Ministry of Trade, Industry and Energy

Parts and Materials Industry Trade Figures for the First Quarter

Despite unfavorable economic conditions, including a weaker Japanese yen, exports in the parts and materials industry grew by a brisk 5.2 percent year on year. The recovery was led by solid performances in electronic components, electrical machine parts and transportation machine parts. Exports of nonmetallic minerals were boosted by strong demand from LCD panel manufacturers. Due to weaker demand in the global market, outbound shipments fell in basic metals, rubber and plastic materials and textiles. With most trading partners, the nation’s trade balance maintained a surplus. date2013-04-16

Minister Greets KEIA President

Minister Greets KEIA President Minister of Trade, Industry and Energy Yoon Sang-jick met with the President of the Korea Economic Institute of America, Donald Manzullo on April 12 in Seoul. The two officials exchanged views on the role of KEIA and key policies of the new administration. date2013-04-16

Foreign Investment Figures for First Quarter

date2013-04-12

IT Trade Figures for March

date2013-04-11

Vice Minister Speaks with World Bank’s Vice President

Vice Minister Speaks with World Bank’s Vice President Vice Minister for Industry and Technology Kim Jae-hong met with the Vice President of World Bank, Janamitra Devan, on April 2 at the Gwacheon Government Complex. The two officials discussed how to share Korea’s industrial development experience with emerging economies, including that of industrial clusters and free economic zones. date2013-04-10

MOTIE Releases Car Sales Figures for March

MOTIE Releases Car Sales Figures for March The Ministry of Trade, Industry and Energy has released its car sales figures for March. Korea’s car production fell 13.1 percent year on year to 365,768 vehicles due to fewer working days and reduced working hours. Thanks to the introduction of new models and solid performances from imported cars, 131,136 vehicles were sold on the domestic market, about the same as the previous year. Despite greater brand awareness of Korean auto makers overseas date2013-04-09

Minister Tours Jeju Global Research Center

date2013-04-09

Minister Visits Jeju Smart Grid Test-bed

date2013-04-08

Korea, Indonesia Talk Economic Cooperation

date2013-04-05

Korea-Turkey FTA to Take Effect on May 1

The Ministry of Trade, Industry and Energy has announced that the Framework Agreement Establishing a Free Trade Area between the Republic of Korea and the Republic of Turkey and their Agreement on Trade in Goods will be brought into force on May 1, 2013. The trade deal was officially signed in August 2012, but domestic procedures for implementation in both countries were completed at the end of March 2013. With the deal in effect, tariffs on almost all trading items will be eliminated within ten years. For industrial products, in particular, all tariffs will be phased out over a seven-year period. The Turkish economy shows great potential, with strong recent growth and the second largest population in Europe. Given the nation’s geographically strategic importance as a bridge between Europe, the Middle East and Africa, the trade pact is expected to serve as an important catalyst for the two economies to expand and develop bilateral economic and trade relations and widen the scope of their cooperation. In order to pursue a comprehensive agreement, the two sides have also agreed to conclude negotiations on services and investment within one year of the entry into force of the Agreement. The Korea-Turkey FTA is the ninth such trade deal for Korea and makes Turkey the country’s 46th FTA partner. * Released by the FTA Negotiation Coordination Division date2013-04-05