Ministry of Trade, Industry and Energy

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

Korea to encourage gas turbine manufacturing to lead Korea’s Green New Deal

Trade, Industry and Energy Minister Sung Yun-mo (center) held a meeting with gas turbine manufacturers and industry representatives on November 30, and announced measures to develop locally produced gas turbines for liquefied natural gas (LNG) power generation.Minister Sung said that securing self-reliance of gas turbines will be important in the energy transition process by allowing a stable power supply. He also said that building a strong domestic standard model of gas turbines will be a step date2020-11-30

Minister Sung holds committee meeting to discuss post-corona trade policy

Trade, Industry and Energy Minister Sung Yun-mo held a committee meeting with government officials and experts on November 26, to discuss the post-corona trade policy and domestic measures in response to the trade environment challenges amid pandemic.Minister Sung said that the government plans to respond actively to changes in the global trade environment such as global supply chain rearrangements and the rapid digital transformation through free and open trade, strengthening cooperation with t date2020-11-26

MOTIE holds ROK-Sweden Digital Economy and Trade Forum

Trade Minister Yoo Myung-hee delivered welcoming remarks on the occasion of the Korea-Sweden Digital Economy and Trade Forum, held to strengthen digital cooperation between the two countries, on November 23.She stressed the need to reorganize international norms for digital trade, and expressed expectations for further business cooperation between the two countries with outstanding ICT infrastructure.Under the theme of “Digital and Green Transformation beyond COVID-19”, the participa date2020-11-24

Korea, Turkmenistan vow to strengthen comprehensive economic cooperation

Trade, Industry and Energy Minister Sung Yun-mo attended the 8th Meeting of Korea-Turkmenistan Intergovernmental Committee on Trade-Economic and Scientific-Technical Cooperation virtually on November 23, and discussed measures to expand bilateral cooperation in various areas including trade, investment, energy plants, industry, and information and communications technology. date2020-11-24

October retail sales in Korea expand 8.4%

The Ministry of Trade, Industry and Energy announced on November 23 that Korea’s overall retail sales in October went up 8.4 percent compared to the same period last year. Sales of offline and online retailers improved 2.1 percent and 17.1 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and date2020-11-23

Minister Sung visits site of smart manufacturing demo factory

Trade, Industry and Energy Minister Sung Yun-mo made an on-site visit to the site of smart green industrial projects in Changwon on November 20, to celebrate the construction of a smart manufacturing demo factory.   The smart manufacturing demo factory is a testbed incorporating advanced Information and Communications Technology (ICT) such as artificial intelligence (AI) and digital twins that could improve business productivity and contribute to the innovation of major industries. &nbsp date2020-11-20

Deputy Minister Joo meets with ASEAN+, EAS energy ministers

Deputy Minister for Energy and Resources Joo Young-joon attended the 17th ASEAN+3 Ministers on Energy Meeting and the 14th EAS Energy Ministers Meeting held virtually on November 20, to discuss with member countries measures to support a sustainable energy future. date2020-11-20

Minister Sung attends forum to discuss digital-based industrial innovation

Trade, Industry and Energy Minister Sung Yun-mo attended the Digital-based Industrial Innovation Forum, co-organized by the National Academy of Engineering of Korea, in Seoul on November 19, to discuss innovative growth strategies for digital-based industries.   Minister Sung emphasized the importance of industrial digital transformation in the private sector, and encouraged engineering technologists to take leading roles in the data sharing, industry-academia-research partnerships, and c date2020-11-19