Ministry of Trade, Industry and Energy

First negotiation talks for the FTA to be held between Korea and six South American countries

The Ministry of Trade, Industry and Energy (MOTIE) announced on September 21 that the first negotiation talks for the FTA between South Korea, El Salvador, Panama, Honduras, Costa Rica, Guatemala and Nicaragua are to be held from September 21 to 25 in Seoul.     The negotiation talks were scheduled and announced in June this year with the aim to achieve a "qualitative and comprehensive FTA", and a preliminary negotiation talks were held in July in order to specify minor regulations to be added in the agreement.     In the first negotiation talks, representatives from the six countries will share opinions on a total of 9 areas and 15 chapters including products, trade aid, country of origin and customs clearance.     The 6 South American countries have a high growth potential as they rank high both in GDP and population, and goods traded between South Korea and these countries amounted to $ 5 billion in 2014. The FTA is expected to help diversify economic cooperation between the countries.     * Short version date2015-09-21

ROK and EU Hold 5th FTA Trade Committee Meeting

      The Republic of Korea and the European Union (EU) held the Fifth Trade Committee meeting in Seoul today to check the implementation of their bilateral free trade agreement over the past five years.   Minister of Trade, Industry and Energy Yoon Sang-jick met with European Trade Commissioner Cecilia Malmström before leading their delegations at the committee meeting.   During their meeting, they exchanged views on various trade issues between Korea and the EU, such as technical barriers to trade (TBT), sanitary and phytosanitary (SPS) and intellectual property (IP). date2015-09-15

MOTIE Minister Yoon Meets with President-Designate of AIIB

      Minister of Trade, Industry and Energy Yoon Sang-jick received a visit by Jin Liqun, president-designate of the Asian Infrastructure Investment Bank (AIIB), at his satellite office in Seoul today.   During the meeting, the two exchanged various ideas on how to facilitate cooperation between South Korea and the China-led AIIB once the new global lending institution is launched. date2015-09-09

South Korea and China Sign MoU for More Cooperation on Quality Inspection of Imports

    South Korea and China signed a memorandum of understanding (MoU) to strengthen cooperation on the quarantine and quality inspection of their imports last week.   Moon Jae-do, second vice minister at the Ministry of Trade, Industry and Energy (MOTIE) attended the signing ceremony held in Beijing, China. date2015-09-08

MOTIE Minister Yoon Visit Russia to Promote Industrial and Energy Cooperation

      Minister of Trade, Industry and Energy Yoon Sang-jick attended the Eastern Economic Forum 2015 held in Vladivostok, Russia, last week, as the chief representative of the Republic of Korea.   On the sidelines of the forum, Minister Yoon met with Russia's Energy Minister Novak Alexander to discuss ways to promote industrial and energy cooperation between Korea and the world's largest country.   The Korean minister also signed a memorandum of understanding (MOU) with Aleksandr Galushka, minister of development of the Russian Far East, on providing support to companies in both countries.   For more information about the Eastern Economic Forum 2015, please visit its English website at date2015-09-07

ROK President and Chinese Premier Agree to Bolster Economic Ties

      Republic of Korea (ROK) President Park Geun-hye and Chinese Premier Li Keqiang led a meeting in Beijing on Wednesday to deepen bilateral cooperation on trade, culture, and regional development.   The two sides agreed to accelerate the passage of the ROK-China free trade agreement (FTA) signed in June and seek ways to maximize its benefits by easing non-tariff barriers, such as rules on inspection and quarantine of Korean rice and kimchi.   On the cultural front, they shared ideas on liberalizing cultural exchange and promoting the joint development and distribution of arts and entertainment, including animation and soap operas. To this end, the Korea Venture Investment Corp. and the China Development Bank Capital Corp. (CDBC) signed a memorandum of understanding (MOU) to set up a $200 million fund to invest in cultural content, software and consumer goods ventures.   At a regional level, the two sides agreed to work closely together on the upcoming launch of the China-led Asian Infrastructure Investment Bank (AIIB). President Park also proposed the establishment of a Northeast Asian Development Bank as a way to further promote peace and economic development within the region.   President Park is scheduled to return to Seoul today after wrapping up her three-day visit to South Korea's largest trading partner.   To find out more about the visit and its outcomes, please check out the president's official website at . date2015-09-04

South Korea and Italy Seek to Promote Industrial and Economic Cooperation

      Moon Jae-do, the second vice minister of the Ministry of Trade, Industry and Energy (MOTIE), greeted a visit by Marco Della Seta, Italy's new ambassador to South Korea, in Seoul this week.   During the meeting held at the Foreign Ministry, the two exchanged various views on how to promote industrial and economic cooperation between their countries. date2015-09-04

MOTIE Hosts WTO/FTA Moot Court Competition

    The Ministry of Trade, Industry and Energy (MOTIE) hosted the WTO/FTA Moot Court Competition 2015 in Seoul last week jointly with Korean Society of International Economic Law.   Deputy Trade Minister Woo Taehee delivered an opening speech at the sixth annual event, which was held in time for the celebration of the 20th anniversary of the World Trade Organization (WTO).   A team from Singapore won the grand prize this year, while a team from Korea University took second place. A total of 22 teams of local and foreign college and graduate students applied for the tournament, of which 16 qualified to compete in South Korea this year.   Judges in the competition included members of the Appellate Body of the World Trade Organisation (WTO), such as Ricardo Ramirez-Hernandez from Mexico, Thomas R. Graham from the U.S., Ujal Singh Bhatia from India, and Yuejiao Zhang from China.   The WTO-FTA Moot Court is an annual competition that began in 2010. Teams have to go through two preliminary rounds before the top eight teams by score advance to the first round of knockouts.   The competition mainly comprises Korean teams, but since 2015 a limited number of foreign schools have been invited to participate each year. date2015-09-03

MOTIE Minister Yoon Greets Indonesian Vice President

    Minister of Trade, Industry and Energy Yoon Sang-jick greeted a visit by Indonesian Vice President Muhammad Jusuf Kalla at Lotte Hotel in Seoul yesterday.   During the meeting, they exchanged views on the trade and economic cooperation between South Korea and Indonesia. date2015-08-28

South Korea and China’s Shandong Province to Enhance Trade Cooperation

South Korea and China’s Shandong Province to Enhance Trade Cooperation   Minister of Trade, Industry and Energy Yoon Sang-jick and Guo Shuqing, governor of Shandong Province, China, signed a memorandum of understanding (MoU) in Seoul yesterday to enhance bilateral cooperation between South Korea and the Chinese region.   During the meeting, the two agreed to pursue comprehensive cooperation in the economic, trade, energy, and industrial sectors and to hold high-level talks on reg date2015-08-27