Ministry of Trade, Industry and Energy

Korea’s ICT exports sets new record in February

The Ministry of Trade, Industry and Energy announced on March 15 that exports of information and communication technology (ICT) goods surged 22.8 percent to USD 14.1 billion in February from a year earlier, setting a new record for the month of February.    Exports of ICT goods grew year-on-year for the fourth consecutive month – and at double-digit rates for the third straight month – on large increases in outbound shipments of semiconductors, displays, and computers and date2017-03-15

Auto production, sales improve in February

The Ministry of Trade, Industry and Energy announced on March 15 that production, domestic sales and exports of automobiles all improved in February from a year earlier, signaling a recovery in the auto sector.   Five domestic carmakers – Hyundai Motor, Kia Motors, GM Korea, SsangYong Motor and Renault Samsung Motors – produced a total of 336,032 vehicles in February, up 9.8 percent from a year earlier on more working days in the month and higher sales at home and abroad.&nbsp date2017-03-15

Minister Joo attends KORUS FTA 5th anniversary seminar

Trade, Industry and Energy Minister Joo Hyunghwan (center) posed for a photo with key Korean and U.S. officials involved in the negotiations or implementation of the Korea-U.S. Free Trade Agreement (KORUS FTA) at the KORUS FTA 5th Anniversary Seminar held in the COEX, southern Seoul, on March 14.  At the event, Minister Joo delivered a congratulatory speech, highlighting the mutually beneficial outcomes of the KORUS FTA and the importance of continuous expansion of bilateral cooperation in date2017-03-14

Korea, 5 Central American nations initial FTA

The Ministry of Trade, Industry and Energy announced on March 13 that Korea and five Central American nations initialed the Korea-Central America Free Trade Agreement, a comprehensive trade pact that will eliminate tariffs and other barriers and consolidate bilateral and multilateral economic cooperation.    On March 10, in San José, Costa Rica, Trade, Industry and Energy Director for FTA Negotiation Coordination Kwon Hyouk-woo and his counterparts from five Central American c date2017-03-13

Minister Joo meets with US counterpart

Trade, Industry and Energy Minister Joo Hyunghwan (right) poses with US Secretary of Commerce Wilbur Ross in Washington on March 8, 2017 (local time).    Korea's trade minister met his new U.S. counterpart during his outreach trip to the U.S., designed to build a channel for economic cooperation and bilateral communication under Donald Trump's administration.  date2017-03-09

Vice Minister Woo discusses economic cooperation with Saudi Arabia’s Economy and Planning Minister

Trade, Industry and Energy Vice Minister Woo Taehee (right) posed for a photo with Saudi Arabian Minister of Economy and Planning Adel M. Fakeih during their meeting at the Government Complex Seoul on March 9. Vice Minister Woo and Minister Fakeih discussed bilateral cooperation in the field of energy resources as well as on Vision 2030, the Kingdom’s new roadmap for development. Saudi Arabia is the leading supplier of crude oil to Korea and the largest overseas market for the Korean cons date2017-03-09

Vice Minister Woo chairs 9th pan-gov't meeting to inspect trade issues with China

Trade, Industry and Energy Vice Minister Woo Taehee (left) spoke with industry representatives at the 9th meeting of the pan-government task force on Korea-China trade issues held in the Plaza Hotel in Seoul on March 7. The Vice Minister heard challenges that domestic industries experience in trade and investment in China, and discussed joint responses with them. Vice Minister Woo presided the meeting, which was joined by about 30 officials and representatives from relevant ministries, industry date2017-03-07

RCEP members agree to accelerate negotiations

The Ministry of Trade, Industry and Energy announced on March 6 that Korea and 15 trading partners have agreed at the 17th round of negotiations for the Regional Comprehensive Economic Partnership (RCEP) to accelerate negotiations in the first half of this year. The latest talks was held in Kobe, Japan between February 27 and March 3. 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 date2017-03-06

Korea, MERCOSUR sign joint statement for launch of trade agreement negotiations

The Ministry of Trade, Industry and Energy announced on March 3 that Korea and Mercado Común del Sur (MERCOSUR) signed on March 2 a joint statement facilitating the launch of official negotiations for a multilateral trade agreement between Korea and four South American nations in the first half of this year.   During his visit to Buenos Aires, Trade, Industry and Energy Minister Joo Hyunghwan signed the joint statement with Minister of Foreign Affairs and Worship Susana Malcorra of date2017-03-03

Minister Joo co-chairs Korea-Argentina energy cooperation committee meeting

Trade, Industry and Energy Minister Joo Hyunghwan (right) posed for a photo with Argentine Energy and Mining Minister Juan José Aranguren at the third meeting of the Korea-Argentina Energy Resources Cooperation Committee held in Buenos Aires on March 3. Minister Joo and Minister Aranguren chaired the committee meeting and discussed cooperation in various energy fields including nuclear energy, mineral resources and renewable energy.  Minister Joo visited Argentina between March 2 an date2017-03-03