Ministry of Trade, Industry and Energy

Trade Minister meets US chief trade negotiator

Trade Minister Kim Hyun-chong (right) met with U.S. Trade Representative Robert Lighthizer to discuss the follow-ups for updating the Korea-US free trade agreement in Washington on July 27.    The two countries had reached an agreement in principle on reforming the six-year-old Korea-US trade pact in March 25 this year and since then, they have taken measures required for the signing.   The Minister also delivered Korea’s views to the U.S. chief trade negotiator on why t date2018-07-28

Ministry turns to deregulation drive for new growth engines

Minister of Trade, Industry and Energy Paik Ungyu vowed to ease regulations on new industries for future growth, such as hydrogen-powered vehicles, biohealth, and new energy businesses, during a discussion with business leaders in Seoul on July 24.    The discussion was attended by some 30 executives from relevant industries, including Korea Gas Corporation CEO Cheong Seung-il, Hyundai Motor Vice President Park Gwang-sik, and JNK Heaters President Kim Bang-hee, as well as officials f date2018-07-24

Trade Minister meets with NEC director to call for US car tariff exemptions

Trade Minister Kim Hyun-chong (left) met Larry Kudlow, Director of the U.S. National Economic Council (NEC), in Washington on July 20 and called on the U.S. government to exempt tariffs on the imports of Korean cars and car parts.   The Minister explained to the White House economic advisor that Korea should not be subject to the Section 232 tariffs on imported autos and auto parts. He said that the country has never posed a threat to the U.S. national security as its key ally and has rem date2018-07-21

Auto industry slows in June due to fewer working days

The Ministry of Trade, Industry and Energy announced on July 20 that car production, car exports, and domestic sales all saw year-on-year declines in June due to two fewer working days.   Automobile exports decreased 7.7 percent year-on-year to 218,874 vehicles in June 2018. In terms of value, they shrank 9.9 percent to USD 3.5 billion. This decrease is attributable to the export slowdown in the U.S. market and due to production increases in Korean automakers’ overseas plants.  date2018-07-20

South Korea, Canada discuss joint response to US auto tariffs

Trade Minister Kim Hyun-chong (right) and Canadian Minister of Foreign Affairs Chrystia Freeland discussed ways to cooperate against the U.S. Section 232 investigations into auto and auto parts imports in Canada on July 18.    Both Ministers agreed that the two countries, both of which are allied with the U.S. and have a trade pact with the U.S., should be exempted from possible new security-based tariffs. In addition, the officials underlined the need for joint actions against grow date2018-07-19

Minister Paik lectures on policy direction for industrial innovation

Minister Paik presented a policy direction to bring innovation into industries in a business forum for CEOs under the title of the “Industrial Innovation: New Challenges and Opportunities,' in Jeju on July 19.   About 700 corporate leaders in Korea attended the forum, which was organized by The Korea Chamber of Commerce (KCCI) , the nation’s largest business association. date2018-07-19

June ICT exports hit $19.1 billion

The Ministry of Trade, Industry and Energy announced on July 18 that exports of information and communication technology (ICT) goods in June were worth more than USD 19.1 billion. The monthly export figure is tied for the second-highest ever.   Exports of ICT goods in June surged 20.4 percent compared to a year earlier, achieving double-digit year-on-year growth for the 19th consecutive month, since December 2016.    ICT imports inched downward 3.0 percent year-on-year to $8.6 date2018-07-18

Industrial materials, components exports hit record high in H1

The Ministry of Trade, Industry and Energy announced on July 19 that exports of industrial materials and components set a new record of USD 155.6 billion in the first half of 2018, growing 15.6 percent year-on-year.   Imports and trade surpluses of 11 types of materials and components were also at an all-time high. Imports rose 8.2 percent to $88.1 billion and the trade surplus stood at $67.5 billion.   Exports of both materials and components achieved double-digit growth of 14.2 p date2018-07-18

Trade Minister exchanges views with advisors on trade issues

Trade Minister Kim Hyun-chong (center) hosted a meeting with advisors for trade issues in the private sector to discuss a strategic approach to key trade issues facing Korea in Seoul on July 16.   Key issues brought to the table ranged from the government’s response to the U.S.-China trade tensions to the U.S. Section 232 probe into imports of autos and auto parts.   Advisors in the meeting included Kim jun-dong, Vice Chairman of the Korea Chamber of Commerce and Industry, Ha date2018-07-16

Vice Minister marks opening of Korean exhibit at trade fair in Russia

Vice Minister Lee In-ho delivered his congratulatory remarks during the opening ceremony of the Korean exhibit at the international trade fair Innoprom, currently underway in Russia, on July 9.    Praising the opening of the Korean exhibit for being the first visible step in terms of bilateral cooperation between Seoul and Moscow since the Korea-Russia summit this past June, Vice Minister Lee said that he expects further mutual exchanges to blossom, not only in terms of trade, but al date2018-07-09