Ministry of Trade, Industry and Energy

Data for Korean car industry shows decline in Oct

The Ministry of Trade, Industry and Energy released on Oct 10 that the data for the Korean automobile industry  showed the downward trend  last month. The domestic production has declined by 14.2 percent, domestic sales has declined by 10.0 percent and exports has declined by 13.1 percent, compared to the same period last year.    The number of cars produced here  fell to 347,470 units in October, a year-on-year drop of 14.2 percent, due to car industry walkouts, typho date2016-11-24

Minister Joo speaks at 28th APEC Ministerial Meeting

  Trade, Industry and Energy Minister Joo Hyunghwan (left on the screen) and Deputy Foreign Minister for Economic Affairs Lee Tae-ho (right on the screen) attended the 28th Asia-Pacific Economic Cooperation Ministerial Meeting (AMM) in Lima, Peru, from Nov 17 to 18, hosted by two Peruvian Ministers-Minister of Foreign Affairs Ricardo Luna and Minister of Foreign Trade and Tourism Minister Eduardo Ferreyros.   In the presence of 21 APEC member countries' ministers and vice ministers, date2016-11-24

Korea-Central America reach FTA agreement

Trade, Industry and Energy Minister announced on Thursday that South Korea, the fourth-largest economy in Asia, reached an agreement for a free trade deal with six Central American countries, including Nicaragua, Costa Rica, Guatemala, Honduras, El Salvador and Panama.      It is the first trade pact agreed between Central American countries and an Asian country, the Ministry explained.   Trade, Industry and Energy Minister Joo Hyung-hwan and his counterparts from those six date2016-11-17

Korea signs trade deal with six Central American countries

Trade, Industry and Energy Minister Joo Hyunhwan (center) posed for a photo after signing a Korea-Central America trade  deal on Nov 16 in Managua, Nicaragua. The six Central American countries which agreed their market opening to Korea include Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama. They agreed to eliminate tariffs on about 95 percent of goods produced from each country for the next 10 years, once the agreement comes into effect next year.   This is t date2016-11-17

Minister Joo pays visit to Nicaraguan president for trade deal

Trade, Industry, and Energy Minister Joo Hyunghwan (third from right) paid a courtesy visit to Nicaraguan President Daniel Ortega Saavedra  on Nov 15. Minister Joo discussed the Korea-Central America FTA at the final stage of the talks and future directions for Korea-Nicaragua economic cooperation. date2016-11-15

Minister Joo proposes new approaches to bolster Korea-U.S. economic ties to both business communities

South Korean Trade, Industry and Energy Minister Joo Hyunghwan delivered a speech on the bilateral benefits of the Korea-U.S. free trade agreement and three new ways to bolster the economic ties of the two countries at the luncheon, which the Federation of Korea Industries and the American Chamber of Commerce in Korea co-hosted as a sideline event of the 28th annual plenary meeting of the Korea-U.S. Business Councils, in Yeouido, Seoul , on Nov 11.   About 70 business leaders, including Cho date2016-11-10

Ministry reviews Korea-U.S. trade issues in response to election results

Ministry of Trade, Industry and Energy said in a press release on Wednesday that it hosted an emergency meeting with other trade policy-related ministries at 2 p.m. (local time) in Seoul in other to review trade issues with its second trade partner in preparation for the victory of U.S. presidential candidate Donald Trump who is known for his anti-trade stance.     Led by the Ministry’s Deputy Minister of Trade, Lee Inho, the discussion of officials in the meeting extended to the date2016-11-09

Minister Joo holds public-private talk on new industry promotion

  Trade, Industry and Energy Minister Joo Hyunghwan (center) hosted the third meeting between government and private sector leaders from  consulting, macro and cultural society, experts on new industries, and representatives from big, medium and small businesses to discuss how to promote and support new businesses in an era of the fourth industrial revolution, on Nov 11.   date2016-11-09

Korean exports fall 3.2 percent in October

The Ministry of Trade, Industry and Energy said in its press release on Nov 1 that South Korean exports fell 3.2 percent to  USD 4.19 billion  compared to the same month previous year, while on-year inbound shipments posted $3.48 billion, a 5.4 percent drop. Accordingly, the country's trade balance last month stood at  $7.2 billion, remaining in the black for 57 months straight.  Main factors negatively affecting the exports performance included fewer working d date2016-11-01

Minister Joo attends 11th trilateral economic and trade ministers' meeting in Tokyo

  Trade, Industry and Energy Minister Joo Hyunghwan (right) joined the 11th trilateral economic and trade ministers' meeting with Japan's Economy, Trade and Industry Minister Sekou Hiroshige (center) and China's Commerce Minister Gao Hucheng (left) in Tokyo on Oct 29 . The meeting was designed to further enhance the economic and trade relations between the three countries.     The ministers reached a consensus to discourage all forms of the growing protectionism across the g date2016-11-01