Ministry of Trade, Industry and Energy

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

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

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

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

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

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

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

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

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

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