Ministry of Trade, Industry and Energy

ROK and China Formally Sign FTA for New Era of Future Partnership

      The Republic of Korea (ROK) and China formally signed a bilateral free trade agreement (FTA) in Seoul today, opening a new era of their future partnership.   MOTIE Minister Yoon Sang-jick and China’s Commerce Minister Gao Hucheng hosted the signing ceremony, completing three years of FTA talks that started in May 2012.   During a meeting earlier today, the two ministers concurred that, in addition to promoting bilateral trade and investment, the FTA will serve as a platform to pursue cooperation for new growth engines in all directions between the governments and companies of both countries.   The ROK government will submit a bill to the National Assembly for approval of today’s signed FTA and carry out its implementation as soon as possible in order to quickly bring its benefits to the country's people and companies.   The FTA will go into effect 60 days after both countries notify each other in writing of the completion of their local procedures for the implementation or on a set date agreed upon by both parties. date2015-06-01

MOTIE and Vietnam Discuss Investment, Industrial and Energy Cooperation

    MOTIE Minister Yoon Sang-jick greeted a visit by Ho Chi Minh City Party Committee Secretary Le Thanh Hai earlier this week at his satellite office in Seoul.   During the visit, the two exchanged views on bilateral economic cooperation between South Korea and Vietnam, especially in investment, industry and energy.   date2015-05-28

South Korea and Uzbekistan Seek Business Cooperation

  MOTIE Minister Yoon Sang-jick attended a business forum to strengthen cooperation between South Korea and Uzbekistan in Seoul yesterday, ahead of Uzbek President Islam Karimov's state visit to Seoul on May 28.   About 200 quests from both countries attended the forum, including Uzbek Deputy Prime Minister Rustam Azimov and Minister of Foreign Economic Affairs, Investments and Trade Elyor Majidovich Ganiyev. date2015-05-27

South Korea and Japan's Trade Ministers Discuss Bilateral Cooperation

South Korea and Japan's Trade Ministers Discuss Bilateral Cooperation   MOTIE Minister Yoon Sang-jick held a meeting with Yoichi Miyazawa, Japan's Minister of Economy, Trade and Industry, in the Philippines over the weekend to discuss bilateral economic cooperation and issues related to South Korea and Japan.   The one-on-one meeting took place on the sidelines of the 21st Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting in Boracay on May 23 and 24 date2015-05-26

MOTIE Minister Yoon and China's Sichuan Governor Hong Discuss South Korea-China Cooperation

    MOTIE Minister Yoon Sang-jick met with Wei Hong, governor of Sichuan Province, in Chengdu city, China, yesterday to discuss bilateral economic cooperation between South Korea and the Chinese region.   During the one-to-one meeting, the two exchange views on various topics, including industrial policy cooperation, China's `One Belt, One Road' initiative and the Asian Infrastructure Investment Bank (AIIB). date2015-05-22

MOTIE Minister Yoon and Australia's NSW Premier Baird Meet in Seoul

    MOTIE Minister Yoon Sang-jick received a visit by Australia's New South Wales Premier Mike Baird yesterday at his satellite office in Seoul to discuss ways to promote trade and investment cooperation between South Korea and the southeastern Australian state.   They also exchanged views on the implementation of the free trade agreement (FTA) between South Korea and Australia, which went into effect on December 12 last year, and energy cooperation between the two countries.   date2015-05-21

South Korea and India Strike Deal on Joint Production of Audiovisual Content

      MOTIE Minister Yoon Sang-jick and Anil Wadhwa, Secretary (East) of India's Ministry of External Affairs, signed an agreement earlier this week in Seoul on the joint production of audiovisual content between South Korea and India.   The agreement will make it easier for jointly-produced audiovisual content to receive equal treatment and benefits as content produced locally in each country.   The signing took place on the occasion of Indian Prime Minister Narendra Modi's state visit to South Korea from May 18 to May 19 as part of his three-nation tour, which included China and Mongolia.   The deal would help South Korea tap into India's fast-growing video content market, which has the world's sixth largest movie market known as Bollywood and 10th largest television broadcasting market.   Minister Yoon also signed a memorandum of understanding (MoU) with Indian Ambassador to Korea Vikram Doraiswami on promoting bilateral cooperation in the areas of electricity and renewable energy.   date2015-05-20

South Korea and India Launch CEO Forum on Bilateral Business Cooperation

      South Korea and India yesterday launched a joint forum for chief executives of top companies from both countries to promote bilateral business cooperation.   President Park Geun-hye and India's Prime Minister Narendra Modi, who was on a two-day state visit to South Korea, attended the launching ceremony in Seoul.   At the forum, about 300 business leaders, including Aditya Birla Group Chairman Kumar Manglam Birla, discussed ways to strengthen and move forward bilateral economic ties between the two countries.   The Ministry of Trade, Industry and Energy (MOTIE) and India's Ministry and Commerce and Industry prepared the forum and hosted its first meeting together. date2015-05-20

MOTIE Discusses Economic Cooperation with Germany's Saxony

    The MOTIE's 2nd Vice Minister Moon Jae-do held a meeting in Seoul last week with Martin Dulig, Germany's Saxon State Minister of Economic Affairs, Labour and Transport and Deputy Prime Minister, who is visiting South Korea to invite foreign investment to his state.   During the meeting, the two exchanged ideas on ways to promote bilateral economic cooperation between South Korea and the German state, including research and development and high-tech technology related to semiconductors, automobiles and energy. date2015-05-20

South Korea and India Upgrade Bilateral Relations to `Special Strategic Parnership'

      South Korean President Park Geun-hye and India's Prime Minister Narendra Modi agreed to upgrade the bilateral relationship of their countries to a `Special Strategic Partnership' during a summit Seoul yesterday.   "India sees the ROK as an indispensable partner in its `Act East' strategy, and the ROK and India recognize the value of the bilateral partnership and its contribution to bringing peac   The two countries also signed seven agreements covering trade, investment, double taxation, technology, energy, environment, culture, education, people-to-people exchange and regional and multilateral cooperation, according to the statement.   Notably, South Korea expressed its intention to provide US $10 billion for mutual cooperation in infrastructure, comprising the Economic Development Cooperation Fund (US $ 1 billion) and export credits (US $ 9 billion) for priority sectors, including smart cities, railways, power generation and transmission, and other sectors to be agreed.   PM Modi is on a two-day state visit to Seoul, the final destination on a three-nation tour that includes China, Mongolia and South Korea, which is aimed at strengthening India's ties with East Asian countries.   For the full-text of the summit's joint statement, posted by Bihar Prabha:   date2015-05-19