Ministry of Trade, Industry and Energy

Vice Minister Woo chairs 9th pan-gov't meeting to inspect trade issues with China

Trade, Industry and Energy Vice Minister Woo Taehee (left) spoke with industry representatives at the 9th meeting of the pan-government task force on Korea-China trade issues held in the Plaza Hotel in Seoul on March 7. The Vice Minister heard challenges that domestic industries experience in trade and investment in China, and discussed joint responses with them. Vice Minister Woo presided the meeting, which was joined by about 30 officials and representatives from relevant ministries, industry date2017-03-07

RCEP members agree to accelerate negotiations

The Ministry of Trade, Industry and Energy announced on March 6 that Korea and 15 trading partners have agreed at the 17th round of negotiations for the Regional Comprehensive Economic Partnership (RCEP) to accelerate negotiations in the first half of this year. The latest talks was held in Kobe, Japan between February 27 and March 3. 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 date2017-03-06

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

The Ministry of Trade, Industry and Energy announced on March 3 that Korea and Mercado Común del Sur (MERCOSUR) signed on March 2 a joint statement facilitating the launch of official negotiations for a multilateral trade agreement between Korea and four South American nations in the first half of this year.   During his visit to Buenos Aires, Trade, Industry and Energy Minister Joo Hyunghwan signed the joint statement with Minister of Foreign Affairs and Worship Susana Malcorra of date2017-03-03

Minister Joo co-chairs Korea-Argentina energy cooperation committee meeting

Trade, Industry and Energy Minister Joo Hyunghwan (right) posed for a photo with Argentine Energy and Mining Minister Juan José Aranguren at the third meeting of the Korea-Argentina Energy Resources Cooperation Committee held in Buenos Aires on March 3. Minister Joo and Minister Aranguren chaired the committee meeting and discussed cooperation in various energy fields including nuclear energy, mineral resources and renewable energy.  Minister Joo visited Argentina between March 2 an date2017-03-03

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