Ministry of Trade, Industry and Energy

Korea, MERCOSUR hold virtual TA talks

Korea will hold the 6th round of Trade Agreement (TA) negotiations with a group of South American countries, known as MERCOSUR, virtually from June 1 to 4.   Korea and the four member states of MERCOSUR – Brazil, Argentina, Paraguay and Uruguay – held five rounds of talks since the launch of negotiations in May 2018.   After a hiatus of a year and four months amid the outbreak of COVID-19, the two parties will resume talks on the pending trade agreement. date2021-06-01

｢2021 P4G Seoul Summit Energy Session｣

□ The Ministry of Trade, Industry and Energy (Minister Moon Sungwook) organized a thematic session on energy* on the second day of the two-day ｢2021 P4G Seoul Summit (5.30~31)｣. * Thematic sessions : energy, water, food/agriculture, cities, circular economy ㅇ Under the theme ‘A Greener Planet with Innovative Energy Solutions’, representatives from governments, enterprises, and international organizations gathered to discuss innovative energy solutions for carbon neutrality an date2021-06-01

Minister Moon attends committee meeting on reviewing regulatory exemptions

Trade, Industry and Energy Minister Moon Sungwook held a committee meeting on reviewing industry convergence regulatory exemptions at the Korea Chamber of Commerce and Industry in Seoul, on May 31.Minister Moon mentioned that the government will strengthen institutional support for the regulatory sandbox program so that it can lead to actual growth in sales, investment, and jobs, and promote projects related to the Green New Deal and the Digital New Deal to encourage innovation in businesses. date2021-05-31

Minister Moon visits Korea International Trade Association

Trade, Industry and Energy Minister Moon Sungwook visited the Korea International Trade Association (KITA), on May 27, to discuss with trade experts measures to resolve recent trade issues such as the global container shortage and soaring freight rates. Minister Moon encouraged KITA’s efforts in assisting domestic export firms to deal with challenges in the trade environment, and said that the government will expand policy support and communication with the industry to boost trade in the l date2021-05-27

Korea’s April retail sales rise 13.7%

The Ministry of Trade, Industry and Energy announced on May 27 that Korea’s retail industry saw a 13.7 percent improvement in sales in April compared to the same period last year. Both offline and online retailers saw growth, up 11.2 percent and 16.5 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, a date2021-05-27

Minister Moon encourages launch of integrated control center to ensure safety at industrial complexes

Trade, Industry and Energy Minister Moon Sungwook visited Incheon Namdong Industrial Complex, on May 26, and delivered a congratulatory speech to encourage the launch of an integrated control center at the smart green industrial complex. The integrated control center is a core component of the smart green industrial complex infrastructure that helps manage digitally safety, environment, and traffic issues within the industrial complexes to prevent accidents and ensure a comfortable working envir date2021-05-26

Korea, Indonesia to strengthen industrial cooperation

Trade, Industry and Energy Minister Moon Sungwook (center) met his Indonesian counterpart, Luhut Binsar Pandjaitan at a ministerial meeting in Seoul, on May 26, and discussed measures to expand bilateral cooperation and investment in industry and energy.   The ministers shared the view that it is important to expand trade and investment as well as industrial and energy cooperation between the two countries as global supply chain risks, digital transformation, and carbon neutral movement a date2021-05-26

Industry Ministry holds meeting to support materials, parts and equipment industries

Trade, Industry and Energy Minister Moon Sungwook attended a committee meeting to strengthen the competitiveness of the materials, parts and equipment sectors at the Seoul Government Complex, on May 25.   At the meeting, the committee members discussed various issues including measures to respond to the recent global supply chain disruptions regarding automotive chips and rare earth materials, foster special complexes for materials, parts and equipment, and bolster R&D investments in date2021-05-26

Korea, US agree on global vaccine partnership

During President Moon Jae-in’s visit to the United States (May 20-23), Korea and the U.S. agreed to establish a comprehensive “KORUS Global Vaccine Partnership” in a summit meeting on May 22, local time.   Under the partnership, the two countries are to join efforts to accelerate global COVID-19 vaccine production and supply by combining Korea’s biopharmaceutical production capability and the U.S. vaccine development technology and raw material supply capability. date2021-05-24

Minister of Trade, Industry and Energy Organizes Korea-US Business Roundtable During President Moon Jae-in’s US Visit

During President Moon Jae-in’s visit to the US (May 20-23), MOTIE Minister Moon Sung-wook (left) took steps to reinforce economic cooperation between the two countries, including the Korea-US Business Roundtable attended by President Moon and US Secretary of Commerce Gina Raimondo. date2021-05-22