Ministry of Trade, Industry and Energy

Korean auto exports rise 2.4 percent year-on-year in Q1

The Ministry of Trade, Industry and Energy announced on April 17 that Korea’s automobile exports in the first quarter increased 2.4 percent compared to the same period year earlier.The number of Korean vehicles exported from January to March amounted to 587,690 units. In terms of value, exports rose 4.7 percent to USD 10.3 billion. This expansion is primarily a result of robust demand for eco-friendly cars, sports utility vehicles (SUVs), and compact cars.Over the same period, the number o date2019-04-17

Trade Minister Yoo meets with ADB President Nakao in Manila

Trade Minister Yoo Myung-hee (left) met with Asian Development Bank (ADB) President Takehiko Nakao in Manila, Philippines, on April 17 (local time).During the meeting, Trade Minister Yoo explained Korea’s New Northern and Southern Policies, and the two sides agreed to cooperate in promoting joint projects between Korea and the ADB in energy and industrial technology. date2019-04-17

Korea, Philippines hold trade ministerial meeting in Manila

Trade Minister Yoo Myung-hee (fifth from the right) and Philippine Trade and Industry Secretary Ramon M. Lopez (fifth from the left) explored ways to boost economic and trade ties between the two countries at a ministerial meeting held in Manila on April 17 (local time).The two sides agreed to make the best effort to conclude negotiations for a bilateral free trade agreement in time for the Korea-ASEAN Commemorative Summit scheduled in November 2019.This year marks the 70th anniversary of t date2019-04-17

Minister Sung and Turkmen Finance Minister vow to step up cooperation in industry and energy

Trade, Industry and Energy Minister Sung Yun-mo (left) and Turkmenistan Finance and Economy Minister Batyr Bazarov signed a memorandum of understanding (MOU) on expanding cooperation in standardization at a Korea-Turkmenistan MOU signing ceremony held in Ashgabat on April 16 (local time).In addition to the above signed MOU, five more MOUs were inked between the two countries to improve ties in various areas of industry and energy, including transportation infrastructure, synthetic textiles, and date2019-04-16

Trade Minister Yoo meets with US Senator Rob Portman in Seoul

Trade Minister Yoo Myung-hee (second from the left) met with US Senator Rob Portman (second from the right) to discuss various economic and trade issues between the two countries in Seoul on April 16. date2019-04-16

The ROK government welcomes WTO ruling over Korea’s restrictions on Japanese food imports

The Government of the Republic of Korea appreciates and welcomes the April 11 decision by the Appellate Body of the World Trade Organization that Korea’s restrictions on Japanese food imports are consistent with the WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement). To read the findings of the WTO Appellate Body:https://www.wto.org/english/news_e/news19_e/495abr_e.htm date2019-04-12

Trade Minister Yoo meets with UK Ambassador to Korea Simon Smith

Trade Minister Yoo Myung-hee (left) met with UK Ambassador to Korea Simon Smith at the Korea Chamber of Commerce and Industry (KCCI) in Seoul on April 11.The two officials discussed the current status of Brexit as well as trade issues between the two countries. date2019-04-11

Foreign direct investment pledged to Korea total $3.2 billion in Q1

The Ministry of Trade, Industry and Energy announced on April 11 that foreign direct investments (FDIs) pledged to Korea in the first quarter of this year decreased 35.7 percent year-on-year to USD 3.2 billion. The FDIs that actually arrived in Korea over the same period declined 15.9 percent to $2.6 billion.Key factors that contributed to the decrease of FDI commitments include a slowdown in global investment flows, a strong base effect, and tax reductions for foreign investors that expired at date2019-04-11

Korea, EU trade chiefs co-chair 8th FTA Trade Committee Meeting in Seoul

Trade Minister Yoo Myung-hee (second from the left) and European Commissioner for Trade Cecilia Malmström (right) co-chaired the eighth meeting of the Korea-EU Free Trade Agreement (FTA) Trade Committee in Seoul on April 9.On the occasion of this ministerial meeting, the two sides reviewed the implementation of the FTA, discussed bilateral trade issues, and explored ways to respond to global protectionism.The Korean officials and their EU counterparts discussed how to improve mutual market date2019-04-09

Minister Sung encourages greater cooperation between Korean and Chinese businesses

Trade, Industry and Energy Minister Sung Yun-mo delivered a speech at a dinner organized during the eighth Korea-Guangdong Economic and Trade Development Forum that took place in Seoul on April 4.During his remarks, Minister Sung encouraged greater cooperation between Korean and Chinese businesses. More than 200 corporate leaders were present at the dinner.Minister Sung also had a meeting with China’s Guangdong Province Governor Ma Xingrui where both officials agreed to expand investment a date2019-04-04