Ministry of Trade, Industry and Energy

Vice Minister Woo discusses energy cooperation with Canada’s Deputy Minister of Foreign Affairs

Trade, Industry and Energy Vice Minister Woo Taehee (left) shook hands and posed for a photo with Canada’s Deputy Minister of Foreign Affairs Ian Shugart during their meeting in central Seoul on May 31. Vice Minister Woo and Deputy Minister Shugart discussed bilateral cooperation in energy fields and exchanged views on a cooperation agreement on science and technology innovations. date2017-05-31

ASEAN became Korea’s second largest trading partner under FTA

The Ministry of Trade, Industry and Energy announced on May 31 that in a decade since the Korea-Association of Southeast Asian Nations (ASEAN) Free Trade Agreement entered into force in 2007, the region has become Korea’s second largest trading partner with trade in goods and services and investment all expanding.    June 1, 2017 marks the 10-year anniversary of the entry into force of the Korea-ASEAN FTA. Between 2007 and 2016, trade in goods between Korea and 10 ASEAN nations date2017-05-31

Retail sales advance 7.2% in April

The Ministry of Trade, Industry and Energy announced on May 30 that retail sales jumped 7.2 percent to 9.81 trillion won in April, led by a double-digit growth of online purchases.    E-commerce sales, which account for about a third of the total retail sales, surged 15.4 percent in April from a year earlier as demand for summer products and health supplements expanded.    In-store sales increased 3.6 percent as all types of offline retailers posted growths driven by high date2017-05-30

Korea, Israel hold 5th round of FTA negotiations in Seoul

The Ministry of Trade, Industry and Energy (MOTIE) announced on May 19 that Korea and Israel will hold the fifth round of negotiations for a proposed bilateral free trade agreement (FTA) in Seoul between May 22 and 26.   The fifth round of negotiations for the Korea-Israel FTA will cover trade in goods and services, investment, rules of origin, technical barriers to trade (TBT), sanitary and phytosanitary measures (SPS), intellectual property rights, and general rules.    The date2017-05-19

3rd Inter-sessional RCEP Ministerial Meeting takes place in Hanoi

The Ministry of Trade, Industry and Energy announced on May 19 that the third Inter-sessional Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting will take place on May 22 in Hanoi, Vietnam, to accelerate negotiations for the proposed regional free trade agreement (FTA).    The RCEP is the only mega FTA under negotiations with 16 participating nations in the Asia Pacific region including Korea, Japan, China, and 10 member states of the Association of Southeast Asia date2017-05-19

ICT exports surge 24.2% to new record in April

The Ministry of Trade, Industry and Energy announced on March 17 that exports of information and communication technology (ICT) goods jumped 24.2 percent to USD 15.6 billion in April, setting a new record for the month of April. In April, outbound shipments of ICT goods grew at the fastest pace in 80 months since August 2010. They rose for the sixth consecutive month and at a double-digit rate for the fifth straight month, according to the Ministry’s analysis of preliminary custom data. date2017-05-17

Auto production, exports grow in April

The Ministry of Trade, Industry and Energy announced on March 16 that production of automobiles grew 3.8 percent in April from a year ago, driven by a 7-percent growth in exports.  Five domestic automotive makers, Hyundai Motor, Kia Motors, GM Korea, SsangYong Motor, and Renault Samsung Motors, together manufactured 382,566 vehicles in April -- up 3.8 percent year-on-year. The growth was led by the increase in exports despite slower domestic sales.  The number of vehicles exported ad date2017-05-16

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