Ministry of Trade, Industry and Energy

Korea-EU FTA Committee and Working Group Meeting held in Seoul

Director General for Trade Policy Yeo Han-koo (right) of the Ministry of Trade, Industry and Energy (MOTIE) and Director for Trade Strategy and Analysis Signe Ratso of the European Commission pose for a photo during the Korea-EU Free Trade Agreement Committee and Working Group Meeting in central Seoul on June 13.   Various committees and working groups established under the FTA met in Seoul between June 12 and 14 to review the implementation of the agreement, resolve trade issues, and di date2017-06-13

Strong sales of eco-friendly cars boost auto exports in May

The Ministry of Trade, Industry and Energy announced on June 13 that exports of automobiles rose by 3.6 percent to $3.5 billion in May on strong sales of eco-friendly vehicles, marking the fourth consecutive month of growth.   The number of vehicles shipped abroad increased 2.1 percent year-on-year to 221,237 in the meantime. The value of automobile exports grew at a faster pace on strong sales of eco-friendly cars and small-size sports utility vehicles.    An average price of date2017-06-13

Korea-EU FTA implementation committees meet in Seoul

The Ministry of Trade, Industry and Energy announced on June 11 that representatives from Korea and the European Union will meet in Seoul between June 12 and 14 to review the implementation of the Korea-EU Free Trade Agreement and discuss further economic cooperation.   Under the Korea-EU FTA, seven specialized committees, seven working groups, and a dialogue are established and supervised by the ministerial-level Trade Committee. During the upcoming session, the Working Group on Pharmace date2017-06-11

Vice Minister Woo presides ‘trade policy meeting’

Trade, Industry and Energy Vice Minister Woo Taehee (center) presided a “trade policy meeting” in southern Seoul on June 8 to review this year’s direction for the government’s responses to trade issues. The meeting was joined by around 10 trade experts.  date2017-06-08

Korea’s exports rose by 13.4% to $45 billion in May

The Ministry of Trade, Industry and Energy announced on June 1 that Korea’s exports jumped 13.4 percent to $45 billion from a year ago, marking the fifth consecutive month of a double-digit growth.    The average daily exports surged 16 percent to $2.1 billion, marking the sixth straight month of increase. Won-denominated exports also jumped 8.9 percent to 50.7 trillion won, growing for seven consecutive months for the first time in six years since May 2011. Both export volume date2017-06-01

Ministry celebrates 10th anniversary of Korea-ASEAN FTA

Trade, Industry and Energy Minister Joo Hyunghwan (third from right in the front row) posed for a photo at the ceremony for the 10th anniversary of the Korea-ASEAN (the Association of Southeast Asian Nations) Free Trade Agreement in southern Seoul on June 1.  The Ministry of Trade, Industry and Energy hosted the event to celebrate the achievements in trade and investment between Korea and the ASEAN region and to further expand economic and cultural cooperation as well as human exchange. Mi date2017-06-01

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