Ministry of Trade, Industry and Energy

Outcomes of ASEAN Ministers’ Meetings

Trade Minister Ahn Duk-geun attended the ASEAN Ministers’ Meetings held through September 16-18 in Siem Reap, Cambodia to discuss ROK-ASEAN FTA enhancement, industrial technology, digital, climate change response and RCEP utilization. Minister Ahn also held bilateral talks with the Philippines, Australia and New Zealand on various trade issues and requested support for World EXPO 2030 Busan. These ASEAN Ministerial meetings were the first in-person talks in three years since the COVID-19 date2022-09-19

MOTIE attends ASEAN energy meetings

The Ministry of Trade, Industry and Energy (MOTIE)’s Energy Policy Director-General Lee Won-ju attended the 16th East Asia Summit (EAS) and 19th ASEAN+3 Energy Ministers’ Meeting on September 16 to discuss energy security reinforcement and clean energy expansion with counterparts from ASEAN and Northeast Asia. At the EAS, Director-General Lee emphasized the urgency of global energy market stabilization and energy security reinforcement, and expressed agreement to the need for clean date2022-09-19

Minister holds 1st Energy Policy Consultation Committee Meeting

Trade, Industry and Energy Minister Lee Chang-yang held the 1st Energy Policy Consultation Committee Meeting on September 16 where he gathered experts’ opinions on global energy supply crisis countermeasures. Amid the rapidly changing energy market landscape, protracted Russia-Ukraine war and the energy policy directions announced in July that are to be implemented under the new regime, the need for preemptive mid-to-long term policy tasks and active communication with experts has been co date2022-09-16

Korea's auto exports expand 29.1% in August

The Ministry of Trade, Industry and Energy announced on September 16 that Korea’s automobile production, domestic sales, and exports all increased in August by 21.0 percent, 1.0 percent and 29.1 percent, respectively. Automobile output in August surged 21.0 percent to 284,361 units owing to partial recovery of parts supply chain and previous year’s base effect. Domestic sales inched up 1.0 percent to 131,638 units, with higher demand for imported models. Domestic brands suffered a date2022-09-16

Korea's ICT exports decline 4.6% in August

The Ministry of Trade, Industry and Energy announced on September 16 that exports of Korea’s information and communications technology (ICT) goods decreased 4.6 percent to USD 19.3 billion in August. Imports recorded year-on-year growth of 18.7 percent to $13.5 billion, and the trade balance stood at a deficit of $9.5 billion. Shipments of most major ICT products declined as demand for ICT goods shrank worldwide. Those of semiconductors dropped 6.8 percent to $11.0 billion, falling for date2022-09-16

MOTIE announces Energy Innovation Startup Development Measures

Trade, Industry and Energy Minister Lee Chang-yang visited the vanadium ion battery (VIB)-based electric vehicle (EV) charging station demonstration site operated by Standard Energy, and presided the Energy Innovation Business Roundtable at Korea Technology Center in Seoul, where he announced the Ministry’s Energy Innovation Startup Development Measures (hereinafter “Development Measures”). Standard Energy, located in Daejeon, is a company recognized for its VIB technology wit date2022-09-15

Trade Minister to attend ASEAN meetings in Cambodia

Trade Minister Ahn Duk-geun will be attending the 19th ASEAN Economy Ministers’ Meeting, the 25th ASEAN+3 Meeting, the 10th East Asia Summit (EAS) Ministers’ Meeting and the Regional Comprehensive Economic Partnership (RCEP) Ministers’ Meeting through September 16-18 held in Siem Reap, Cambodia. Key objectives of these meetings are to bolster economic cooperation with ASEAN partners in the Indo-Pacific region, expand trade and investments opportunities in the East Asian region date2022-09-15

IPEF ministerial statement outlines four pillars for economic cooperation

The Ministry of Industry, Trade and Energy (MOTIE) announced on September 10 that the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting held on September 8-10 in Los Angeles saw the fruition of a joint ministerial statement containing the text and statements focused on the following four pillars: trade, supply chains, clean economy and fair economy. The statement is the outcome of intensive negotiations that have taken place since the first launching of the Framework in date2022-09-13