Ministry of Trade, Industry and Energy

Vice Minister Woo launches task force to cope with Korea-China trade issues

Trade, Industry and Energy Vice Minister Woo Taehee (second from right) launched a task force at a pan-government level to cope with China's growing non-tariff trade barriers against Korean companies or goods on Dec 2.The decision was announced during the Korea-China trade issue monitoring session with government officials from relevant ministries such as the Ministry of Strategy and Finance, Ministry of Foreign Affairs, Ministry of Culture, Sports and Tourism, Ministry of Agriculture, Food date2016-12-02

Minister Joo stresses benefits of KOR-US FTA to U.S. biz community in Korea

Trade, Industry and Energy Minister Joo Hyunghwan (left) gave a speech at American Chamber of Commerce in Korea(AMCHAM) General Membership Meeting highlighting Korean government's constant effort towards bilateral economic and trade relation between Korea and the U.S. on Nov. 29. The meeting was attended also by the chairman of AMCHAM James Kim (right), as well as the president of AMCHAM John Schuldt and Ambassador Mark Lippert.   Minister Joo emphasized that Korea-US FTA has been date2016-12-01

Korean exports jump 2.7% in November

The Ministry of Trade, Industry and Energy announced that exports rose 2.7 percent in November, posting USD 44.5 billion, and  imports also rose 10.1 percent compared to the same month last year, posting $37.5 billion. Trade balance in November came to a $8 billion surplus, and recorded the largest monthly volume in both exports and imports since July 2015. The driving force behind this export growth is the rise of major export goods including semiconductors, petrochemi date2016-12-01

Trade Minister launches consultation committee on Korea-U.S. trade issue

Trade, Industry and Energy Ministry launched the consultation committee on Korea-U.S. trade issue with the Korea International Trade Association (KITA) on Nov 23 in Seoul in its effort to prepare for the tightened trade conditions with the U.S. following the election victory of Donald Trump who has held anti-trade stance.In the first committee meeting, the Trade Minister Joo (left) discussed the impact of growing protectionism across the world and the appropriate measures to cope with date2016-11-24

Korea, Chile return to negotiation table to improve historic bilateral trade pact

Trade, Industry and Energy Minister Joo Hyunghwan (right) announced the launch of upgrade negotiations for Korea-Chile free trade pact with Heraldo Munoz (left), the Chilean Minister of Foreign Affairs,  on Nov. 8. The two ministers met in Lima, Peru, while attending the 28th Asia-Pacific Economic Cooperation Ministerial Meeting (AMM) held from Nov 17 to 18. The historical free trade agreement between Korea and Chile went into effect in 2004. For over 10 years South Korea has enjoyed date2016-11-24

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