Ministry of Trade, Industry and Energy

Maximizing the Outcomes of Summit Diplomacy

On this page Overview Policies Overview Since the new administration took office, President Park has been actively pursuing summit-level diplomacy. Government-wide efforts are being made to translate the concrete outcomes drawn from 17 outbound and 22 inbound state visits (as of 2014) into new business opportunities for companies. Parties interested in the detailed outcomes of summit diplomacy initiatives may access the public portal website Summit Diplomacy Portal and gain date2014-12-30

A New Trade Roadmap

Expand the benefits of date2014-12-30

Fostering multilateral trade cooperation

Among the G20's key priorities, which include strengthening the world economy, global financial system reform, economic reform and trade, MOTIE is playing a core role in pursuing the international trade agenda which is a driving force of economic growth and job creation. date2014-12-30

Active participation in WTO negotiations

(the negotiation of the expansion of the WTO ITA) Since 2012, negotiations have been ongoing to expand the list of products covered by the agreement, and Korea is actively participating in these date2014-12-30

South Korea and Vietnam Hold 9th Round of FTA Talks

December 8, 2014 – The Ministry of Trade, Industry and Energy (MOTIE) announced today that South Korea and Vietnam will hold a 9th round of negotiations towards a bilateral free trade agreement (FTA), from December 8 to December 12 in Seoul.   The Korean delegation will be led by the MOTIE’s Director General for FTA Policy, Kim Hak-do, and will include representatives from relevant ministries, including the Ministry of Strategy and Finance; the Ministry of Agriculture, Food and Rural Affairs; and the Ministry of Oceans and Fisheries.   The Vietnamese delegation will be led by Bui Huy Son, the Director General of the Vietnam Trade Promotion Agency (VIETRADE) within the Ministry of Industry and Trade.   The South Korea-Vietnam FTA negotiations began in August, 2012. At the 9th round of negotiations, the two countries will continue in-depth discussions on goods, services and investment.   If signed, the South Korea-Vietnam FTA is expected to further strengthen the economic and trade relationship between the two countries by establishing a higher degree of trade liberalization than the existing FTA between South Korea and ASEAN.   Vietnam was South Korea's 9th largest trading partner and 4th largest investment destination as of the end of 2013.   ㆍExports _ 2008:7,805(35.5), 2009:7,149(△8.4), 2010:9,652(35.0), 2011:13,465(39.5), 2012:15,946(18.4), 2013:21,088(32.2), 2014(Jan.-Aug.):14,291(6.0) ㆍImports _ 2008:2,037(46.4), 2009:2,370(16.3), 2010:3,331(40.5), 2011:5,084(52.6), 2012:5,719(12.5), 2013:7,175(25.4), 2014(Jan.-Aug.):4,847(9.9) ㆍTrade Balance _ 2008:5,768, 2009:4,780, 2010:6,321, 2011:8,381, 2012:10,227, 2013:13,912, 2014(Jan.-Aug.):9,445 ㆍTotal Trade Volume _ 2008:9,842, 2009:9,519, 2010:12,983, 2011:18,549, 2012:21,665, 2013:28,263, 2014(Jan.-Aug.):19,138 《Unit: US$ million, (%)/Source: KITA》   For inquiry, contact the foreign media spokesman’s office at motiefmso@gmail.com date2014-12-24

Sixth Round of RCEP Talks to be Held in India

December 1, 2014 – The Ministry of Trade, Industry and Energy (MOTIE) announced today that the sixth round of negotiations for a Regional Comprehensive Economic Partnership (RCEP) will take place in Greater Noida, India, from Dec. 1 to 5. The RCEP is a free trade agreement being negotiated between 10 ASEAN member countries and 6 of its free trading partners: namely, South Korea, India, China, Japan, Australia and New Zealand. The South Korean delegation will be led by Kim Young-moo, Director General for East Asia FTA Negotiations of MOTIE, and will include representatives from relevant ministries such as the Ministry of Strategy and Finance, the Ministry of Agriculture, Food and Rural Affairs, and the Ministry of Oceans and Fisheries. In this round of talks, the participating countries are expected to discuss the level of market liberalization for products, services and investments. There will also be discussions on issues related to small and medium-sized firms, e-trading and government procurement as the countries move to ensure the RCEP agreement will be a high-level free trade pact, MOTIE said in a statement. The participating countries aim to conclude RCEP negotiations by December 2015. For inquiry, contact the foreign media spokesman’s office at motiefmso@gmail.com date2014-12-24

South Korea and China’s Guizhou Province Discuss Bilateral Cooperation

November 25, 2014 – The Ministry of Trade, Industry and Energy (MOTIE) announced today that the MOTIE’s 2nd Vice Minister Moon Jae-do met with Meng Qiliang, vice-governor of Guizhou Province, in Seoul yesterday to discuss ways to promote bilateral economic and industrial cooperation between South Korea and the Chinese region. Guizhou Province, which is widely known as the gateway to the southwest region of China, is one of the core areas under China’s Western Development Strategy implemented in 2000, and is expected to be a growing partner for South Korea in economic cooperation. At the meeting, 2nd Vice Minister Moon stressed the importance of leveraging the South Korea-China FTA for trade expansion and industrial cooperation, and proposed that the two sides work together to find new growth engines for both countries. Vice-governor Meng Qiliang expressed his hopes for investment by South Korean companies in Guizhou Province’s key industries, including the chemical, heavy and tourism industries. For inquiry, contact the foreign media spokesman’s office at motiefmso@gmail.com date2014-12-24

Korea and New Zealand enter an initial bilateral FTA

The Ministry of Trade, Industry and Energy (MOTIE) announced on December 22 that Korea and New Zealand entered an initial bilateral FTA on December 22, 2014 in Wellington, New Zealand.   The English version of the FTA is posted on MOTIE's FTA Homepage (www.fta.go.kr), followed by the Korean version after proofreading.   The two countries agreed to officially sign the FTA in the first half of 2015, and the FTA will be officially put in force after ratifications by the National Assembly.     * Short version date2014-12-22

Free Trade Agreement

Overview Current Status Publications Links Overview A Free Trade Agreement (FTA) is a special treaty between member states which facilitates freer movement of goods and services by relaxing tariff and non-tariff barriers for goods, services, investments, intellectual property, government procurements, etc. A Free Trade Agreement (FTA) is the major part of the Regional Trade Agreement (RTA), and is the first step to achieve a complete economic integration. Free Trade Agreement &r date2014-10-27

MOTIE Minister attends 11th Korea-ASEAN Economic Ministers Meeting

On August 26, 2014, Yoon Sang-jick, Minister of Trade, Industry & Energy participated in the 11th Korea-ASEAN Economic Ministerial Level Talk Meeting and the 17th ASEAN+3 Economic Ministerial Meeting. In the meeting, member nations exchanged in-depth discussions in terms of additional trade liberalization and the increased utilization of KOR–AEASN FTA before the launch of the ASEAN Economic Community in 2015.       date2014-09-03