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Energy
Minister Moon attends IEA Ministerial Meeting
Trade, Industry, and Energy Minister Moon Sung-wook attended the International Energy Agency (IEA) Ministerial Meeting held at IEA headquarters in Paris on March 24 to discuss energy security and energy transition. During the session, Minister Moon stated that “South Korea has declared that it will actively participate in stabilizing the energy market in joint efforts with the international community,” and added that “Korea has joined in the recent release of oil reser date2022-03-28
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Trade/Investment
MOTIE holds briefing on 57 non-strategic items export control against Russia and Belarus
The Ministry of Trade, Industry, and Energy announced that export control on 57 non-strategic items against Russia and Belarus will take effect starting March 26. As a responsible member of the international community, Korea has decided to apply sanctions against the two countries at a level similar to those introduced by the U.S. and EU, for which the Ministry has revised the “Public Notice on Trade of Strategic Items” to include 57 non-strategic items on the list of catch-all contr date2022-03-28
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Energy
Energy Vice Minister holds talks with Australian Ambassador to the Republic of Korea
Trade, Industry and Energy 2nd Vice Minister Park Ki-young held talks with Australian Ambassador to the Republic of Korea Catherine Raper at the Government Complex Seoul on March 24 to discuss R&D, hydrogen, CCUS (Carbon, Capture, Utilization, and Storage), energy, resources, and supply chain cooperation measures. date2022-03-28
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FTA/Economic Cooperation
MOTIE holds 5th Korea-Turkey FTA Joint Committee Meeting
The Ministry of Trade, Industry, and Energy held the 5th Korea-Turkey FTA Joint Committee Meeting on March 22 in Sejong City via videoconference to assess the FTA implementation progress on both sides in commemoration of their 9th year of enforcement. Representing Korea was Director General for FTA Policy Yang Gi-uk, whose Turkish counterpart was Hüsnü Dïlemre, Director-General of European Union Affairs at the Undersecretariat of Prime Ministry for Foreign Trade of Turkey. Turke date2022-03-28
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Trade/Investment
Minister Moon meets with future cars investor in France
Trade, Industry, and Energy Minister Moon Sung-wook met with French high-tech auto parts maker Valeo CEO Christophe Périllat in Paris and held a ceremony to commemorate the firm's planned investment of USD 35 million in South Korea. The investment is anticipated to bolster Korea’s future cars technology base and supply chain resilience. Valeo is a major auto parts manufacturer based in France with over 110,000 employees, running 191 production facilities in 33 countries worldwide. date2022-03-25
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Industry
1st Vice Minister attends Robot Future Strategy Conference 2022
Trade, Industry, and Energy 1st Vice Minister Park Jin-kyu attended the Robot Future Strategy Conference 2022 on March 22 at COEX in Seoul, held under the theme of “Manufacturing Innovation through Human-Robot Digital Technology Collaboration.” Minister Park delivered a congratulatory message, envisioning plants of the future where AI production systems are controlled virtually and robots are employed on-site, all of which are the source of industrial competitiveness. H date2022-03-23
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Energy
Energy Vice Minister attends Saemangeum Industrial Complex Support Center groundbreaking ceremony
Energy Vice Minister Park Ki-young attended the Saemangeum Energy Industrial Complex Support Center groundbreaking ceremony held at its construction project site in Gunsan-si, North Jeolla Province on March 21. Vice Minister Park delivered a congratulatory message, affirming that the Ministry “will monitor both direct and indirect real economic impact from Russia-Ukraine crisis, building a stable and resilient energy supply chain that can withstand various risks.” He ad date2022-03-23
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Trade/Investment
Korea-U.S. joint briefing for domestic companies on exports regarding sanctions against Russia
The Ministry of Trade, Industry, and Energy (MOTIE) and the U.S. Department of Commerce (DoC) held an online joint briefing session on March 16 for Korean businesses regarding recent sanctions against Russia and Belarus. This briefing session was held at the request of the Korean government during close negotiations between MOTIE and DoC, and it is a first for the DoC to have held a joint briefing for a country-specific group of companies. The session was held for approximately 90 minutes and date2022-03-21
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FTA/Economic Cooperation
10 years of Korea-U.S. FTA: Decade of Growth and Mutual Benefits
The Korea-U.S. FTA has reached 10 years since enforcement in 2012. Statistics show that the agreement has enlarged bilateral trade, as well as Korea’s exports to the U.S. over the decade. In 2012, Korea-U.S. trade amounted to USD 101.8 billion, which grew 66.1 percent to $169.1 billion in 2021. Korea’s shipments imports, and trade balance to U.S. grew 29.4 percent, 27.3 percent, and 36.7 percent, respectively. Major exports items to U.S. are automobiles (parts), semiconductors, co date2022-03-21
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Industry
Minister Moon attends 2nd Interagency Vaccine Cooperation Meeting
Trade, Industry, and Energy Minister Moon Sung-wook attended the 2nd Vaccine Interagency Cooperation Meeting on March 16 held at the Korea SMEs & Startups Agency (KOSME) in Jinju-si, South Gyeongsang Province, where various relevant institutions’ representatives gathered for discussions. After extending opening remarks, Minister Moon participated in the vaccine industry standardization tests and certification support reinforced MOU signing ceremony, followed by discussions o date2022-03-21