Ministry of Trade, Industry and Energy

Korea's May automobile exports gain 18.9% in value

The Ministry of Trade, Industry and Energy announced on June 15 that Korea’s May automobile output recorded a growth of 19.8 percent, while exports in units and value recorded growths of 19.1 percent and 18.9 percent, respectively. Meanwhile, domestic sales contracted 4.1 percent. The number of vehicles produced by Korean automakers went up 19.8 percent to 307,048 units. The growth in automobile production was mostly attributable to a base effect from semiconductors shortage, as well as date2022-06-16

Trade Minister attends 12th WTO Ministerial Conference

Trade Minister Ahn Duk-geun attended the 12th World Trade Organization (WTO) Ministerial Conference (MC12) through June 12-15 (local time) in Geneva, Switzerland. As the highest decision-making body of the WTO for 164 member states’ trade ministers, the ministerial conference is generally held on a biennial basis, and this meeting has finally broken a 5-year hiatus after being delayed twice by COVID-19. The 164 trade ministers will have discussed food crisis, farming, pandemic, WTO reform date2022-06-15

Korea's ICT exports achieve 13.9% growth in May

The Ministry of Trade, Industry and Energy announced on June 14 that Korea’s information and communications technology (ICT) industry exported $20.2 billion (up 13.9 percent) worth of goods in May. Imports expanded 19.8 percent to $12.6 billion, and the trade balance was a surplus of $7.6 billion, a historic high for May. Outbound shipments of all major products achieved growth, namely semiconductors, displays, computers and peripherals and mobile phones. Semiconductor exports advanced date2022-06-14

Trade Minister holds talks on the sidelines of OECD 2022 Ministerial Council

Trade Minister Ahn Duk-geun held bilateral talks with EU Trade Commissioner Valdis Dombrovskis and OECD Secretary-General Mathias Cormann, respectively, on the occasion of the OECD 2022 Ministerial Council Meeting through June 9-10 in Paris. First, Minister Ahn met with Commissioner Valdis Dombrovskis on June 9, where the two trade chiefs discussed the Korea-EU FTA, digital, supply chain, environment and other new trade issues. Trade Minister Ahn urged the EU to closely coordinate with the Sou date2022-06-10

Korea and UAE to kick energy and tech cooperation into high gear

Trade, Industry and Energy Minister Lee Chang-yang met with Sultan Ahmed Al-Jaber, Minister of Industry and Advanced Technology of UAE and CEO of Abu Dhabi National Oil Company (ADNOC) at the Lotte Hotel Seoul on June 8 to discuss industrial technology and energy supply chain cooperation. The two industry chiefs agreed to expand economic cooperation onto new industries like digital transition, e-learning and bio based on the recent joint accomplishments, including the Barakah power plant, oilfi date2022-06-10

5th round of Korea-GCC FTA negotiations

The Ministry of Trade, Industry and Energy (MOTIE) chief FTA negotiator Lee Kyung-sik led the South Korean delegation in the 5th round of Korea-GCC FTA negotiations held through June 6-9 in Riyadh, Saudi Arabia. The 4th round of negotiations were held in March this year after a 13-year hiatus, where the two sides discussed their respective areas of interest. In the 5th round, talks cover products, services, investment, e-commerce, customs clearance, sanitary and phytosanitary measures (SPS), te date2022-06-09

Minister Lee holds 1st Industrial Strategy Roundtable (Semiconductors)

Trade, Industry and Energy Minister Lee Chang-yang held the 1st Industrial Strategy Roundtable at SK Hynix headquarters in Gyeonggi-do on May 30 to discuss key issues, concerns, and the new regime’s semiconductor industry policy directions. On managing the roundtable, Minister Lee referred to the roundtable as a platform for realizing the Ministry’s innovative policy reforms. It will serve as a communication channel between the government and enterprises where industry issues can be date2022-06-08

Trade Minister presides 27th Trade Promotion Committee meeting

Trade Minister Ahn Duk-geun presided the 27th Trade Promotion Committee on May 27 at the Government Complex Seoul in the attendance of various relevant ministries to discuss the Indo-Pacific Economic Framework (IPEF), Korea-U.S. summit follow-up measures and its economic implications. The Committee meeting was attended by officials from relevant ministries, including the Ministry of Economy and Finance, the Ministry of Foreign Affairs and the Ministry of Employment and Labor. In his opening re date2022-06-03