Ministry of Trade, Industry and Energy

RCEP takes effect for Korea as of February 1

Trade, Industry, and Energy Minister Moon Sung-wook announced that the Regional Comprehensive Economic Partnership Agreement (RCEP) takes effect as of February 1 in Korea. This is in accordance with Agreement provisions on going into force 60 days after parliamentary approval submission to the Secretariat. The culmination of 8-year negotiations involving a total of 15 countries, this trade deal is easily the world’s largest FTA, covering approximately 30 percent of the world in terms of date2022-02-03

Trade Minister holds talks with U.S. representatives on bilateral trade and cooperation

Trade Minister Yeo Han-koo held multiple talks with various counterparts during his visit to the U.S. (Jan 25-Feb 2). Meetings were held mostly in Washington, D.C. and New York.   Korea-U.S. discussions centered around the revision of Section 232 steel export tariff rules, expanding onto talks on broadening the Asia-Pacific cooperation regarding supply chain, digital transition, technology, and trade relations. The two countries’ Free Trade Agreement (KORUS) approaches its 10th anni date2022-02-03

Korea's exports achieve $55.3 billion in January

The Ministry of Trade, Industry and Energy announced on February 1 that Korea’s exports in January rose 15.2 percent year-on-year to USD 55.3 billion. Imports also grew 35.5 percent to $60.2 billion. The trade balance turned negative to $4.9 billion from greater imports, produced by the steeper slope in energy price hikes. Monthly exports surpassed the $50 billion mark for the first time for January and posted double-digit growth despite the spread of Omicron, inflation concerns, and supp date2022-02-01

Minister Moon visits marketplace ahead of Lunar New Year

Trade, Industry, and Energy Minister Moon Sung-wook visited the Yongmun Traditional Market located in Yongsan-gu, Seoul, on January 28 to inspect market prices and energy safety conditions ahead of Korea's Lunar New Year holidays. Under the guidance of the Merchants Association President Ban Jae Sun, Minister Moon purchased fruit, traditional Korean sweets, and other holiday goods using an onnuri gift certificate. In view of the COVID-19 situation, the purchased goods were then donated to Chung date2022-01-28

Trade Minister holds Korea-U.S. trade talks

Trade Minister Yeo Han-koo held talks with United States Trade Representative (USTR) Katherine Tai at the USTR Office in Washington D.C. on January 27 over trade and other major issues. The two countries’ trade representatives’ discussions centered around the revision of Section 232 rules on steel and aluminum products, the Indo-Pacific economic framework, supply chain resilience, WTO reform, and measures to strengthen bilateral cooperation in commemoration of the 10th Anniversary o date2022-01-28

Minister Moon attends Local Win-Win Job Creation Signing Ceremonies

Trade, Industry, and Energy Minister Moon Sung-wook attended Win-Win Job Creation Signing Ceremonies held January 27 in Nonsan-si of Chungnam, and Jeonju-si and Iksan-si of North Jeolla Province where each region's labor, management, government, and community representatives came together to sign the Local Win-Win Job Creation Agreement. Pursued under the Special Act on Balanced National Development, the Local Win-Win Job Creation Agreement aims to create local jobs and stimulate investment bas date2022-01-28

Minister Moon attends Local Win-Win Job Creation Signing Ceremonies

Trade, Industry, and Energy Minister Moon Sung-wook attended Win-Win Job Creation Signing Ceremonies held respectively in Nonsan-si of Chungnam, and Jeonju-si and Iksan-si of North Jeolla Province where each region's labor, management, government, and community representatives came together to sign the Local Win-Win Job Creation Agreement. Pursued under the Special Act on Balanced National Development, the Local Win-Win Job Creation Agreement aims to create local jobs and stimulate investment b date2022-01-28

Korea's 2021 retail sales advance 11.3 percent as both online and offline sales increase

The Ministry of Trade, Industry and Energy announced on January 27 that Korea’s annual retail sales in 2021 advanced 11.3 percent compared to 2020, thanks to strong online sales (up 15.7 percent). Brick-and-mortar sales also expanded by 7.5 percent.   The Ministry releases monthly retail sales figures based on surveys of 25 major retailers, 13 of which are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four SS date2022-01-27

Minister Moon attends completion ceremony of Korea's largest solar plant

Trade, Industry, and Energy Minister Moon Sung-wook visited the completion ceremony of Sinan Solar Power Plant located in Sinan-gun, South Jeolla Province on January 26. Currently Korea’s largest (150MW) in scale, the Sinan Solar Power Plant is a KRW 319.6 billion project with the participation of public power company Korea South-East Power Co. and domestic solar power company Topsun.   As part of the ceremony, Minister Moon presented certificates of commendation to 5 persons of mer date2022-01-27

Korea's largest solar power plant starts commercial operation

Trade, Industry, and Energy Minister Moon Sung-wook attended the completion ceremony of Sinan Solar Power Plant located in Sinan-gun, South Jeolla Province on January 26.  The Sinan Solar Power Plant is a KRW 319.6 billion project with the participation of public power company Korea South-East Power Co. and domestic solar power company Topsun. It is the largest (150MW) solar power plant complex in Korea, built on saline wasteland with abundant sunlight, generating 209.7GWh of power per ann date2022-01-26