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Korea’s retail industry grows 7.3% in October
The Ministry of Trade, Industry and Energy (MOTIE) announced on November 29 that Korea’s retail sales in October gained a year-on-year growth of 7.3 percent. Both physical and online retailers grew in sales, up 6.4 percent and 8.2 percent, respectively. The Ministry releases monthly retail sales figures based on surveys of 25 major retailers. Thirteen of them are physical retailers: three department store chains, three hypermarket chains, three convenience store chains, and four “s date2022-11-29
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Korea and Canada hold ministerial talks on industry cooperation
Trade, Industry and Energy Minister Lee Chang-yang met with Canada’s Minister of Innovation, Science and Industry François-Philippe Champagne on November 25 at the Government Complex Seoul and discussed cooperation in core industries and measures for trade and investment expansion. Noting the upgrade of the two countries’ ties to a comprehensive strategic partnership on the occasion of the Korea-Canada summit meeting held in September, the two industry chiefs agreed to build date2022-11-29
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Minister holds 3rd Nuclear Energy Exports Strategy Committee meeting
The Ministry of Trade, Industry and Energy (MOTIE) held the 3rd Nuclear Energy Exports Strategy Committee (hereinafter “Committee”) meeting on November 23 in Seoul. Headed by MOTIE’s Minister Lee Chang-yang and composed of 30 members from relevant ministries, financial institutions, public corporations and private sectors, the Committee was launched in August this year to function as a nuclear exports control tower for entering overseas markets and building competitiveness. I date2022-11-28
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President Yoon presides 1st Exports Strategy Meeting
President Yoon Suk-yeol presided the first Exports Strategy Meeting on November 23, which was held by the Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Land, Infrastructure and Transport (MOLIT) to announce special exports strategies for each major region and stronger exports assistance measures. The purpose of the meeting is for the Korean government to give full measure to supporting exports and seeking out new growth engines against the backdrop of persisting trade defic date2022-11-28
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Korea and Ecuador hold 8th round of SECA negotiations
The Ministry of Trade, Industry and Energy (MOTIE) announced on November 22 that the eighth round of official negotiations for Korea-Ecuador Strategic Economic Cooperation Agreement (SECA) will be held through November 21-25 in Quito, Ecuador. SECA is identical in content with FTA, but places emphasis on comprehensive economic cooperation. The Korean delegation is headed by FTA Policy Director-General Yang Gi-uk, while Ecuador’s is led by Edwin Vasquez, Under-Secretary of Trade Negotiati date2022-11-23
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Korea and Singapore sign Digital Partnership Agreement
Minister for Trade Dukgeun Ahn met with Singapore’s Second Minister for Trade and Industry Tan See Leng in Singapore on November 21 and signed the Korea-Singapore Digital Partnership Agreement (hereinafter “KSDPA”). The KSDPA was settled in December 2021, followed by a legal examination and deliberation process. Signing of the KSDPA concludes the two countries’ negotiation procedures. One of the key accomplishments of this year’s ASEAN summit meetings, the KSDPA i date2022-11-23
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Trade Minister holds bilateral talks on sidelines of 33rd APEC meetings
Minister for Trade Dukgeun Ahn attended the 33rd Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting (Nov. 16-17) and summit meetings (Nov. 18-19) in Thailand, where he also held bilateral talks on the sidelines with major trade partner countries’ counterparts to discuss trade issues and economic cooperation. In discussions with U.S. Trade Representative Katherine Tai, Minister Ahn remarked that the South Korean government and industries are seriously concerned about the Inflatio date2022-11-22
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Korea and Spain hold business forum to further cooperation
Trade, Industry and Energy Minister Lee Chang-yang attended the Korea-Spain Business Forum on November 18 in Seoul on the occasion of Spain’s Prime Minister Pedro Sanchez’s visit to Korea. The forum was held to expand Korea-Spain business cooperation and attended by approximately 100 persons, including officials and corporate representatives of both countries. In his congratulatory message, Minister Lee stated that Korea-Spain economic cooperation potential is great in vie date2022-11-18