Ministry of Trade, Industry and Energy

Full-Scale Discussion Begins on Free Trade Area of the Asia-Pacific Region

Full-Scale Discussion Begins on Free Trade Area of the Asia-Pacific Region Deputy Minister for Trade Lee Inho Attends Meeting of APEC Ministers Responsible for Trade   Deputy Minister for Trade Lee Inho, Ministry of Trade, Industry and Energy, attended the 22nd Meeting of APEC Ministers Responsible for Trade held in Arequipa, Peru, from May 17 to 18, 2016. Representatives from 21 APEC member nations discussed pending issues of multilateral trade, including Asia-Pacific economic integration date2016-05-16

Minister Joo Attends Luncheon Hosted by Seoul Japan Club

  Minister of Trade, Industry and Energy (MOTIE) Joo Hyunghwan attended a luncheon hosted by the Seoul Japan Club (SJC), an association of Japanese business people in Korea, on May 11.     < Luncheon Overview > ▸ Date & Time: May 11 from 12:25 p.m. to 1:45 p.m. ▸ Venue: Garnet Suite (37F) at Lotte Hotel Seoul ※ Open to the media until Minister Joo’s opening remarks ▸ Participants: A total of approximately 60 representatives from the government, SJC member companies, and the Korea Trade-Investment Promotion Agency (KOTRA) ▪ (Government) Minister of MOTIE, Head of Trade and Investment, Director General of Investment, directors of departments relevant to the requests, etc. ▪ (SJC) Chairperson of the SJC, CEOs of member companies, etc. ▪ (KOTRA) CEO of Invest Korea, Office of Foreign Investment Ombudsman, etc.   The luncheon was held, first, to discuss ways for Korean and Japanese companies to cooperate in investment and, second, to seek measures in resolving requests made to the government by Japanese businesses established in Korea.   In his opening remarks, Minister Joo conveyed his condolences to the victims of the recent Kumamoto earthquake, and he examined the achievements resulting from economic cooperation between Korea and Japan; this was followed by a proposal regarding four promising areas for future investment cooperation between Korean and Japanese companies.   date2016-05-12

Ministry of Trade, Industry and Energy to Strengthen Cooperation with Jiangsu, Largest Investment Area in China for Domestic Companies

Ministry of Trade, Industry and Energy to Strengthen Cooperation with Jiangsu, Largest Investment Area in China for Domestic Companies   Memorandum of Understanding Reached to Strengthen Economic and Trade Cooperation between Ministry of Trade, Industry and Energy and Jiangsu   Minister of Trade, Industry and Energy Joo Hyunghwan and Governor of Jiangsu Province Shi Taifeng met in Seoul on May 9 to discuss ways to vitalize trade and investment between Korea and Jiangsu before signing a date2016-05-09

Korea Trade Commission Gives Preliminary Confirmation of Dumping of Butyl Glycol Ether from the United States and France and Subsequent Injury to Domestic Industry

  The Korea Trade Commission, chaired by Hong Soon Jick, held its 353rd council on April 28, 2016 to discuss the anti-dumping investigation requested by Lotte Chemical Corporation (hereafter “the applicant”) on butyl glycol ether* from the United States and France. The commission gave a preliminary confirmation of dumping, determining that there was sufficient evidence to assume the presence of dumping and subsequent material injury to domestic industry. The commission will make its final determination after further investigation. * Butyl glycol ether refers to ethylene glycol monobutyl ether and diethylene glycol monobutyl ether, organic compounds created by applying pressure and heat to butanol and ethylene oxide to cause a reaction and following with a distillation process. The applicant requested an anti-dumping investigation on November 18, 2015, alleging injuries to domestic industry, including decreased domestic sales and business loss, due to dumping of imported butyl glycol ether from the United States and France. The suppliers under investigation are the DOW Chemical Company and Eastman Chemical Company in the United States, and INEOS in France. The domestic market for butyl glycol ether stands at approximately KRW 37.5 billion (as of 2014), with imports from the US and France accounting for 65.7 percent. The Korea Trade Commission will conduct its investigation over the following three months and make its final determination of dumping rate, extent of injury to domestic industry, and amount of anti-dumping duties to be imposed.   date2016-04-28

National Shopping and Tourism Festival of “Shopping + Tourism + Korean Wave” to be Held

date2016-04-28

Sectoral implementing agencies working in full capacity to ensure the success of the South Korea–Vietnam Free Trade Agreement

Sectoral implementing agencies working in full capacity to ensure the success of the South Korea–Vietnam Free Trade Agreement   First working-level talks of the Commodity Trading Commission, Economic Cooperation Committee, SPS Committee, and Investment Commission   The Ministry of Trade, Industry and Energy (Minister Joo Hyunghwan) is holding a meeting with four of the implementing agencies of the South Korea–Vietnam Free Trade Agreement (FTA) for two days from April 11 to date2016-04-10

Export and Import Trends for December 2015

  □ South Korea’s exports fell 13.8 percent to USD 42.6 billion and imports decreased 19.2 percent to USD 35.5 billion in December from a year earlier, resulting in a trade surplus, for the 47th consecutive month, of USD 7.2 billion.   : By product, shipment of major export items including those sensitive to oil price decreased, while exports of new items increased. Shipments of petrochemical and petro products; ships and semiconductors fell. Shipment of mobile telecommunication devices showed an increase as well as new competitive products such as Organic Light Emitting Diodes (OLEDs) and cosmetics. By region, exports to most regions excluding Vietnam fell.   Imports of major raw materials, capital products, and consumer products decreased.   ○ Trade conditions for 2016: A gradual economic rebound and a recovery in world trade growth are expected. Both trends will be led by advanced nations. New FTAs that recently came into effect, such as the Korea-China and the Korea-Vietnam FTAs, will also have positive effects. - Slowing growth rate in China, sustainment of low oil prices, and the possibility of economic slowdowns in emerging countries following interest rate hikes in the US will most probably have negative results. ○ South Korea's exports in 2016 are predicted to rise by 2.1 percent to USD 538.2 billion. They will be influenced by a gradual recovery in both the world economy and global trade. Imports are forecasted to increase by 2.6 percent to USD 448.2 billion. Most of this will result from an increased demand for capital and consumer goods due to improving consumer confidence. The difference in increases in exports and imports will lead to a trade surplus estimated at USD 90.0 billion.   date2016-01-30

New MOTIE Minister Holds Meeting to Promote Exports

    New Minister of Trade, Industry and Energy Joo Hyunghwan hosted a meeting of agencies in charge of supporting the country's exports in Seoul yesterday.   During the meeting, Minister Joo explained the government's policies related to exports and stressed the need to find innovative ways to promote overseas shipments. date2016-01-21

MOTIE New 2nd Vice Minister Takes Office

MOTIE New 2nd Vice Minister Takes Office   The Ministry of Trade, Industry and Energy (MOTIE)'s new Second Vice Minister Woo Taehee has taken office, replacing his predecessor Moon Jae-do who served the ministry 34 years.   The new vice minister visited the country's biggest liquefied petroleum gas (LPG) charging station in Seoul yesterday as his first official outside activity after inauguration.   He also delivered a New Year message at an annual gathering of about 200 governmen date2016-01-19

ROK, China and Japan Hold 9th Round of FTA Talks

  The Republic of Korea, China and Japan held the ninth round of high-level negotiations for their free trade agreement (FTA) in Tokyo today.   During the talks, the ROK's Deputy Trade Minister Kim Hak-do and his Chinese and Japanese counterparts discussed details of the trilateral FTA. date2016-01-18