Ministry of Trade, Industry and Energy

10 years of Korea-U.S. FTA: Decade of Growth and Mutual Benefits

The Korea-U.S. FTA has reached 10 years since enforcement in 2012. Statistics show that the agreement has enlarged bilateral trade, as well as Korea’s exports to the U.S. over the decade. In 2012, Korea-U.S. trade amounted to USD 101.8 billion, which grew 66.1 percent to $169.1 billion in 2021. Korea’s shipments imports, and trade balance to U.S. grew 29.4 percent, 27.3 percent, and 36.7 percent, respectively. Major exports items to U.S. are automobiles (parts), semiconductors, co date2022-03-21

Korea issues joint statement with WTO denouncing Russia's Ukraine invasion

The Korean government issued a joint statement on March 15 denouncing Russia’s Ukraine invasion along with major WTO member states, including the U.S. EU, Japan, Canada, Australia, New Zealand, and the UK. The joint statement is titled, “Joint statement on aggression by the Russian Federation against Ukraine with the support of Belarus” and states the following: - “We, WTO Members…(omitted)…are united in condemning in the strongest possible terms the Russi date2022-03-18

Korea's automobile export value grows 9.1% in February

The Ministry of Trade, Industry and Energy announced on March 16 that Korea’s automobile industry in February increased in exports and production, while domestic sales sank compared to the same period of previous year. Total auto output in February rose 1.2 percent to 263,959 units. Despite prolonged automotive semiconductor shortages, efforts on part of finished carmakers and completion of production facilities have driven production, domestic sales and exports to recover pre-COVID perfo date2022-03-16

ICT exports achieve 23.7% growth to $18.9 billion in February

The Ministry of Trade, Industry, and Energy announced on March 15 that outbound shipments of Korea’s information and communications technology (ICT) goods in February reached an all-time high of USD 18.9 billion, recording a year-on-year growth of 23.7 percent. Imports of ICT products climbed 23.9 percent to $11.4 billion, and the trade surplus in this sector stands at an estimated $7.5 billion. Exports of all major items experienced growth except for mobile phones. Outbound shipments o date2022-03-15

Trade Minister to visit U.S. in time for Korea-U.S. FTA 10th Anniversary

Trade Minister Yeo Han-koo and a parliamentary delegation will visit the U.S. on March 14-18 (local time) in commemoration of the Korea-U.S. FTA 10th Anniversary, with plans to meet with various U.S. government officials, lawmakers, and entrepreneurs. The Korea-U.S. FTA is deemed to have mutually benefited both sides in terms of trade and investment growth, and is seen to have been the core foundation on which the two nations’ economic cooperation strengthened over the last decade. Korea date2022-03-14

Industrial Digital Transformation (DX) Task Force is launched

  Trade, Industry, and Energy Minister Moon Sung-wook announced on March 7 the launching of the “Industrial Digital Transformation (DX) Task Force” for a coordinated push to effectuate a digital transition across industry sectors. The aim of this move is to swiftly roll out the details settled under the “Special Act to Accelerate Industrial Digital Transformation” passed by the national assembly last December, set for enforcement on July 5, in order to accelerate t date2022-03-11

Korea and Ecuador agree to resume SECA negotiations

Trade Minister Yeo Han-koo held online talks with Ecuador’s Production, Foreign Trade, Investment and Fisheries Minister Julio José Prado on Mar 2 in Mexico City to hold a virtual signing ceremony for resuming the Korea-Ecuador Strategic Economic Complementation Agreement (SECA) negotiations after a 5-year hiatus. The trade chiefs addressed the commemoration of the 60th anniversary of Korea-Ecuador diplomatic relations, and agreed to put in efforts for reaching a SECA agreement by date2022-03-08

Korea and Mexico agree to resume FTA talks

Trade Minister Yeo Han-koo held talks with Mexican Secretary of Economy Tatiana Clouthier on Mar 1 in Mexico City and agreed to resume the two countries’ halted FTA talks after a 14-year hiatus, on the occasion of the 60th anniversary of the establishment of Korea-Mexico diplomatic relations. Korea and Mexico presently share the same concerns over the rising risks of global supply chains from COVID-19 and the Ukraine situation, but anticipate that a bilateral FTA will act as a strategic l date2022-03-07