Ministry of Trade, Industry and Energy

Trade Minister Kim chairs meeting to discuss recent trade issues and review existing trade deals

Trade Minister Kim Hyun-chong (second from left) chaired a meeting to discuss recent international trade issues and review existing free trade agreements with government officials, industry representatives, and academics in Seoul on September 20.During his opening remarks at the meeting, Minister Kim said that global trade conditions are rapidly changing as a result of rising protectionism, ongoing U.S.-China trade dispute, and advancing fourth industrial revolution technologies.The Ministry's t date2018-09-20

August ICT exports set record high of $20.2 billion

The Ministry of Trade, Industry and Energy announced on September 17 that exports of information and communications technology (ICT) products in August hit a record high of USD 20.2 billion.Exports of ICT goods increased 15.5 percent compared to a year earlier. ICT imports were also up 0.4 percent to $8.7 billion, and the trade surplus in this sector stood at $11.5 billion.The historically high exports were led by semiconductors and displays. Overseas shipments of semiconductors went up 30.4 per date2018-09-17

Auto exports, production, domestic sales all expand in August

The Ministry of Trade, Industry and Energy announced on September 12 that Korea's automobile exports, production, and domestic sales in August all expanded compared to the same period last year.Exports of finished vehicles grew 2.1 percent year-on-year to 174,869 units. In terms of value, they inched up 0.5 percent to USD 2.9 billion. This is attributable to increased sales of newly launched sports utility vehicles (SUVs) and demand growth in Middle Eastern and non-EU European countries. In addi date2018-09-14

Minister Paik attends groundbreaking ceremony for nation’s largest solar power plant

Trade, Industry and Energy Minister Paik Ungyu (third from left) delivered a speech at the groundbreaking ceremony of Yeongam Solar Power Plant construction in Yeongam, Jeollanam-do on September 12.During his remarks, Minister Paik emphasized that renewable energy is not only clean and safe but also a new growth engine that creates new investment opportunities and quality jobs.This solar power plant project aims to build the largest of its kind in Korea that would provide 120,000 MWh of energy p date2018-09-13

Korea, MERCOSUR convene first round of negotiations for trade agreement

Korean government officials led by the Trade Ministry’s Director General for Free Trade Agreement Negotiations Kim Ki-joon (center) met with their counterparts from the South American trade bloc, MERCOSUR, led by Director General for Integration and MERCOSUR Affairs of the Uruguayan Foreign Ministry Valeria Csukasi (second from left) to convene the first round of negotiations for a trade agreement between the two parties in Montevideo, Uruguay, on September 11.During the initial round of n date2018-09-12

Minister Paik delivers speech on industrial cooperation at Korea-Indonesia Business and Investment Forum

Trade, Industry and Energy Minister Paik Ungyu delivered a speech on industrial cooperation at the Korea-Indonesia Business Investment Forum attended by Indonesian President Joko Widodo in Seoul on September 10.During his welcoming remarks, Minister Paik called for strengthening cooperation between the two Asian countries in manufacturing, infrastructure, future technologies, and free and fair trade.At the forum, 15 memoranda of understanding were signed to expand and diversify areas of industri date2018-09-10

Vice Minister Lee emphasizes creating new growth opportunities in bio-health industry

Trade, Industry and Energy Vice Minister Lee Inho delivered a speech at the opening ceremony of BIOplus 2018, which was hosted by the Korea Biotechnology Industry Organization (KoreaBio) to share recent bioindustry trends and seek new business opportunities, in Seoul on September 6.During the speech, Vice Minister Lee underlined the importance of new growth opportunities in Korea’s bio-health industry and suggested policy directions based on the country’s abundant biotechnology data, date2018-09-06

Trade Ministry publishes agreed outcomes of Korea-US FTA amendment and modification negotiations

The Ministry of Trade, Industry and Energy and the Office of the United States Trade Representative published the agreed outcomes of amendment and modification negotiations to the Korea-US Free Trade Agreement at 10:00 p.m. (local time) on September 3.As the first step in its domestic procedure, the Ministry will gather public comments on the Korean translations of the two protocols from September 3 to 10. The submitted comments will be reviewed for possible inclusion before finalizing the Korea date2018-09-03

Korea’s August exports surpass $50 billion for first time

The Ministry of Trade, Industry and Energy announced on September 1 that exports last month expanded 8.7 percent year-on-year to USD 51.2 billion, surpassing $50 billion for the first time for August exports. Exports in the first eight months also reached a record high of $399.8 billion, up 6.6 percent from the same period last year.Average daily exports also hit an August record high of $2.1 billion, and won-denominated exports increased 7.8 percent to 57.4 trillion won.The increase in outbound date2018-09-01

Trade Minister attends 6th RCEP ministerial meeting

Trade Minister Kim Hyun-chong (fifth from right in the first row) attended the sixth Regional Comprehensive Economic Partnership (RCEP) ministerial meeting held in Singapore from August 30 to 31.During the meeting, Trade Minister Kim and top trade officials from 16 countries including China, Japan, and Association of Southeast Asian Nations (ASEAN) member states emphasized the importance of RCEP amid growing uncertainties in the global trade environment and reaffirmed their commitment to reach a date2018-08-31