Ministry of Trade, Industry and Energy

Minister Greets Chairman of U.S. International Trade Commission

Minister Greets Chairman of U.S. International Trade Commission Minister of Trade, Industry and Energy Yoon Sang-jick met with the Chairman of the U.S. International Trade Commission Irving A. Williamson on June 17 in Seoul. The discussion focused on the current status of bilateral ties in trade and investment and issues related to trade disputes and intellectual property rights. date2013-06-20

Minister Praises Strong Economic Ties with the U.S.

date2013-06-12

Korea, Mozambique Discuss Mineral Resources

Korea, Mozambique Discuss Mineral Resources Minister of Trade, Industry and Energy Yoon Sang-jick greets his Mozambican counterpart Minister of Mineral Resources Esperança Bias on June 3 at the Gwacheon Government Complex. The two officials discussed how to expand bilateral ties in the gas and mineral resources sector. date2013-06-11

Korea, Iraq Focus on Industry, Trade and Energy

Korea, Iraq Focus on Industry, Trade and Energy Minister of Trade, Industry and Energy Yoon Sang-jick shakes hands with his Iraqi counterpart Minister of Electricity, Karim Aftan Al Jumaili on May 23 in Gwacheon. The two officials exchanged views on bilateral ties in areas including industry, trade and energy. date2013-05-31

Minister Attends 2013 APEC meeting

Minister Attends 2013 APEC meeting Minister of Trade, Industry and Energy Yoon Sang-jick (first row, third from right) stands with representatives of APEC member countries. He attended the 2013 APEC Ministers Responsible for Trade Meeting held on April 20 in Surabaya, Indonesia. date2013-04-25

Vice Minister Speaks with World Bank’s Vice President

Vice Minister Speaks with World Bank’s Vice President Vice Minister for Industry and Technology Kim Jae-hong met with the Vice President of World Bank, Janamitra Devan, on April 2 at the Gwacheon Government Complex. The two officials discussed how to share Korea’s industrial development experience with emerging economies, including that of industrial clusters and free economic zones. date2013-04-10

Korea, Indonesia Talk Economic Cooperation

date2013-04-05

Korea-Turkey FTA to Take Effect on May 1

The Ministry of Trade, Industry and Energy has announced that the Framework Agreement Establishing a Free Trade Area between the Republic of Korea and the Republic of Turkey and their Agreement on Trade in Goods will be brought into force on May 1, 2013. The trade deal was officially signed in August 2012, but domestic procedures for implementation in both countries were completed at the end of March 2013. With the deal in effect, tariffs on almost all trading items will be eliminated within ten years. For industrial products, in particular, all tariffs will be phased out over a seven-year period. The Turkish economy shows great potential, with strong recent growth and the second largest population in Europe. Given the nation’s geographically strategic importance as a bridge between Europe, the Middle East and Africa, the trade pact is expected to serve as an important catalyst for the two economies to expand and develop bilateral economic and trade relations and widen the scope of their cooperation. In order to pursue a comprehensive agreement, the two sides have also agreed to conclude negotiations on services and investment within one year of the entry into force of the Agreement. The Korea-Turkey FTA is the ninth such trade deal for Korea and makes Turkey the country’s 46th FTA partner. * Released by the FTA Negotiation Coordination Division date2013-04-05

Korea to Enhance Cooperation with Chinese Local Governments

date2013-04-03

Korea Holds the 1st Round of Negotiations for a Trilateral FTA

The Ministry of Trade, Industry and Energy hosted the first three-day round of negotiations for a free trade agreement among China, Japan and Korea on March 26. Deputy Minister for Trade Choi Kyonglim led the Korean delegation, which consisted of officials from the relevant authorities including Ministry of Strategy and Finance and the Ministry of Agriculture, Food and Rural Affairs. The Japanese and Chinese delegations were led by Deputy Minister for Foreign Affairs Koji Tsuruoka and Assistant Minister of Commerce Yu Jianhua, respectively. The three chief negotiators adopted the Terms of Reference for the negotiations, including basic principles and guidelines. They also discussed general issues such as the scope of the negotiations and the formation of working groups. Specifically, the scope of the negotiations will be based on the results of joint studies by government, industry and academia and, though other issues can be added if necessary by consensus among the three parties. While trilateral negotiations on goods, services and investments will proceed simultaneously, two-way talks will be allowed on goods. The three countries will continue to work on the specific issues of the negotiations in two more rounds of talks later this year. The second round is scheduled to be held in China in June or July. * Released by the East Asia FTA Bureau date2013-04-03