Ministry of Trade, Industry and Energy

Korea, Philippines launch free trade negotiations in Seoul

Trade Minister Yoo Myung-hee (right) and the Philippines’ Secretary of Trade and Industry Ramon M. Lopez signed a joint declaration to launch negotiations for a free trade agreement between Korea and the Philippines at a ceremony held in Seoul on June 3.During the event, Trade Minister Yoo said the Korea-Philippines FTA will provide opportunities for both countries to significantly expand their trade and investment. She emphasized that by removing tariffs and non-tariff barriers, the bilat date2019-06-03

Korea’s May exports decrease 9.4% to $45.9 billion

The Ministry of Trade, Industry and Energy announced on June 1 that Korea’s exports in May decreased 9.4 percent to USD 45.9 billion compared to the same period a year earlier. Imports fell 1.9 percent to $43.6 billion, resulting in a trade surplus of $2.3 billion.The slowdown in exports was mostly due to an intensifying U.S.-China trade dispute, a sluggish semiconductor industry, and a slowing Chinese economy. Exports in volume terms, however, inched up 0.7 percent, continuing to grow for date2019-06-01

Korea holds nationwide seminars on manufacturing robots

Trade, Industry and Energy Vice Minister Cheong Seung-il (right) made opening remarks at a presentation seminar held to promote the use of robots in the manufacturing industry in Siheung, southwest of Seoul, on May 30.At the seminar, potential robot users were introduced to the process and effectiveness of robot implementation from companies with the best practices of robot usage. Robot makers were also present to introduce their products and explain their applications. At the same time, researc date2019-05-30

Groundbreaking ceremony held for hydrogen station at Korean National Assembly

Trade, Industry and Energy Minister Sung Yun-mo (second from the right) and SMEs and Startups Minister Park Young-sun (second from the left) participated in the groundbreaking ceremony for a hydrogen fueling station at the Korean National Assembly in Seoul on May 30.The ceremony was attended by more than 50 participants, including Lawmaker Hong Il-pyo, Hyundai Motor President Gong Young-woon, and HyNet CEO Yoo Jong-soo. date2019-05-30

Online retail sales jump 14.1 percent in April

The Ministry of Trade, Industry and Energy announced on May 30 that sales of Korea’s online retail industry improved 14.1 percent in April compared to the same period last year. Offline retailers, on the other hand, saw a 2.9 percent decrease in sales, resulting in a 3.5 percent growth in overall retail sales.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 hypermarke date2019-05-30

Korea, Germany hold seminar for cooperation in semiconductor technology

Trade, Industry and Energy Minister Sung Yun-mo delivered a speech at the Korea-Germany seminar on semiconductor technology held in Seoul on May 28.At the seminar, executives from Germany’s Infineon Technologies gave presentations on semiconductor technologies used in various areas such as security, autonomous vehicles, and energy efficiency.The event was attended by some 200 representatives from industry, academia, and research institutes, including German Ambassador to Korea Stephan Auer date2019-05-28

Industry Ministry, China’s Jiangsu Province to advance trade, investment ties

Trade, Industry and Energy Minister Sung Yun-mo (left) met with Communist Party Secretary of China’s Jiangsu Province Lou Qinjian in Seoul on May 27.Minister Sung and Secretary Lou discussed ways to promote cooperation between the two sides in industry, trade, and investment.As part of this effort, the two officials signed a memorandum of understanding on improving economic and trade ties. Both sides agreed to enhance collaboration in new industries as well as industrial complexes located date2019-05-27

Trade Minister Yoo meets with Brazil’s Foreign Minister Araújo in Paris

Trade Minister Yoo Myung-hee (left) had a bilateral meeting with Brazil’s Minister of Foreign Affairs Ernesto Araújo on May 23 during her visit to Paris for the 2019 OECD Ministerial Council Meeting.The two sides celebrated the 60th anniversary of bilateral relations between Korea and Brazil, confirmed the necessity of accelerating negotiations for signing the Korea-MERCOSUR trade agreement, and agreed to expand cooperation in various areas such as investment and infrastructure. date2019-05-24

Trade Minister Yoo speaks at 2019 OECD Ministerial Council Meeting in Paris

Trade Minister Yoo Myung-hee (third from the right) spoke at the trade and investment session titled “Reaping and Diversifying the Benefits of Trade in the Digital Era” of the 2019 OECD Ministerial Council Meeting held in Paris from May 22 to 23.To address challenges in the digital era, Trade Minister Yoo suggested ways of building an inclusive digital ecosystem through the promotion of innovation in small and medium-sized enterprises and the expansion of open data. She also mentione date2019-05-24

Minister Sung visits hydrogen fueling station in Anseong

Trade, Industry and Energy Minister Sung visited a hydrogen fueling station in a rest area along an expressway in Anseong, south of Seoul, on May 23.Minister Sung charged his hydrogen vehicle for official use at the site after checking the status of the facility. date2019-05-23