Ministry of Trade, Industry and Energy

ROK and Ecuador Announce Start of FTA Negotiations

      The Republic of Korea (ROK) and Ecuador announced the official launch of negotiations for a bilateral free trade agreement (FTA) in Seoul on Tuesday.   The ROK's Minister of Trade, Industry and Energy Yoon Sang-jick made the announcement at a meeting with Ecuadorean Minister of Production Nathalie Cely and Minister of Foreign Trade Diego Aulestia.   At the meeting, the two countries agreed to pursue a comprehensive, high-level FTA under the name of a Strategic Economic Cooperation Agreement (SECA) and to conclude the negotiations at the earliest possible date, the ROK's Ministry of Trade, Industry and Energy (MOTIE) said in a statement.   The first round of negotiations is expected to take place before the end of the year, according to the statement. date2015-08-26

MOTIE Minister Yoon Attends 18th AEM Plus Three Consultations

MOTIE Minister Yoon Attends 18th AEM Plus Three Consultations   Minister of Trade, Industry and Energy Yoon Sang-jick attended the 18th ASEAN Economic Ministers (AEM) Plus Three Consultations held in Kuala Lumpur, Malaysia, yesterday.   A day before the consultations, Minister Yoon also signed a new protocol to amend the agreement on trade in goods between the Republic of Korea and the Association of Southeast Asian Nations (ASEAN).   To see the full joint statement of the 18th AE date2015-08-25

Korea and Ecuador start SECA negotiations

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 25 that Korea and Ecuador will start the negotiations on SECA (Strategic Economic Cooperation Agreement) on the same day in Seoul after a meeting with Nathalie Cely, Minister of Production of Ecuador, and Diego Aulestia Valenci, Minister of International Trade.   For reasons of political sensitivity, Ecuador requested to replace the term "FTA" with something else, and Korea agreed to use the term "SECA (Strategic Economic Cooperation Agreement)" instead.     Korea and Ecuador agreed that the SECA should be closed as soon as possible after high level and comprehensive talks, and signed the joint statement on the initiation of Korea-Ecuador SECA.     Both governments plan to start the first negotiation talks as soon as possible based on the statement, and discuss the details of negotiation.     Ecuador's domestic market has been growing rapidly in the recent years thanks to its steady economic growth and expansion of middle class, and it has a mutually complementary economic structure with that of Korea which helped triple the trade volume in the recent 10 years, leaving lots of room for cooperation.     For Korea, Ecuador is a great market for plant and construction thanks to its abundant resources such as oil, and it can also serve as a foothold to enter the South American markets since it's tied to the MERCOSUR trade agreement with Brazil and Argentina.     * Short version date2015-08-25

MOTIE Deputy Minister Woo Leads Delegation to Iran for Post-Sanctions Economic Cooperation

      Deputy Minister for Trade Woo Tae-hee led a delegation of South Korean officials and state-run agencies to Iran from August 23 to August 24 to discuss renewed economic cooperation with the Middle Eastern country following a deal to lift international sanctions.   "We plan to highlight the capability of our firms for major projects with which the Iranian government seeks to rebuild infrastructure, diversify industries and develop energy fields in the post-sanctions era," the Ministry of Trade, Industry and Energy (MOTIE) said in a statement.   In addition to boasting the world's largest known gas reserves and fourth largest oil reserves, Iran was formerly South Korea's sixth largest market for overseas construction contracts before the international sanctions were imposed.   Deputy Minister Woo is also scheduled to visit Qatar to discuss ways to promote bilateral cooperation proposed during a visit by Sheikha Moza bint Nasser, chairwoman of the Qatar Foundation for Education, Science, and Community Development to Korea in May.   To find out more about South Korea's efforts to open a new era of cooperation with the Islamic Republic, check out a report from Reuters via The Jerusalem Post: date2015-08-24

MOTIE Minister Yoon Greets U.S. Congressman Charles Rangel

    Minister of Trade, Industry and Energy Yoon Sang-jick greeted a visit by U.S. Congressman Charles Rangel at his satellite office in Seoul last week.   During the meeting, they exchanged views on the implementation of the Korea-U.S. Free Trade Agreement (FTA) and other trade issues such as the Trans-Pacific Partnership (TPP). date2015-08-24

Delegation to be dispatched to Iran to boost economic cooperation after sanctions are lifted

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 24 that it sent a delegation to Iran for which sanctions were recently lifted to restore cooperative relationship in industrial and energy areas and discuss some of the issues to boost cooperation.     Led by the Second Vice Minister of Trade, Industry and Energy and composed of representatives from the Korea National Corporation, Korea Gas Company, Korea Resources Corporation, National Research Foundation of Korea, Korea Institute for International Economic Policy and Korea Trade-Investment Promotion Agency.     The Korean delegation will have a meeting with the president of ITPO, Iran and the president of National Iranian Oil Company to discuss matters of cooperation in economy and energy, as well as issues that are often faced by Korean companies wishing to do business in Iran.     They will also hold meetings with high ranking officials of National Iranian Oil Company to discuss the possibilities of Korean companies in the development of oil and gas fields based on their years of experience in the area.     * Short version date2015-08-24

ROK and Ecuador to Start FTA Talks

      The Republic of Korea (ROK) and Ecuador plan to announce the start of negotiations on a bilateral free trade agreement in Seoul next week.   The ROK's Minister of Trade, Industry and Energy Yoon Sang-jick will make the announcement during a meeting with Minister of Production Nathalie Cely and Minister of Foreign Trade Diego Aulestia from the South American country.   The Korean government plans to pursue a comprehensive and high-level FTA with Ecuador, the ROK's Ministry of Trade, Industry and Energy (MOTIE) said in a statement.   If concluded, this would be Ecuador's first FTA with an Asian country, according to the statement. date2015-08-20

ROK and Iran to Resume Ministerial Meeting for Economic Cooperation

      The Republic of Korea (ROK) and Iran plan to resume their ministerial meeting for economic cooperation for the first time in eight years.   The plan is part of the ROK's efforts to help promote the country's exports amid unfavorable external conditions such as falling oil prices and slowing global growth.   The Korea Trade-Investment Promotion Agency (KOTRA) will also set up an office to support local exporters to tap into the Iranian market.   The ROK government will step up efforts to promote the country's exports to other overseas markets such as Cuba, Russia, China, the Middle East and South and Central America. date2015-08-13

ROK, China, Japan to Hold 8th Round of FTA Negotiations

  □ The Republic of Korea (ROK) will hold the eighth round of working-level negotiations for a trilateral free trade agreement (FTA) with China and Japan from July 20 to 24, 2015, in Beijing, China.   ○The three countries will send their delegations, led respectively by Yoo Myung-hee, director-general of FTA negotiations at the ROK’s Ministry of Trade, Industry and Energy (MOTIE), Hong Xiao Dong, deputy director-general of the Department of International Trade and Economic Affairs at China’s Commerce Ministry, and Tatsuo Sato, deputy director-general of the Economic Affairs Bureau at Japan’s Ministry of Foreign Affairs.   * The trilateral FTA negotiations have been divided into working-level and chief negotiators’ talks, which take place separately, since the sixth round.   □ The ROK, China and Japan have held seven rounds of the trilateral talks under the principle of pursuing a "comprehensive and high-level FTA" since they declared the launch of the negotiations in November 2012.   ○They have addressed a wide range of issues including not only products, services, and investments, but also customs, trade remedies, sanitary and phytosanitary measures (SPS), technical barriers to trade (TBT), competition, intellectual property rights, e-commerce, environment, general principles, and cooperation.   □ The eighth round of talks will focus on key issues such as guidelines for negotiations on product concessions and the method for liberalizing services trade and investments, while more than 20 task forces or expert dialogues responsible for rules, areas of cooperation, and other issues will hold meetings to work out the details of the agreement and to exchange ideas on the key elements.   ○The eighth round of chief negotiators' talks is scheduled for September in China, based on the outcomes of the working-level meetings.   date2015-08-05

ROK Holds Preparatory Meeting for FTA with Six Central American Nations

      The Republic of Korea (ROK) held a preparatory meeting with six Central American countries in San Salvador, El Salvador, this week before starting negotiations for a free trade agreement (FTA).   In the meeting, the ROK and the six nations decided on the principle that they would seek to conclude a high-level and comprehensive FTA and also agreed on detailed rules regarding the negotiations.   The first round of the FTA talks is scheduled to take place from Sept. 21 to 25, and subsequent rounds will be held every two months, the ROK's Ministry of Trade, Industry and Energy (MOTIE) said in a statement.   The six Central American countries are Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, and Panama. date2015-07-31