Ministry of Trade, Industry and Energy

Vice Minister Woo underscores stronger energy cooperation at Korea-U.S. energy conference

Trade, Industry and Energy Vice Minister Woo Taehee delivered a speech at the Korea-U.S. “energy cooperation conference” held at the Heritage Foundation in Washington D.C. on April 21.  The Korea-U.S. energy cooperation conference was jointly organized by the Korea Energy Economics Institute and the Heritage Foundation to discuss the expansion of bilateral energy trade, investment into energy infrastructure and cooperation on relevant technologies.  The conference was att date2017-04-21

Ministry holds meeting with industry to discuss RCEP negotiations

Trade, Industry and Energy Director-General for FTA Negotiations and East Asia FTA Yoo Myung-hee (second from left) presided a meeting with industry representatives in southern Seoul on April 21 to hear their opinions on the negotiations for non-tariff measures under the Regional Comprehensive Economic Partnership (RCEP). 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 date2017-04-21

Korean exports of materials, components in 1Q post first double-digit growth in six years

The Ministry of Trade, Industry and Energy announced on April 20 that exports of industrial materials and components rose by 11 percent to USD 65.8 billion in the first quarter from a year earlier. This is the first double-digit growth in six years since the third quarter of 2011.   Exports of materials and components, which account for nearly half of Korea’s total exports of goods, showed signs of recovery in the first three months of this year as they advanced for the second conse date2017-04-20

Korea, Israel hold 4th round of FTA negotiations in Jerusalem

The Ministry of Trade, Industry and Energy announced on April 18 that the fourth round of negotiations for the Korea-Israel Free Trade Agreement (FTA) will kick off in Jerusalem, Israel, on April 19. The negotiations for the proposed FTA, which will continue through April 30, are led by Korea’s Trade, Industry and Energy Director General for Trade Policy Yeo Han-koo and Foreign Trade Administration Director Rachel Hirshler of Israel’s Ministry of Economy and Industry. The Korean del date2017-04-18

Auto exports soar for two consecutive months in March

The Ministry of Trade, Industry and Energy announced on April 18 that automobile exports, in terms of value, rose for two straight months in March due to increased sales of eco-friendly and mid- and large-sized vehicles.  The total value of automobiles shipped overseas went up 4.1 percent to $4.1 billion year-on-year in March. Strong sales of eco-friendly and mid- and large-sized vehicles with higher unit prices led to boosting the total value of car exports although the number of overseas date2017-04-18

Minister Joo discusses ways to expand bilateral business cooperation with Malaysia’s minister

Trade, Industry and Energy Minister Joo Hyunghwan (right) shook hands with Malaysia’s International Trade and Industry Minister Dato’ Sri Mustapa Mohamed at the Korea-Malaysia trade meeting in Lotte Hotel in Seoul on April 14.  At the meeting, the two ministers discussed ways to accelerate the pace of negotiations of further liberalization of the Korea-Association of Southeast Asian Nations (ASEAN) free trade agreement (FTA) and the Regional Comprehensive Economic Partnership ( date2017-04-14

Korea, Malaysia discuss bilateral and multilateral trade and economic issues

The Ministry of Trade, Industry and Energy announced on April 14 that the Ministry held a trade meeting with Malaysia’s International Trade and Industry Minister Dato’ Sri Mustapa Mohamed in Lotte Hotel in Seoul to discuss bilateral and multilateral trade issues.  At the meeting, Korea’s Trade, Industry and Energy Minister Joo Hyunghwan underscored the importance of joint efforts of the two countries to boost trade and investment. To that end, Minister Joo and his counte date2017-04-14

Minister Joo meets AMCHAM business leaders

Trade, Industry and Energy Minister Joo Hyunghwan (center) posed with James Kim (third from left), Chairman of the American Chamber of Commerce (AMCHAM) in Korea and John Schuldt (third from right), President of the AMCHAM Korea, and David Ruch (second from left), former AMCHAM Korea Chairman, at Lotte Hotel, central Seoul, on April 12. At the AMCHAM Meeting, Minister Joo talked about the outcomes of his recent visit to the U.S. and discussed the ways to expand economic cooperation with the U.S date2017-04-12

Korea’s ICT exports rise 15.8% in March

The Ministry of Trade, Industry and Energy announced on April 12 that exports of information and communication technology (ICT) products rose 15.8 percent to $16.2 billion in March from a year earlier due to strong sales of semiconductors and displays.  March’s exports of ICT goods marked the third largest monthly amount in history and a double-digit growth for four consecutive months. Since November last year, ICT exports have advanced for five months in a row. ICT Imports increase date2017-04-12

Korea steps up efforts to cope with trade issues from U.S., China

The Ministry of Trade, Industry and Energy announced on April 11 that it hosted the 8th trade committee meeting to respond to rising trade issues from the United States (U.S.) and China. Trade, Industry and Energy Vice Minister Woo Taehee presided the meeting with top officials attended from 20 ministries and agencies to discuss the ways to cope with trade issues concerning major trade partners such as the U.S. and China and expand the free trade agreement (FTA) networks to tap new markets. Vi date2017-04-11