote economic and industrial cooperation between South Korea and Germany with Deputy Minister Machnig, who is accompanying German President Joachim Gauck in Seoul for a state visit. date2015-10-14

MOTIE Minister and Uzbek Deputy Prime Minister Seek Ways to Strengthen Bilateral Cooperation

      Minister of Trade, Industry and Energy Yoon Sang-jick received a visit by a government delegation from Uzbekistan led by Deputy Prime Minister Gulomjon Inomovich Ibragimov at his satellite office in Seoul over the weekend.   During the visit, Minister Yoon and Deputy Prime Minister Ibragimov discussed ways to strengthen bilateral economic cooperation in energy, resources and other key areas between South Korea and Uzbekistan. date2015-10-13