Ministry of Trade, Industry and Energy

Korea, Indonesia sign CEPA

Trade, Industry and Energy Minister Sung Yunmo (right) attended the signing ceremony of the Korea-Indonesia Comprehensive Economic Partners Agreement (CEPA) in Seoul, on December 18, the first bilateral free trade agreement with an ASEAN member country since the announcement of the New Southern Policy in November 2017.   The agreement came eight years after the launch of negotiations, and Minister Sung said that the CEPA is a comprehensive and cooperative platform that will not only reduc date2020-12-18

Trade Minister Yoo discusses policy strategies to boost exports at FTA policy forum

Trade Minister Yoo Myung-hee held the FTA policy forum with FTA-related companies, agencies, and trade experts at the Korea International Trade Association (KITA) in Seoul, on December 16, to discuss policy directions in response to the rapidly changing trade environment amid pandemic.   At the meeting, measures to utilize the recently signed Regional Comprehensive Economic Partnership (RCEP) to vitalize Korea’s exports, FTA strategies for the small and medium-sized companies to str date2020-12-18

Trade Minister Yoo discusses policy strategies to boost exports at FTA policy forum

Trade Minister Yoo Myung-hee held the FTA policy forum with FTA-related companies, agencies, and trade experts at the Korea International Trade Association (KITA) in Seoul, on December 16, to discuss policy directions in response to the rapidly changing trade environment amid pandemic.   At the meeting, measures to utilize the recently signed Regional Comprehensive Economic Partnership (RCEP) to vitalize Korea’s exports, FTA strategies for the small and medium-sized companies to str date2020-12-18

Korea’s ICT exports increase 15.8% to $16.6 billion

The Ministry of Trade, Industry and Energy announced on December 15 that Korea’s November exports of information and communications technology (ICT) goods amounted to USD 16.6 billion, up 15.8 percent compared to the same period last year. This is the 6th consecutive month of year-on-year growth. Imports of ICT products reached $10.4 billion, resulting in a trade surplus of $6.2 billion. Outbound shipments of all products expanded. Shipments of semiconductors moved up 16.1 percent to $8 date2020-12-15

Korea's domestic sales of automobiles rise for 3 straight months

The Ministry of Trade, Industry and Energy announced on December 14 that Korea’s automobile output and exports in November lost 6.3 percent and 10.2 percent, respectively. However, domestic sales went up 5.8 percent and rose for the third consecutive month. Total auto output in November by Korean automakers fell 6.3 percent to 324,472 units. The labor-management conflict at GM Korea and Kia and the production adjustment at Renault Samsung led to the decline. Domestic sales in Korea went date2020-12-14

MOTIE launches advisory group to provide technological support for materials, parts and equipment companies

Trade, Industry and Energy Minister Sung Yun-mo (second from the left) attended the launching ceremony for an advisory group with the aim of providing human resources and technological support to the materials, parts and equipment companies at the Korea Advanced Institute of Science and Technology (KAIST), on December 7. Twelve universities with technological specialties in different fields were selected for the advisory group, and the government will invest a total of 81.3 billion won over a th date2020-12-08

Korea unveils strategy to achieve carbon neutrality by 2050

Trade, Industry and Energy Minister Sung Yun-mo (second from the left) attended a joint briefing at the government complex in Seoul, on December 7, and the ministries announced the strategy to achieve carbon neutrality by 2050.Minister Sung mentioned four areas of innovation in the energy sector: innovation in the supply of renewable energy, innovation in the power grid and facilities, innovation in the industrial ecosystem through technological development and investment, and innovation in the date2020-12-07

MOTIE holds webinar on future global trade strategy

Ministry of Trade, Industry and Energy held a webinar on future global trade strategy with trade experts involving government, business, university, and research representatives on December 3, to hear opinions on the recent trade issues and discuss countermeasures. At the webinar, various opinions were discussed on global protectionism such as the U.S.-China trade dispute and the change in the global value chain (GVC) in the post-corona world. date2020-12-03

WTO Panel Report on Korea-Japan Dispute over Anti-Dumping Duties on Stainless Steel Bars

WTO Panel Report on Korea-Japan Dispute over Anti-Dumping Duties on Stainless Steel Bars ‣ The Panel rejected Japan’s key complaints but ruled that Korea partially violated the anti-dumping rules based on issues not included in Japan’s complaint. ‣ The government plans to appeal the ruling due to legal errors contained therein and will discuss a fair alternative appeals process with the Japanese side given the dysfunctional state of the Appellate Body.Read the full text: date2020-12-03

Korea’s November exports grow 4.0% to $45.8 billion

The Ministry of Trade, Industry and Energy announced on November 1 that Korea’s exports in November increased 4.0 percent from a year earlier to USD 45.8 billion. Imports edged down 2.1 percent to $39.9 billion. The trade balance stood at a surplus of $5.9 billion, moving up for 7 straight months. It is the third consecutive month that the trade balance recorded more than $5.0 billion. November exports showed that the economic recovery is gaining momentum. The export growth remained posi date2020-12-01