Ministry of Trade, Industry and Energy

South Korea to Strengthen Ties with Colombia and Peru

South Korea to Strengthen Ties with Colombia and Peru   South Korea agreed to strengthen economic cooperation with Colombia and Peru during President Park Geun-hye's state visit to the two South American countries.   During a summit in Colombia, the two countries signed a memorandum of understanding (MoU) on projects for leasing electric car batteries and building self-sufficient towns.   President Park also discussed expanding cooperation with Peru beyond trade to include Li date2015-04-21

Minister Yoon Sang-jick Accompanying the President on Four-Nation State Visit to Latin America

date2015-04-20

South Korea`s President Makes Visit to Four Middle East Nations

date2015-04-06

The TPP Strategy Forum to have in-depth discussions on national interests

The Ministry of Trade, Industry and Energy (MOTIE) announced on January 13 that it organized the TPP Strategy Forum with experts from the industries, universities and research institutes have in-depth discussions on national interest.     The TPP refers to the multilateral FTA between 12 countries in the Pacific Rim including the U.S. and Japan.     Ever since showing interest in participating in the TPP in December 2013, the Korean government has been listening to the opinions of relevant parties while also conducting an in-depth analysis of the effects of the industry and area.     With other countries, Korea has entered bilateral agreements with the 12 countries participating in the TPP in order to review the feasibility of its participation in the TPP.     In principle, the TPP Strategy Forum is held twice a month with the participation of 15 experts from four different areas including economy, industry, politics, diplomacy, trade laws and the respective country. They will also organize a group of experts to be more flexible in having the best experts participate in the discussion.     * Short version date2015-01-13

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