Ministry of Trade, Industry and Energy

2nd Vice Minister visits EV charger manufacturer for safety improvement

Trade, Industry and Energy 2nd Vice Minister Park Il-jun visited EV charger manufacturer Daeyoung Chaevi in Daegu on November 30 to share safety improvement measures and gather on-site opinions.   The Vice Minister toured the charging station production line after receiving a briefing on company management from Daeyoung Chaevi CEO Jeong Min-gyo, and encouraged the employees.   date2022-12-06

MOTIE holds public-private meeting for Korea-Saudi economic cooperation

Trade, Industry and Energy Ministry’s Deputy Trade Minister Jeong Dae-jin held a public-private working-level support group committee meeting for Korea-Saudi economic cooperation on December 1 at the Korea Chamber of Commerce and Industry (KCCI) and facilitated discussions on the implementation of contracts and MOUs signed on the occasion of Korea-Saudi Investment Forum.   The Deputy Trade Minister gathered opinions from each company participating in the total of 26 contracts and MO date2022-12-05

Korea launches World Expo 2030 Busan promotion in Paris

The Government of the Republic of Korea held a variety of activities in Paris, France, through November 28-29 to promote Korea’s bid to host World EXPO 2030 in Busan, on the occasion of attending the 171st Bureau International des Expositions (BIE). Korea carried out promotion activities on the Seine River by floating a cruise ship named “2030 Expo Busan Space” with an 8 m-tall “Boogi” on the deck next to Pont d'Iéna ('Jena Bridge'). “Boogi” is s date2022-12-05

Korea and EU discuss major trade issues

Minister for Trade Dukgeun Ahn met with European Commissioner for Trade Valdis Dombrovskis on November 30 in Brussels, Belgium, to hold ministerial talks and the 10th Korea-EU FTA Trade Commission (hereinafter 'Commission') meeting. In Korea-EU ministerial talks, the two sides exchanged views on the U.S.’ Inflation Reduction Act (IRA) and WTO reform among other major global trade issues. As both sides have serious concerns over IRA’s discriminatory rules on EV tax credits, and prop date2022-12-02

Trade Minister meets EU Commission leaders to discuss CBAM

Minister for Trade Dukgeun Ahn met with European Commission Vice-President Valdis Dombrovskis on November 30 at the European Commission and discussed U.S.’ Inflation Reduction Act (IRA), Carbon Border Adjustment Mechanism (CBAM) and EU’s Critical Raw Material Act.   The following day he met with Directorate-General for Taxation and Customs Union (TAXUD) Gerassimos Thomas, Deputy Chairman of Committee on the Environment, Public Health and Food Safety (ENVI) Cesar Luena, and Com date2022-12-02

Korea and EU hold 10th FTA Trade Committee meeting

Minister for Trade Dukgeun Ahn attended the 10th Korea-EU FTA Trade Committee meeting on November 30 in Brussels, Belgium to discuss Korea-EU digital trade principles, 8K TV, ramyeon, bio plastic and other EU market issues with other representatives, including European Commission Vice-President Valdis Dombrovskis.   date2022-12-02

Korea holds Metaverse Fashion Show

The Ministry of Trade, Industry and Energy's Deputy Minister for the Office of Industrial Policy Joo Young-joon attended Korea’s first metaverse fashion show on November 30 in Gangnam, where clothes designed for the metaverse were showcased to raise Korean citizens’ interest and encourage rising designers.   Among the approximately 100 attendees were various industry representatives, including Director Lim Hun-jin, Director of Korea Apparel Testing & Research Institute ( date2022-12-02

2nd Vice Minister inspects winter season power supply

Trade, Industry and Energy 2nd Vice Minister Park Il-jun held an inspection meeting on winter season power supply on November 30 at KHNP’s Wolsong Nuclear Power Plant to assess institutions’ preparation progress and encouraged the Wolsong site workers to contribute to Korea’s overcoming this winter’s energy crisis.   The meeting was attended by representatives of relevant institutions, including Korea Electric Power Corporation (KEPCO) President Cheong Seung-il and date2022-12-01

Korea's exports decline 14.0% in November

The Ministry of Trade, Industry and Energy announced on December 1 that Korean exports in November decreased 14.0 percent year-on-year to USD 51.9 billion. Imports rose 2.7 percent to $58.9 billion and the trade balance stood at a deficit of $7.0 billion. Exports were hit by global economic slump, major countries’ interest rate hikes and the prolonged Russia-Ukraine war, which in turn are lowering imports around the world. Slowdown in exports growth is currently a common factor among coun date2022-12-01

Minister holds public-private joint conference on IRA response

Trade, Industry and Energy Minister Lee Chang-yang convened a public-private joint conference on November 29 at the Korea Chamber of Commerce and Industry (KCCI) and led discussions on the U.S.’ Inflation Reduction Act (IRA) to gather opinions and assess the situation to seek response measures prior to IRA enforcement beginning January 2023.   Attendees included representatives from eight companies and associations, including Hyundai Motor, Samsung SDI, LG Energy Solution, Korea Aut date2022-12-01