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Trade/Investment
Korea's automobile exports achieve $4.0 billion in March
The Ministry of Trade, Industry, and Energy announced on April 15 that Korea’s March automobiles exports reached 179,630 units (down 7.7 percent) and USD 4.0 billion (down 9.7 percent) in value. Korea’s automobile production suffered from less operating days, semiconductor supply crisis, and China’s production halt in car parts, due to shutdown of local production lines from surging local COVID-19 cases. Only two of Korean car manufacturers achieved positive growth, namely Ssa date2022-04-15
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Trade/Investment
Korea's ICT exports achieve a record-breaking $23.3 billion in March
The Ministry of Trade, Industry, and Energy announced on April 14 that Korea’s outbound shipments of information and communications technology (ICT) goods surpassed all previous records in March, achieving 33.6 percent growth year-on-year and reaching USD 23.3 billion. March 2022 saw the highest ever ICT exports in history since first statistic record in 1996. ICT exports have posted double-digit growth for 12 consecutive months since April of 2021, and take up a whopping 36.6 percent of date2022-04-15
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Industry
Trade Minister holds IPEF public-private digital trade meeting
Trade Minister Yeo Han-koo held a meeting on April 14 at the Korea Chamber of Commerce and Industry (KCCI) office in Seoul to discuss public-private digital trade response measures with regard to the Indo-Pacific Economic Framework (IPEF). After his opening remarks, Minister Yeo led the group in discussions on public-private joint efforts in responding to the digital trade transition landscape. The meeting was attended by approximately 20 persons consisting of officials and ind date2022-04-14
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FTA/Economic Cooperation
Trade Minister visits data-driven smart farm complex
Trade Minister Yeo Han-koo visited the Korean-style data-driven smart farm test complex and exports-focused cultivation site located in Wonbuk-myeon, Taean-gun, Chungcheongnam-do on April 13 to check the progress of domestic support projects pushed in response to Free Trade Agreements. Operated by Wonbuk-myeon Agricultural Cooperative and contractor company Culti Labs, the data-driven smart farm is powered by using the thermal discharge of nearby Taean Thermal Power Station to grow its date2022-04-14
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Energy
MOTIE announces Jeju-style Distributed Energy Masterplan
The Ministry of Trade, Industry, and Energy announced the Jeju-style Distributed Energy Masterplan at the CFI Energy Future Hall on Jeju Island on April 12. The Ministry aims to propel the masterplan under the Distributed Energy Promotion Strategy, in a way finetuned to the conditions of Jeju Island. The plan entails the establishment of distributed energy-friendly infrastructure, distributed energy-based new power industries development, and measures for improving local sentiments toward the date2022-04-13
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Energy
2nd Vice Minister attends Jeju-type Distributed Energy Masterplan Presentation
Trade, Industry, and Energy 2nd Vice Minister Park Ki-young attended the Jeju-type Distributed Energy Masterplan Presentation on April 12 at the CFI Energy Future Hall, held to promote the importance of distributed energy and central-local cooperation. In his opening remarks, the Vice Minister stated that “the Ministry will push the momentum for distributed energy based on close cooperation between central and local experts.” After listening to the Jeju-type Distributed Ener date2022-04-13
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FTA/Economic Cooperation
Korea and Indonesia hold talks regarding CEPA, IPEF, and other trade issues
Trade, Industry, and Energy Minister Moon Sung-wook held a videoconference with Indonesia’s Trade Minister Muhammad Lutfi on April 11 to discuss the Korea-Indonesia Comprehensive Economic Partnership Agreement (CEPA), Indo-Pacific Economic Framework (IPEF), and other trade issues. This meeting was a follow-up to further the Korea-Indonesia Economic Cooperation Committee talks held in Jakarta on February 22. The two trade chiefs concurred that it would be vital for both countries to conti date2022-04-12
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FTA/Economic Cooperation
Minister Moon holds Korea-Indonesia trade talks
Trade, Industry, and Energy Minister Moon Sung-wook held a videoconference with Indonesia’s Trade Minister Muhammad Lutfi on April 11 at the Government Complex Sejong to discuss the Korea-Indonesia Comprehensive Economic Partnership Agreement (CEPA), Indo-Pacific Economic Framework (IPEF), and supply chain cooperation. date2022-04-12
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FTA/Economic Cooperation
Korea and EU hold 10th Goods Trade Committee
The Ministry of Trade, Industry, and Energy (MOTIE) held the 10th Goods Trade Committee (GTC) with the EU delegation via teleconference for promoting Korea-EU trade of goods under the FTA framework. MOTIE's Director General for International Trade Affairs Kim Wan-ki headed the Korean delegation, which comprised officials from various ministries, including the Science and Technology Ministry, Environment Ministry, and the Food and Drug Safety Ministry. In the meeting, Korea and EU assessed the date2022-04-08
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FTA/Economic Cooperation
Korea-Brunei hold talks on CPTPP and other trade issues
Trade Minister Yeo Han-koo held a teleconference with Brunei’s Finance Deputy Minister Dato Mohd Amin Liew Abdullah on April 7 at the Korea Chamber of Commerce and Industry (KCCI) to discuss the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and other trade issues. Minister Yeo mentioned the recent public hearing held on March 25, among other procedures, to share an update of the efforts Korea is putting forth for CPTPP accession. The two Ministers date2022-04-08