Ministry of Trade, Industry and Energy

USITC determines Korean aluminum extrusions do not injure U.S. industry

The U.S. International Trade Commission (USITC) announced on October 30 (local time) that its anti-dumping investigation results conclude that aluminum extrusions from 14 countries, including Korea, do not injure a U.S. industry. The U.S. antidumping investigations consist of the U.S. Department of Commerce (DOC)’s countervailing duty (CVD) investigations and the USITC’s import injury investigations. All investigations are terminated once the USITC judges that there is no harm done to a U.S. industry. Accordingly, the 0–43.56 percent anti-dumping rate previously levied (U.S. DOC, September 27) on imports of Korean aluminum extrusions is terminated, ensuing that Korea’s export of aluminum extrusions and car parts made using them will no longer be subject to impact from risk of cost increases.   date2024-10-31

Korea eyeing stronger strategic cooperation with India

Minister for Trade Inkyo Cheong of the Republic of Korea held a conference today at the Korea Chamber of Commerce and Industry (KCCI) for discussions on measures for stronger strategic cooperation with India, whose importance is growing across the global supply chain. The conference serves as a follow-up to the Trade Policy Roadmap announced this August, held with the participation of related experts and leaders of major economic institutions including the Korea Institute for Industrial Economics & Trade (KIET), Korea Institute for International Economic Policy (KIEP), Korea Rural Economic Institute (KREI), Korea Trade-Investment Promotion Agency (KOTRA), Korea International Trade Association (KITA), and KB Securities. Attendees shared the view that both economic and strategic partnership with India is rising in importance with respect to Korea’s Indo-Pacific Strategy, with the acknowledgement that other major countries are making efforts for cooperation with India through various ways benefiting regional security and economic growth. Accordingly, experts voiced the need for stronger cooperation with India in sectors of respective competitiveness such as Korea’s digital and advanced manufacturing as well as India’s space and information technology (IT). In his opening message, the trade chief stated that the two countries hold great potential for cooperation over a wide range of areas like trade, investment, and supply chains, but that outcomes so far have remained somewhat limited. He added that the Government will seek tangible collaboration measures by realigning the existing cooperation framework so that Korea and India can scale new heights in bilateral trade and economic cooperation.   date2024-10-31

Minister Ahn chairs 3rd Global Trade Strategy Meeting

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea chaired the third Global Trade Strategy Meeting today in Seoul with the participation of relevant experts and representatives of economic groups and major industries including semiconductors, automobiles, battery, and steel.  Today’s meeting was held to take stock of the current situation in the lead up to the U.S. presidential elections with related investor companies and industries and to discuss public-private joint response measures. Based on experts’ analyses on the possible economic and political impact from election results, attendees engaged in in-depth talks on Korea’s U.S. outreach progress, future plans, as well as industries’ response measures. Industries’ representatives asked that the Government establish stable cooperative ties with the incoming U.S. regime to ease export and investment uncertainties, while also acting as their spokesperson. They further shared that they are working through numerous private sector channels to reduce U.S. trade risks. Minister Ahn highlighted that based on the solid Korea-U.S. alliance, the Korean government plans to strengthen industrial and trade cooperation with the U.S. and concentrate policy endeavors on prioritizing support for Korean firms’ smooth business management, ensuring that industries will be promptly updated on related information and that the public-private joint team will swiftly and proactively respond to the varying global trade risks. The Ministry of Trade, Industry and Energy (MOTIE) plans to hold another Global Trade Strategy Meeting subsequent to U.S. elections to discuss major trade issues and response measures with the participation of public and private sectors.   date2024-10-31

Trade Minister Cheong discusses trade and economic cooperation with Louisiana Governor

Minister for Trade Inkyo Cheong of the Republic of Korea held talks with Louisiana Governor Jeff Landry today and discussed Korean companies’ investment in the state of Louisiana and measures for stronger Korea-U.S. economic and trade cooperation.  During the talks, Trade Minister Cheong mentioned that he looks forward to deeper collaboration with the state of Louisiana in areas like petrochemicals, hydrogen, and CCUS (carbon capture, utilization, and storage), as it is the third largest natural gas producing state in the U.S. With regard to creating a stable business environment for Korean firms engaging in joint projects and investment in the U.S., both sides concurred that continuity of major U.S. policies is important, especially those likely to directly impact the two countries’ trade and economic cooperation such as the inflation reduction act (IRA), which incentivizes clean hydrogen production and carbon capture. They further noted that this kind of policy continuity is beneficial for not only bilateral economic cooperation, but for the U.S. economy as well. The two sides also agreed that current Korea-U.S. relations are more solid than ever on account of the bilateral summit and the Camp David Summit. They shared the view that bilateral ties are growing closer and stronger centering on advanced industries, giving a joint nod towards the need to maintain stable cooperative relations for both countries’ development.   date2024-10-31

From latest global trends to export strategy, Overseas Certification Trends 2024 provides one-stop update

The Korean Agency for Technology and Standards (KATS) under the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea launched the Overseas Certification Trends 2024 (“Trends 2024”) on October 31 at the Seoul Trade Exhibition Center (SETEC) together with 13 overseas certification assistance institutions, including the Korean Standards Association (KSA) and the Korea Trade-Investment Promotion Agency (KOTRA). With the participation of 170 attendees from export businesses and relevant organizations, the event was held to help companies at the forefront of certification issues through several programs, including a session dedicated to addressing the latest global certification trends on cybersecurity, environmental, social, and governance (ESG) principles, halal, and trade, followed by briefings on export assistance programs by KOTRA, Korea SMEs and Startups Agency (KOSMES), and the Korea International Trade Association (KITA). Meanwhile, another session engaged participants in consultations on overseas certifications concerning key items like electrical and electronic devices, textiles, and daily necessities. MOTIE plans to further launch these kinds of certification assistance briefings and consultations on a greater scale with focus on specific regions and items, while strengthening the ministry’s three main support policies in the following ways: by continuously broadening the range of items for which overseas certifications can be obtained within Korea under mutual agreement; by building more equipment and infrastructure for domestic testing to boost the competitiveness of high-tech industries such as future mobility and medical devices; and by enhancing cooperation with testing and certification bodies and export assistance institutions in order to resolve onsite issues. KATS President Jin Jong-wook stated that cooperation with related institutions is vital when it comes to overseas certifications due to the wide range of countries and products involved, adding that KATS will give full measure to help Korea’s export companies swiftly respond to the changing regulatory environment.   date2024-10-31

Korea aiming for “Nuclear Renaissance,” commemorates Shin Hanul 1 & 2 final completion

Minister for Trade, Industry and Energy Dukgeun Ahn of the Republic of Korea attended the final completion ceremony of Shin Hanul units 1 and 2 and the groundbreaking ceremony of Shin Hanul units 3 and 4 today held in Uljin County of North Gyeongsang Province with the participation of local residents, nuclear industry personnel, nuclear energy majoring university students, and Korea Nuclear Meister High School students.   Also attending the ceremonies were a number of key industry figures including the Korea Hydro and Nuclear Power (KHNP) President to congratulate the successful completion of Shin Hanul 1 and 2, as well as the groundbreaking of the Shin Hanul 3 and 4 following the recently granted construction permit.   As a twin unit, Shin Hanul 1 and 2 each began commercial operation in December 2022 and April 2024, respectively. They are Korea’s seventh case of APR1400 technology application.   Their final completion is meaningful in that Shin Hanul 1 and 2 can help secure a more stable power source to respond to the sharply rising power demand brought on by the rise of high-tech industries. The amount of power needed to operate a single cutting-edge semiconductor production facility requires 1–1.5GW of electrical power, so by this calculation, Shin Hanul units 1 and 2 are producing enough power to run 2–3 semiconductor plants.   Moreover, the completion of the two units signal another step towards achieving carbon neutrality. As nuclear energy is a carbon-free energy source, carbon dioxide emissions can be reduced by roughly 17.9 million metric tons per annum on the premise that Shin Hanul units 1 and 2 are to replace coal-fired power generation.   Lastly, the activation of Shin Hanul 1 and 2 is expected to considerably help improve Korea’s trade balance and reduce energy imports in view of the nation’s given conditions. Should the two units replace LNG power generation, more than 1.37 million tons of LNG imports will be trimmed, generating approximately KRW 1.5 trillion worth of import substitution effect.   Meanwhile, the Yoon administration further made the decision to resume construction of Shin Hanul units 3 and 4 under the new regime’s energy policy directions announced in July 2022 with an aim to normalize the then flailing nuclear energy industry hit by the previous phase-out policy.   In tandem with the Yoon administration’s decision, the Korean government continued to increase the supply of work across the nuclear industry to restore the ecosystem. Through collaboration with policy funding institutions, the Government has been providing loans and guarantees to troubled SMEs and middle-market companies to heighten liquidity in the wake of the nuclear phase-out.   As a result, the size and scale of the nuclear energy industry and related business investments have turned to an expansion since the current administration’s taking office, laying down the groundwork for Korea’s nuclear power industry to make new leaps.   The completion of the Shin Hanul units 1 and 2 and the groundbreaking of units 3 and 4 are considered a decisive step towards realizing the full normalization of Korea’s nuclear energy ecosystem, alongside KHNP’s recent selection as preferred bidder for the Czech Republic’s new nuclear reactor project. Building on this momentum, the Korean government plans to push the following four chief policy tasks to develop the nation’s nuclear industry into a global powerhouse.   First, the Government will establish a support system to enhance the domestic ecosystem’s competitiveness by designing a predictable and sustainable mid-to-long term nuclear energy policy, while promptly moving forward legislative procedures for the special act on nuclear industry assistance to maintain consistent support. It also plans to announc date2024-10-30

Deputy Trade Minister discusses bilateral economic & industrial cooperation with U.S. delegation

Deputy Minister for Trade Park Jong-won at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea met the U.S. economic delegation led by the U.S.-Asia Institute (USAI) today and discussed measures for wider bilateral trade and deeper cooperation in bio and other advanced industries. Headed by USAI Vice Chair Tami Overby and composed of representatives of companies like Coupang, Organon, MPSC, and FedEx, the delegation visited Korea to bolster Korea-U.S. economic cooperation and create new business opportunities, expressing strong interest in the Asia-Pacific Economic Cooperation (APEC) Summit 2025 to be hosted by Korea.  During the talks, Deputy Trade Minister Park took stock of U.S. firms’ business situation in Korea and articulated the Korean government’s commitment to strengthening bilateral economic cooperation. He highlighted the need for companies’ active cooperation for the two countries’ relations to advance towards a solid alliance of high-tech industries and supply chains. Meanwhile, the deputy trade chief remarked that Korea is giving full measure to host a successful APEC summit upon its resuming the APEC chairmanship in 20 years and asked for U.S. business leaders’ interest and support so that the summit can serve as a platform for cooperation across the Asia-Pacific region’s political, economic, social, and such diverse areas.   date2024-10-30

Korea’s retail industry grows 6.7% in September

The Ministry of Trade, Industry and Energy (MOTIE) announced today that Korea’s retail industry grew 6.7 percent year-on-year for the month of September 2024, with offline and online sales each shrinking 0.9 percent and expanding 15.7 percent, respectively. MOTIE's monthly retail sales figures are based on surveys of 23 major retailers. Thirteen of them are brick-and-mortar retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSMs) operators. The remaining 10 are online retailers. By offline retail channel, hypermarket sales dropped 6.5 percent overall as food products (down 9.1 percent) suffered, but the late heat wave drove sales of home appliances (up 17.9 percent). Department store sales rose 0.3 percent in spite of weak demand for food products (down 5.9 percent) and women’s suits (down 9.0 percent), as household goods (up 14.4 percent) and foreign designer labels (up 3.7 percent) advanced. Convenience store sales climbed 2.5 percent as the late heat wave fueled demand for processed food products (up 3.6 percent) like ice cream and functional beverages. Tobacco sales also increased 2.4 percent. SSM operators contracted 2.7 percent as all categories minus fresh food products (up 4.9 percent) declined. Online retail sales soared 15.7 percent as the late heat wave boosted sales of home appliances and electronics (up 18.1 percent), as well as service/other (up 52.9 percent) such as e-coupons, travel packages, and food deliveries. Demand for food products (up 14.7 percent), living furniture (up 10.3 percent), and cosmetics (up 11.4 percent) showed steady growth, whereas fashion/clothing (down 16.0 percent) and sports (down 11.4 percent) continued to slide.   date2024-10-29