Ministry of Trade, Industry and Energy

ROK, China, Japan to Hold 8th Round of FTA Negotiations

  □ The Republic of Korea (ROK) will hold the eighth round of working-level negotiations for a trilateral free trade agreement (FTA) with China and Japan from July 20 to 24, 2015, in Beijing, China.   ○The three countries will send their delegations, led respectively by Yoo Myung-hee, director-general of FTA negotiations at the ROK’s Ministry of Trade, Industry and Energy (MOTIE), Hong Xiao Dong, deputy director-general of the Department of International Trade and Economic Affairs at China’s Commerce Ministry, and Tatsuo Sato, deputy director-general of the Economic Affairs Bureau at Japan’s Ministry of Foreign Affairs.   * The trilateral FTA negotiations have been divided into working-level and chief negotiators’ talks, which take place separately, since the sixth round.   □ The ROK, China and Japan have held seven rounds of the trilateral talks under the principle of pursuing a "comprehensive and high-level FTA" since they declared the launch of the negotiations in November 2012.   ○They have addressed a wide range of issues including not only products, services, and investments, but also customs, trade remedies, sanitary and phytosanitary measures (SPS), technical barriers to trade (TBT), competition, intellectual property rights, e-commerce, environment, general principles, and cooperation.   □ The eighth round of talks will focus on key issues such as guidelines for negotiations on product concessions and the method for liberalizing services trade and investments, while more than 20 task forces or expert dialogues responsible for rules, areas of cooperation, and other issues will hold meetings to work out the details of the agreement and to exchange ideas on the key elements.   ○The eighth round of chief negotiators' talks is scheduled for September in China, based on the outcomes of the working-level meetings.   date2015-08-05

South Korean Scientists Develop Robot That Walks on Water

      A South Korean-led team of global scientists have developed a robot that can walk and jump on water like an insect, according to a paper published in Science magazine ().   Mimicking the natural secrets of insects like the water strider, the robot can support its weight and even leap without breaking the surface tension of water.   The researchers solved the mystery of how the so-called "Jesus bugs" support themselves on water by carefully studying their motions using high-speed cameras.   Scientists are already imagining a whole host of uses for the robot, ranging from surveilance to enviornmental monitoring to disaster relief.   To find out more about this robotics breakthrough and its possible applications, check out the report in Popular Science magazine: date2015-08-04

S. Korea Gets First Batch of Murban Crude Delivery from Abu Dhabi's New Oil Concession

S. Korea Gets First Batch of Murban Crude Delivery from Abu Dhabi's New Oil Concession   South Korea celebrated the first delivery of 500,000 barrels of Murban crude from Abu Dhabi's new onshore oil concession to the southern port of Yeosu last week.   It's the first batch of the crude produced from the United Arab Emirates (UAE)'s prime onshore concession participated in by GS Energy Corp., a unit of the Korean conglomerate GS Group.   Moon Jae-do, second vice minister for trade, date2015-08-04

ROK Holds Preparatory Meeting for FTA with Six Central American Nations

      The Republic of Korea (ROK) held a preparatory meeting with six Central American countries in San Salvador, El Salvador, this week before starting negotiations for a free trade agreement (FTA).   In the meeting, the ROK and the six nations decided on the principle that they would seek to conclude a high-level and comprehensive FTA and also agreed on detailed rules regarding the negotiations.   The first round of the FTA talks is scheduled to take place from Sept. 21 to 25, and subsequent rounds will be held every two months, the ROK's Ministry of Trade, Industry and Energy (MOTIE) said in a statement.   The six Central American countries are Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, and Panama. date2015-07-31

Electricity Sales Trends in 2Q and Major Retailers Sales Trends in June 2015

Electricity Sales Trends in 2Q and Major Retailers Sales Trends in June 2015   □ The volume of South Korea's total electricity sales increased by 1.6 percent from a year earlier in the second quarter of 2015. ㅇ The overall electricity consumption increased, and in particular, the volume of electricity used for agriculture skyrocketed. This was mainly caused by a rise in the use of water lift pumps due to seasonal droughts. The volume of electricity sales for industrial use edged up by 0 date2015-07-30

MOTIE Minister Yoon Speaks on Ways to Strengthen Exporters' Competitiveness

      Minister of Trade, Industry and Energy Yoon Sang-jick gave a speech at a breakfast meeting hosted by the World Class 300 in Seoul yesterday.   In the speech, the minister discussed various ways to strengthen the competitiveness of local exporters against unfavorable external conditions.   The World Class 300 is a government-sponsored program to support local small- and medium-sized companies to become global market leaders. date2015-07-30

ICT Export and Import Trends in June 2015

    □ South Korea’s exports of information and communications technology (ICT) products increased by 0.2 percent to $13.95 billion, and imports decreased by 2.4 percent to $7.28 billion in June 2015 from a year earlier, resulting in a monthly surplus of $6.67 billion.   □ : Shipments of key items including mobile phones and system semiconductors rose in spite of unfavorable external conditions, such as a contracting global ICT market and deteriorating trade environment. ICT exports rose 2.0 percent in May and 0.2 percent in June, extending their growth, by a small margin, for the second consecutive month. - By product, exports of cell phones, semiconductors, and computers and peripherals increased, while those of display panels and digital TVs dropped from a year earlier. - By region, shipments to the European Union (EU) decreased as a result of a slowing economy and a weaker Euro, while those to Asia and the United States (US) increased. Exports to the Association of Southeast Asian Nations (ASEAN) countries jumped on the back of rising demand for cell phone parts and semiconductors.   □ : Year-on-year ICT imports decreased for the first time in 2015. - By product, a rise in imports of cell phones and semiconductors was offset by a fall in incoming shipments of computers and peripherals and digital TVs. By region, imports from the US jumped, while those from the EU, China and the ASEAN countries decreased.   □ South Korea’s total ICT trade showed a surplus of $6.77 billion for the month of June due to a positive balance in such key items as semiconductors, cell phones, and display panels, contributing to the country’s overall trade surplus of $10.24 billion.   ○South Korea’s ICT trade has registered consistent surpluses, showing a positive balance of $4.82 billion with China (including Hong Kong), $0.29 billion with the EU, and $0.77 billion with the US in June 2015. The country recorded a trade deficit of $0.36 billion with Japan for the month.   □ ICT exports during the first half of 2015 fell by 0.2 percent from a year earlier to $83.59 billion while imports rose 4.1 percent to $43.97 billion, resulting in a surplus of $39.62 billion.     date2015-07-30

South Korea Opens First Paid Charging Station for Electric Cars

South Korea Opens First Paid Charging Station for Electric Cars   South Korea opened its first paid charging station for electric vehicles yesterday as the country pushes forward with its plan to develop energy-related new industries and reduce carbon emissions.   Chung Yang-ho, deputy minister for energy and resources at the Ministry of Trade, Industry and Energy (MOTIE), attended the opening ceremony for the new station in Jeju Island, the Hawaii of Korea.   Major local companie date2015-07-24

South Korea's Renault Samsung to Develop Super Fuel-Efficient Electric Car

South Korea's Renault Samsung to Develop Super Fuel-Efficient Electric Car   South Korea's Renault Samsung Motors Co. plans to develop an electric car within three years that can drive more than 300 km (186 miles) on a single charge.   The plan was unveiled at the 7th Private-Government Consultative Meeting on Energy-Related New Industries held in Seoul earlier this week, the Ministry of Trade, Industry and Energy (MOTIE) said in a statement.   Renault Samsung Motors, the local un date2015-07-23

The MOTIE's New Spokesman Debuts with First Weekly Media Briefing

      The MOTIE's newly-appointed spokesperson Sung Yun-mo made his first weekly media briefing on the ministry's key announcements and activities this week.   Prior to the new post, Sung, 52, was director-general for policy planning at the ministry, and started his public career after passing the Public Administration Examination in 1988.   His predecessor Park Won-joo was promoted to the post of the MOTIE's deputy minister for planning and coordination. date2015-07-21