Ministry of Trade, Industry and Energy

Korea and Indonesia hold talks regarding CEPA, IPEF, and other trade issues

Trade, Industry, and Energy Minister Moon Sung-wook held a videoconference with Indonesia’s Trade Minister Muhammad Lutfi on April 11 to discuss the Korea-Indonesia Comprehensive Economic Partnership Agreement (CEPA), Indo-Pacific Economic Framework (IPEF), and other trade issues. This meeting was a follow-up to further the Korea-Indonesia Economic Cooperation Committee talks held in Jakarta on February 22. The two trade chiefs concurred that it would be vital for both countries to conti date2022-04-12

Korea and EU hold 10th Goods Trade Committee

The Ministry of Trade, Industry, and Energy (MOTIE) held the 10th Goods Trade Committee (GTC) with the EU delegation via teleconference for promoting Korea-EU trade of goods under the FTA framework. MOTIE's Director General for International Trade Affairs Kim Wan-ki headed the Korean delegation, which comprised officials from various ministries, including the Science and Technology Ministry, Environment Ministry, and the Food and Drug Safety Ministry. In the meeting, Korea and EU assessed the date2022-04-08

FDI to Korea jumps 14.9 percent in Q1, achieving $5.5 billion

The Ministry of Trade, Industry, and Energy announced on April 7 that foreign direct investments (FDIs) pledged to Korea in the first quarter of this year jumped 14.9 percent year-on-year to USD 5.5 billion, a historic high. The FDIs that actually arrived in Korea over the same period inched down by 2.6 percent to $4.3 billion, still the second highest amount in history. In spite of unstable global investment conditions like the Russia-Ukraine crisis, surging oil prices and raw materials prices date2022-04-08

Trade Minister holds 5th Korea-Australia FTA Joint Committee Meeting

Trade Minister Yeo Han-koo held the 5th Korea-Australia FTA Joint Committee Meeting with Australia’s Minister for Trade, Tourism and Investment Dan Tehan on April 5 via teleconference. The meeting was held at ministerial level in consideration of the two countries’ stronger bilateral ties ensuing the elevation from the former expanding partnership to the current comprehensive and strategic partnership. Minister Tehan anticipated that the U.S. will be officially launching the Indo- date2022-04-07

Korea's first homemade gas turbine to power Gimpo CCPP

Trade, Industry, and Energy Minister Moon Sung-wook visited the Gimpo Combined Cycle Power Plant (CCPP) project site operated by Korea Western Power (KOWEPO) on April 5 to attend the installation commencement ceremony of Korea’s first homemade gas turbine. The Ministry of Trade, Industry, and Energy (MOTIE) first propeled the public-private development of power plant gas turbines in 2013 as part of its MPE (materials, parts, and equipment) initiative. Six years later in 2019, Korea became date2022-04-06

Korea and U.S. discuss IPEF and Section 232 steel tariffs

Trade Minister Yeo Han-koo held a teleconference with the United States Trade Representative (USTR) Katherine Tai on March 31 to discuss the Indo-Pacific Economic Framework (IPEF) and Section 232 steel tariffs. This is the sixth round of talks held between the two trade chiefs since U.S. President Biden first announced the IPEF last October. With regard to IPEF, Minister Yeo mentioned that multiple discussions are underway across relevant ministries and public-private task forces. He also stat date2022-04-05

March exports grow 18.2%, reaching $63.5 billion

The Ministry of Trade, Industry, and Energy announced on April 1 that Korea’s exports in March increased 18.2 percent to USD 63.5 billion, the highest in 66 years since 1956, the year trade data was first recorded. This is positive growth for the 17th consecutive month, and double-digit growth for the 13th consecutive month. Average daily exports reached a record-breaking $2.8 billion. In respect of imports, high energy prices and larger purchases of intermediate goods drove up imports b date2022-04-01

8th Size Korea Conference presents 40 years of Korean bodily changes

Korean Agency for Technology and Standards (KATS) under the Trade, Industry, and Energy Ministry held the 8th Size Korea Conference on March 30 at COEX in Seoul, where research outcomes announced that Korean males and females had grown 6.4cm and 5.3cm, respectively, in average height over the past 40 years since the first survey released in 1979. According to the research, Korean people’s body shapes increasingly developed an overall “long-legged” physique. For males, average date2022-03-31