Ministry of Trade, Industry and Energy

MOTIE attends 28th APEC MRT Meeting

Trade, Industry and Energy Ministry (MOTIE)’s Deputy Minister for International Trade and Legal Affairs Ahn Sung-il attended the 28th Asia-Pacific Economic Cooperation (APEC) MRT (Ministers Responsible for Trade) Meeting on May 21-22 held in Bangkok, Thailand. APEC is the world’s largest economic consultative organization for sustainable economic growth and mutual prosperity consisting of 21 nations, taking up 62.2% of global GDP and 51.9% of total trade volume as of 2020. This 28t date2022-05-25

Korea-U.S. roundtable on occasion of President Biden's state visit

Trade, Industry and Energy Minister Lee Chang-yang co-hosted a Korea-U.S. roundtable with U.S. Secretary of Commerce Gina Raimondo on the occasion of U.S. President Joe Biden’s state visit (May 20-22) and signed the Supply Chain and Commercial Dialogue MOU to deepen the existing economic relations to a partnership encompassing supply chain and high-tech. This roundtable was the sole opportunity during the state visit for bilateral public-private talks on supply chain countermeasures, tech date2022-05-24

Netflix and Korea seal $100 million investment deal to build special effects infrastructure

Trade Minister Ahn Duk-geun attended the ceremony held by the Ministry of Trade, Industry and Energy (MOTIE) marking the occasion of Netflix’s investment through a subsidiary called Scanline VFX that will inject USD 100 million over six years to build Asia’s first special effects filmmaking infrastructure in Korea. Scanline VFX is a company acquired by Netflix that specializes in special visual effects and provides services to global content creators like Warner Brothers, Marvel Stu date2022-05-23

8th Korea-EU working group meeting on trade remedy cooperation

The Ministry of Trade, Industry and Energy (MOTIE) held the 8th Korea-EU working group meeting on trade remedy cooperation (hereinafter “working group”) via videoconference on May 19 to assess respective trade defense mechanisms, inform each other on trade remedy laws, and exchange views on trade remedy policies of major trading partners. “Trade remedy” refers to safeguards and such import regulatory measures put in place to instill fair trade order and protect domestic date2022-05-20

10th Korea-EU FTA working group meeting on pharmaceuticals and medical devices

The Ministry of Trade, Industry and Energy (MOTIE), together with the Ministry of Health and Welfare and the Ministry of Food and Drug Safety, convened the 10th Korea-EU FTA working group (hereinafter “working group”) meeting on pharmaceuticals and medical devices on May 19 at the Government Complex Sejong via videoconference with their EU counterparts. The Korean delegation was led by MOTIE’s Europe Division Trade Policy Director Seo Sung-tae, while the EU delegation was led date2022-05-19

Korea's automobile exports reach $4.4 billion in April

The Ministry of Trade, Industry, and Energy announced on May 16 that Korea’s April automobiles exports recorded 196,780 units (up 12.4 percent) and USD 4.4 billion (up 6.1 percent) in value. Despite escalating global supply chain uncertainties, Korea showed mostly robust performance in its automobile production, domestic demand, and exports compared to the previous month. Production of cars suffered year-on-year from car parts shortages, less operating days (1 less), and supply chain ho date2022-05-16

424th Korea Trade Commission gives final conclusion on anti-dumping duty expiry review

The Ministry of Trade, Industry and Energy (MOTIE) held the 424th Korea Trade Commission (hereinafter “the Commission”) meeting on May 12 and gave the final conclusion of anti-dumping duty expiry review on butyl glycol ether from the U.S. and France. At the meeting, Chairperson Chang Seung-wha announced the Commission’s decision to suggest to the Economy and Finance Minister an extension of a 5-year 20.1-25.0 percent anti-dumping duty in consideration of possible dumping recur date2022-05-13

Korea's ICT exports hit all-time highs in April, expanding 16.9%

The Ministry of Trade, Industry and Energy announced on May 12 that Korea’s exports of information and communications technology (ICT) products in April advanced 16.9 percent to USD 19.9 billion, hitting record highs in both monthly and accumulated value. Imports expanded 12.4 percent to $12.1 billion, and the trade balance stood at a surplus of $7.8 billion despite external uncertainties, including the Russia-Ukraine situation and China’s lockdowns. Outbound shipments of all major date2022-05-13