Ministry of Trade, Industry and Energy

Trade Minister, European Commission discuss trade

Trade Minister Kim Hyon-chong (left) met European Commissioner for Trade Cecilia Malmström and other EU officials, to discuss trade issues in Paris on June 1.   During the meeting, Trade Minister Kim raised concerns about safeguard investigations into imported steel products currently being carried out by the EU, and suggested measures to improve current multilateral trade rules in light of the fourth industrial revolution.    Trade Minister Kim is visiting Europe this we date2018-06-02

Trade Minister attends OECD Ministerial Council Meeting

Trade Minister Kim Hyon-chong attended the annual Ministerial Council Meeting at the Organisation for Economic Co-operation and Development (OECD) in Paris on May 31.    This year’s meeting, chaired by France, was attended by economic and trade ministers from 37 OECD member states, including the U.S., Canada, and Australia.    During the meeting that took place under the theme of “Reshaping the foundation of multilateralism for more responsible, effective and date2018-06-01

Trade Minister meets Canadian counterpart

Trade Minister Kim Hyon-chong (left) met Canadian Minister of International Trade Francois-Philippe Champagne in Paris on May 31.    During the meeting, the two discussed trade issues between the two nations, such as the U.S steel tariffs based on Section 232 of the Trade Expansion Act.    The ministers are visiting Paris to attend the annual Ministerial Council Meeting at the Organisation for Economic Co-operation and Development. date2018-06-01

Korean exports grow 13.5 percent in May

The Ministry of Trade, Industry and Energy announced on June 1 that Korea’s exports grew 13.5 percent year-on-year to USD 50.9 billion in May.   The growth rate turned to double digits for the first time since January 2018. In terms of volume, the May figures recorded the fifth largest monthly export figures ever.    Average daily exports rose 10.8 percent year-on-year to $2.4 billion, returning to growth from a decline seen in last month's year-on-year figure.  &n date2018-06-01

Trade Minister meets German State Secretary

Trade Minister Kim Hyon-chong (left) met German State Secretary Ulrich Nussbaum at the Federal Ministry for Economic Affairs and Energy to discuss trade issues between the two nations in Germany, on May 28.    During the meeting, Trade Minister Kim outlined Korea’s views on the safeguard investigation currently being undertaken by the EU into imported steel products, and discussed other trade-related issues, such as the U.S. steel tariffs based on Section 232 of the Trade Expan date2018-05-30

Retail sales jump 6.3 percent in April

The Ministry of Trade, Industry and Energy announced on May 30 that overall retail sales increased 6.3 percent in April from a year earlier, as growth in online sales remains robust.   Online retail sales rose 15.9 percent year-on-year in April, while sales at brick-and-mortar retailers showed a modest growth rate of 1.0 percent year-on-year over the same period.   The Ministry releases monthly retail sales figures based on surveys of 26 major retailers. Half of them are brick-and- date2018-05-30

Korea, China hold inaugural energy dialogue

Director General for Energy Industry Policy Park Sung-taek from the Ministry of Trade, Industry and Energy (fourth from right) led the first Korea-China Energy Cooperation Dialogue, in Seoul on May 29.    The meeting was attended by Korean and Chinese government officials and representatives from energy industries, including gas, utilities, new and renewable energy, and smart energy.   During the meeting, participants finalized details for an MOU covering LNG cooperation and r date2018-05-29

Korea, MERCOSUR begin trade negotiations

Trade Minister Kim Hyon-chong (third from left) announced the launch of negotiations on the trade agreement between Korea and the MERCOSUR group, alongside his counterparts from the MERCOSUR member states of Brazil, Argentina, Paraguay, and Uruguay, in Seoul on May 25.   The representatives at the ceremony included Uruguayan Foreign Minister Rodolfo Nin Novoa, Paraguayan Foreign Minister Eladio Loizaga, Brazilian Foreign Minister Aloysio Nunes Ferreira, Argentine Secretary for Intern date2018-05-25

[Press Release] Korea, MERCOSUR launch trade talks

Korea, MERCOSUR begin trade negotiationsMinistry of Trade, Industry and EnergyMay 25, 2018  Seoul, Korea - His Excellency, Trade Minister of the Republic of Korea Kim Hyun-chong, met with His Excellencies, Eladio Loizaga for Paraguay, in charge of the Pro Temporary Presidency, Aloysio Nunes Ferreira Filho for Brazil and Rodolfo Nin Novoa for Uruguay, Foreign Ministers of the MERCOSUR Member States, the Minister of Industry, Foreign Trade and Services of the Federative Republic of Brazi date2018-05-25

Minister Paik meets with Chinese counterpart to discuss bilateral ties

Trade, Industry and Energy Minister Paik Ungyu (right) met with Chinese Minister of Industry and Information Technology Miao Wei to discuss measures to boost Korea-China cooperation across a wide range of industries, including electric vehicle (EV) batteries, in Seoul on May 24.   During the third Korea-China Industry Ministerial Meeting, Minister Paik and Minister Wei agreed to support Korean battery makers in the Chinese market, expand cooperation in battery test procedures and battery date2018-05-24