Ministry of Trade, Industry and Energy

Minister Joo meets with Saudi Energy Minister

Trade, Industry and Energy Minister Joo Hyunghwan (left) poses for a photo with Saudi Arabia’s Energy, Industry and Mineral Resources Minister Khalid A. Al Falih in central Seoul on May 9, during the Saudi Minister’s visit to Korea.  The two Ministers discussed bilateral cooperation for the Kingdom’s Vision 2030, an economic, industrial diversification program.    date2017-05-09

18th round of RCEP negotiations starts in Manila

The Ministry of Trade, Industry and Energy announced on May 8 that the 18th round of negotiations for the Regional Comprehensive Economic Partnership began in Manila, the Philippines.    The RCEP is a proposed free trade agreement among 16 nations in the Asia Pacific region including Korea, Japan, China, and 10 member states of the Association of Southeast Asian Nations (ASEAN).    Until May 12, the participating nations will exchange offers on goods and services and will date2017-05-08

Ministry discusses responses to changing environment for KORUS FTA

The Ministry of Trade, Industry and Energy announced on May 1 that top officials of the Ministry met to discuss responses to the fast changing environment of the trade between Korea and the United States after the U.S. President ordered a review of free trade agreements.    Trade, Industry and Energy Minister Joo Hyunghwan presided a meeting to discuss measures for the latest developments related to the Korea-U.S. Free Trade Agreement (KORUS FTA), and underscored the government&rsquo date2017-05-01

Korea’s exports surge 24.2% in April to second-highest on record

The Ministry of Trade, Industry and Energy announced on May 1 that Korea’s exports reached the second highest on record in April, rising by 24.2 percent from a year ago to USD 51 billion.   Exports grew at the fastest rate in 68 months since August 2011 and expanded at a double-digit rate for the fourth consecutive month for the first time in 67 months.   The average daily exports surged 24.2 percent, the fastest rate in 68 months, to $2.3 billion while won-denominated export date2017-05-01

Ministry hosts 13th ASEM Senior Officials’ Meeting on Trade and Investment in Seoul

Trade, Industry and Energy Vice Minister Woo Taehee (eighth from right in the front row) poses for a photo with representatives from 48 member countries of the ASEM (Asia-Europe Meeting) at the ASEM Senior Officials' Meeting on Trade and Investment (SOMTI) in Seoul on April 28.  The 13th ASEM SOMTI was held to discuss the proposed agenda and program of the 7th ASEM Economic Ministers’ Meeting taking place in Seoul in September. Around 130 representatives from 48 out of 53 ASEM member date2017-04-28

Retail sales grow 6.9% in March

The Ministry of Trade, Industry and Energy announced on April 28 that retail sales rose by 6.9 percent to 9.9 trillion won in March with the growth of both in-store and online sales.   Web-based sales, which account for a third of the total retail sales, jumped 12.3 percent in March compared to a year ago, while in-store revenues went up 4.4 percent.    All product categories ranging from food and clothing to sports goods and home appliances posted growths in sales with food s date2017-04-28

Korea, New Zealand host 2nd FTA Joint Committee meeting in Seoul

The Ministry of Trade, Industry and Energy announced on April 25 that the Korean and New Zealand governments convened the second meeting of the Korea-New Zealand Free Trade Agreement (FTA) Joint Committee in Seoul to review the implementation of the bilateral trade pact.   The second meeting of the Joint Committee, established under the Korea-New Zealand FTA, was chaired by Director-General for FTA Negotiations and East Asia FTA Yoo Myung-hee of the Ministry of Trade, Industry and Energy date2017-04-25

Vice Minister Woo underscores stronger energy cooperation at Korea-U.S. energy conference

Trade, Industry and Energy Vice Minister Woo Taehee delivered a speech at the Korea-U.S. “energy cooperation conference” held at the Heritage Foundation in Washington D.C. on April 21.  The Korea-U.S. energy cooperation conference was jointly organized by the Korea Energy Economics Institute and the Heritage Foundation to discuss the expansion of bilateral energy trade, investment into energy infrastructure and cooperation on relevant technologies.  The conference was att date2017-04-21

Ministry holds meeting with industry to discuss RCEP negotiations

Trade, Industry and Energy Director-General for FTA Negotiations and East Asia FTA Yoo Myung-hee (second from left) presided a meeting with industry representatives in southern Seoul on April 21 to hear their opinions on the negotiations for non-tariff measures under the Regional Comprehensive Economic Partnership (RCEP). The RCEP is a proposed free trade agreement among 16 nations in the Asia Pacific region including Korea, China, Japan and 10 member states of the Association of Southeast Asian date2017-04-21

Korean exports of materials, components in 1Q post first double-digit growth in six years

The Ministry of Trade, Industry and Energy announced on April 20 that exports of industrial materials and components rose by 11 percent to USD 65.8 billion in the first quarter from a year earlier. This is the first double-digit growth in six years since the third quarter of 2011.   Exports of materials and components, which account for nearly half of Korea’s total exports of goods, showed signs of recovery in the first three months of this year as they advanced for the second conse date2017-04-20