Ministry of Trade, Industry and Energy

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

Trade, Industry and Energy Minister Joo Hyunghwan (left) posed for a photo with Argentine Minister of Foreign Affairs and Worship Susana Malcorra in Buenos Aires on March 2, after signing a joint statement for the launch of official negotiations on a multilateral trade agreement between Korean and four member states of Mercado Común del Sur (MERCOSUR).  By signing the joint statement, Korea and MERCOSUR announced both sides have agreed to commence their internal procedures in the fi date2017-03-02

Korea, Argentina host 1st meeting of industrial cooperation committee

Trade, Industry and Energy Minister Joo Hyunghwan (right) and Argentine Production Minister Francisco Cabrera signed a memorandum of understanding on a dialogue channel for bilateral trade and investment during the first meeting of the Korea-Argentina Industrial Cooperation Committee in Buenos Aires on March 2. The delegations of the two countries agreed to cooperate on high value-added defense areas as well as on infrastructure.  The Korea-Argentina Industrial Cooperation Committee was se date2017-03-02

Korea's exports post fastest growth in 5 years in February

The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s exports expanded 20.2 percent, the fastest pace in five years, to USD 43.2 billion in February from a year earlier.   The amount of exports is also a five-year high since February 2012. They advanced at double-digit rates for two consecutive months for the first time in 65 months since September 2011. The won-denominated exports and average daily exports grew for the fourth and third consecutive months, res date2017-03-01

Minister Joo attends signing ceremony for LG Electronics’ home appliance plant in U.S.

Trade, Industry and Energy Minister Joo Hyunghwan (third from left) shook hands with Governor of Tennessee Bill Haslam (third from right) during the signing ceremony for the memorandum of understanding between LG Electronics and the State of Tennessee on the Korean company’s planned home appliance manufacturing facilities, in Nashville, Tennessee, on February 28. Minister Joo said in a congratulatory speech that LG Electronics’ proposed plant carries a significant meaning as the fir date2017-02-28

Korea’s retail sales advance 8.3% in January on strong in-store sales

The Ministry of Trade, Industry and Energy announced on February 28 that retail sales expanded 8.3 percent in January from a year ago on strong in-store sales.   In-store sales, which account for around 70 percent of the total monthly revenues of major Korean retailers, advanced 9.3 percent in January from a year earlier while online sales grew 6 percent.    The combined revenues of three department store chains, hypermarket operators, convenient store chains and super superma date2017-02-28

17th round of RCEP negotiations kick off in Japan

The Ministry of Trade, Industry and Energy announced that the 17th round of negotiations for the Regional Comprehensive Economic Partnership (RCEP) kicked off in Kobe, Japan, on February 27, to accelerate talks on market access for goods, services and investment.   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 Nations (ASEAN), which has become increasingly imp date2017-02-27

MOTIE officials visit 2017 Mobile World Congress

Trade, Industry and Energy Deputy Minister for Industrial Creativity and Innovation Toh Kyung-hwan (center) visited the Korea booth set up by the Korea Trade-Investment Promotion Agency at the 2017 Mobile World Congress at the Fira Gran Via in Barcelona, Spain, on February 27.  Deputy Minister Toh visited the booths of Korean companies including Samsung Electronics, LG Electronics, SK Telecom and Innopia Technologies as well as global corporations including Amazon, Google and BMW. During t date2017-02-27

Korea-UK trade working group discusses post-Brexit cooperation

The Ministry of Trade, Industry and Energy announced on February 24 that the Ministry and a delegation from the United Kingdom convened a first meeting of the Korea-UK Trade Working Group in Seoul to discuss bilateral economic cooperation after the UK’s exit from the European Union.   The first meeting of the working group, which was set up to ensure a continued and strengthened bilateral trade relations, was co-chaired by Director-General for FTA Negotiations and East Asia FTA Yoo date2017-02-24

Auto sales show signs of recovery in January

The Ministry of Trade, Industry and Energy announced on February 16 that domestic car sales and automobile part exports inched up in January while production and exports of vehicles declined due to fewer working days in the month,    Domestic car sales showed signs of recovery, advancing 0.2 percent to 123,575 vehicles in January from a year earlier thanks to the higher sales of vehicles produced in Korea.    The sales of domestically built cars climbed up 1.2 percent to date2017-02-16

ICT exports surge 16.7% in January

The Ministry of Trade, Industry and Energy announced on February 15 that exports of information and communication technology (ICT) products expanded 16.7 percent, the fastest pace in 44 months, to USD 13.8 billion in January from a year earlier on strong sales of semiconductors and displays.   Exports of ICT goods, which account for more than a third of Korea’s total exports, advanced for three consecutive month with a double-digit growth achieved in December and January.  &nb date2017-02-15