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Trade/Investment
Korea issues joint statement with WTO denouncing Russia's Ukraine invasion
The Korean government issued a joint statement on March 15 denouncing Russia’s Ukraine invasion along with major WTO member states, including the U.S. EU, Japan, Canada, Australia, New Zealand, and the UK. The joint statement is titled, “Joint statement on aggression by the Russian Federation against Ukraine with the support of Belarus” and states the following: - “We, WTO Members…(omitted)…are united in condemning in the strongest possible terms the Russi date2022-03-18
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Energy
Minister Moon attends InterBattery 2022
Trade, Industry, and Energy Minister Moon Sung-wook attended the InterBattery 2022 opening ceremony held in conjunction with Seoul International Electric Fair & Power Generation Korea 2022 at COEX in Seoul on March 17, where the most cutting-edge products and technologies in secondary batteries and smart grids are showcased. The Minister participated in the ribbon cutting ceremony and toured various exhibition booths displaying global top-tier rechargeable batteries and latest date2022-03-17
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FTA/Economic Cooperation
Trade Minister visits US in commemoration of Korea-US FTA 10th Anniversary
Trade Minister Yeo Han-ku and a parliamentary delegation visited the U.S. through March 14-18 (local time) in commemoration of the Korea-U.S. FTA 10th Anniversary, and met up with various U.S. government officials, lawmakers, and entrepreneurs. They met with Senator Tom Carper on March 15 and discussed the need for digital trade rules establishment through the Indo-Pacific Economic Framework (IPEF), and held a roundtable meeting with U.S. House Ways and Means Committee Chair Kevin Brady date2022-03-17
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Industry
Minister Moon visits KAI helicopter production line
Trade, Industry, and Energy Minister Moon Sung-wook visited the Korea Aerospace Industries (KAI) helicopter production site in Sacheon-si, Gyeongnam, on March 16. The Minister received a briefing from KAI President Ahn Hyun-ho, and took a tour around the Surion helicopter production and assembly line, followed by a test drive. The event was attended by working-level officials from various ministries and state agencies actively deploying helicopters, including the Ministry of De date2022-03-17
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Trade/Investment
Korea's automobile export value grows 9.1% in February
The Ministry of Trade, Industry and Energy announced on March 16 that Korea’s automobile industry in February increased in exports and production, while domestic sales sank compared to the same period of previous year. Total auto output in February rose 1.2 percent to 263,959 units. Despite prolonged automotive semiconductor shortages, efforts on part of finished carmakers and completion of production facilities have driven production, domestic sales and exports to recover pre-COVID perfo date2022-03-16
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Trade/Investment
ICT exports achieve 23.7% growth to $18.9 billion in February
The Ministry of Trade, Industry, and Energy announced on March 15 that outbound shipments of Korea’s information and communications technology (ICT) goods in February reached an all-time high of USD 18.9 billion, recording a year-on-year growth of 23.7 percent. Imports of ICT products climbed 23.9 percent to $11.4 billion, and the trade surplus in this sector stands at an estimated $7.5 billion. Exports of all major items experienced growth except for mobile phones. Outbound shipments o date2022-03-15
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FTA/Economic Cooperation
Trade Minister to visit U.S. in time for Korea-U.S. FTA 10th Anniversary
Trade Minister Yeo Han-koo and a parliamentary delegation will visit the U.S. on March 14-18 (local time) in commemoration of the Korea-U.S. FTA 10th Anniversary, with plans to meet with various U.S. government officials, lawmakers, and entrepreneurs. The Korea-U.S. FTA is deemed to have mutually benefited both sides in terms of trade and investment growth, and is seen to have been the core foundation on which the two nations’ economic cooperation strengthened over the last decade. Korea date2022-03-14
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FTA/Economic Cooperation
Trade Minister attends 10th Korea-U.S. FTA Anniversary Seminar
Trade Minister Yeo Han-koo attended the Korea-U.S. FTA 10th Anniversary Seminar held at Korea International Trade Association (KITA) in Seoul on March 11 to assess the bilateral FTA outcomes and to discuss future goals. In his congratulatory remarks, Minister Yeo noted the need to prepare for the coming decade of new trade issues encompassing supply chain, new technology, digital, and climate change within the existing Korea-U.S. FTA framework. Recognizing the rapidly changing global date2022-03-14
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Industry
1st Vice Minister holds 21st Industrial Security TF Meeting
Trade, Industry and Energy 1st Vice Minister Park Jin-kyu held the 21st Industrial Security TF Meeting at the Korea Trade Insurance Corporation (K-SURE) headquarters in Seoul, to assess difficulties facing Korean businesses amidst the Russia-Ukraine crisis and to discuss viable countermeasures. In his opening remarks, the Vice Minister stated that as “Russia-Ukraine situation is becoming more protracted and severe and major countries’ sanctions and risk factors are also incr date2022-03-14
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Trade/Investment
Trade Minister holds Public-Private Russia Trade and Investment Countermeasures Meeting
Trade Minister Yeo Han-koo held an emergency Public-Private Russia Trade and Investment Countermeasures Meeting at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on March 3 to address the Russian government’s announcement of 48 “unfriendly” countries list and related repercussions. Minister Yeo gave an opening message stating that “Korea, as a responsible member of the international community, has decided to partake in the sanctions against Russia, as date2022-03-11