Ministry of Trade, Industry and Energy

Korea, U.S. host 4th KORUS FTA Joint Committee meeting in Seoul

The Ministry of Trade, Industry and Energy announced on January 12 that the fourth meeting of the Korea-U.S. Free Trade Agreement (KORUS FTA) Joint Committee was held in Seoul to review the implementation of the bilateral trade pact.    The fourth meeting of the high-level Joint Committee, established under the KORUS FTA, was attended by Deputy Minister for Trade, Ministry of Trade, Industry and Energy Lee Inho, Assistant U.S. Trade Representative for Japan, Korea and APEC Michael Be date2017-01-13

Vice Minister Woo delivers speech at 1st 'Energy Future Forum' for 2017

Trade, Industry and Energy Vice Minister Woo Taehee delivered a speech on the 2017 energy policy direction at this year’s first 'Energy Future Forum' in Seoul on January 13.    The Energy Future Forum is a monthly meeting, first held in 2011, that provides the energy industry and other related industries with the opportunity to discuss the latest energy issues. This regular forum is organized by the Association of Energy Future Forum (AEFF), a non-profit organization with aroun date2017-01-13

Korea, China, Japan agree to accelerate FTA talks

The Ministry of Trade, Industry and Energy announced on January 12 that top trade officials from Korea, China and Japan agreed at a meeting held in Beijing last Monday to Wednesday to accelerate the free trade negotiations for the 11th round of Korea, China, Japan FTA talks.  The meeting, as the first trilateral high-level negotiation held since June last year, was attended by Deputy Minister for Trade Negotiations Lee Sang-jin of the Ministry of Trade, Industry and Energy, and his counter date2017-01-12

Korea, China and Japan hold 11th round of FTA talks in Beijing

Deputy Minister for Trade Negotiations Lee Sang-jin of Korea’s Ministry of Trade, Industry and Energy (right) poses with China’s Vice Minister of Commerce Wang Shouwen (center) and Japan’s Deputy Foreign Minister for Economic Affairs Keiichi Katakami (left) during the 11th round of trilateral FTA negotiations in Beijing on January 11.    This was the first trilateral gathering of senior-level trade officials since the decision to accelerate the free trade talks duri date2017-01-11

Korea’s auto production and sales decline in 2016

The Ministry of Trade, Industry and Energy announced on January 11 that Korea’s auto production, domestic sales and exports all appear to have slowed in 2016 despite some numbers having bounced back towards the year-end. Data revealed that although car production and exports in December rose 5.9 percent to 434,877 units and 6.3 percent to 300,242 units, respectively, from a year earlier, domestic sales dropped year-on-year by 7.2 percent to 186,035 units. However, when compared to the mon date2017-01-11

Vice Minister Woo hosts 'trade policy forum'

Trade, Industry and Energy Vice Minister Woo Taehee (second from right) held a 'trade policy forum' in Seoul on January 11 to discuss in advance some of the pending trade issues facing each industry and possibly construct potential countermeasures. Some of the key industry leaders including Kim Yong-geun, president and CEO of the Korea Automobile Manufacturers Association; Song Jae-bin, vice chairman of the Korea Iron and Steel Association; and Lim Seung-yoon, vice chairman of the Korea Petroch date2017-01-11

Minister Joo reports 2017 policy direction to Acting President Hwang Kyo-ahn

Trade, Industry and Energy Minister Joo Hyunghwan (second from left, second row) reported his ministry’s policy direction for 2017 to  Hwang Kyo-ahn (front row), Acting President of Korea, at the Government Complex in Seoul on January 5.  Minister Joo pledged to put his policy focus on recovering the export growth and consolidating the foundation for a healthy economy by creating new growth engines. The session was attended by representatives from economy-related government age date2017-01-05

FDI in Korea hits fresh record high in 2016

The Ministry of Trade, Industry and Energy announced on Tuesday that the foreign direct investment (FDI) newly pledged in 2016 reached a record high of USD 21.3 billion, showing a 1.9 percent rise from $20.91 billion a year ago.   This figure marked the largest amount of FDI pledged in history for a four-quarter-period, surpassing the earlier record of $20.91 billion set in 2015. The amount of new FDI into the country has now surpassed the $20 billion mark for two years in a row, accordin date2017-01-05

Minister Joo hosts finance and investment meeting for new energy projects

Trade, Industry and Energy Minister Joo Hyunghwan (second from right) held a finance and investment meeting for new energy businesses in Seoul on January 4 with Cho Hwan-eik, CEO of Korea Electric Power Corp.; Park Sang-woo, CEO of Korea Land and Housing Corp.; Kang Nam-hoon, president of Korea Energy Agency; and other major industry leaders. Minister Joo announced that Korea will invest nearly 14 trillion won in new energy projects this year, up 25 percent from the previous year, and urged bot date2017-01-04

Korean exports jump 6.4 percent in December

The Ministry of Trade, Industry and Energy announced on Sunday that South Korean exports rose by 6.4 percent to USD 45.1 billion in December last year compared to the same period a year ago, while on-year imports rose by 7.3 percent to $38.1 billion. Accordingly, the trade balance in December stood at a $7 billion surplus, remaining in the positive for the 59th consecutive month.With the help of the positive growth of exports in November and December in a row, quarterly exports turned to po date2017-01-04