Ministry of Trade, Industry and Energy

RCEP members agree to accelerate negotiations

The Ministry of Trade, Industry and Energy announced on March 6 that Korea and 15 trading partners have agreed at the 17th round of negotiations for the Regional Comprehensive Economic Partnership (RCEP) to accelerate negotiations in the first half of this year. The latest talks was held in Kobe, Japan between February 27 and March 3. The RCEP is a proposed free trade agreement among 16 nations in the Asia Pacific region including Korea, China, Japan and 10 member states of the Association of date2017-03-06

Korea, MERCOSUR sign joint statement for launch of trade agreement negotiations

The Ministry of Trade, Industry and Energy announced on March 3 that Korea and Mercado Común del Sur (MERCOSUR) signed on March 2 a joint statement facilitating the launch of official negotiations for a multilateral trade agreement between Korea and four South American nations in the first half of this year.   During his visit to Buenos Aires, Trade, Industry and Energy Minister Joo Hyunghwan signed the joint statement with Minister of Foreign Affairs and Worship Susana Malcorra of date2017-03-03

Korea's exports post fastest growth in 5 years in February

The Ministry of Trade, Industry and Energy announced on March 1 that Korea’s exports expanded 20.2 percent, the fastest pace in five years, to USD 43.2 billion in February from a year earlier.   The amount of exports is also a five-year high since February 2012. They advanced at double-digit rates for two consecutive months for the first time in 65 months since September 2011. The won-denominated exports and average daily exports grew for the fourth and third consecutive months, res date2017-03-01

Korea’s retail sales advance 8.3% in January on strong in-store sales

The Ministry of Trade, Industry and Energy announced on February 28 that retail sales expanded 8.3 percent in January from a year ago on strong in-store sales.   In-store sales, which account for around 70 percent of the total monthly revenues of major Korean retailers, advanced 9.3 percent in January from a year earlier while online sales grew 6 percent.    The combined revenues of three department store chains, hypermarket operators, convenient store chains and super superma date2017-02-28

17th round of RCEP negotiations kick off in Japan

The Ministry of Trade, Industry and Energy announced that the 17th round of negotiations for the Regional Comprehensive Economic Partnership (RCEP) kicked off in Kobe, Japan, on February 27, to accelerate talks on market access for goods, services and investment.   The RCEP is a proposed free trade agreement among 16 nations in the Asia Pacific region including Korea, China, Japan and 10 member states of the Association of Southeast Asian Nations (ASEAN), which has become increasingly imp date2017-02-27

Korea-UK trade working group discusses post-Brexit cooperation

The Ministry of Trade, Industry and Energy announced on February 24 that the Ministry and a delegation from the United Kingdom convened a first meeting of the Korea-UK Trade Working Group in Seoul to discuss bilateral economic cooperation after the UK’s exit from the European Union.   The first meeting of the working group, which was set up to ensure a continued and strengthened bilateral trade relations, was co-chaired by Director-General for FTA Negotiations and East Asia FTA Yoo date2017-02-24

Auto sales show signs of recovery in January

The Ministry of Trade, Industry and Energy announced on February 16 that domestic car sales and automobile part exports inched up in January while production and exports of vehicles declined due to fewer working days in the month,    Domestic car sales showed signs of recovery, advancing 0.2 percent to 123,575 vehicles in January from a year earlier thanks to the higher sales of vehicles produced in Korea.    The sales of domestically built cars climbed up 1.2 percent to date2017-02-16

ICT exports surge 16.7% in January

The Ministry of Trade, Industry and Energy announced on February 15 that exports of information and communication technology (ICT) products expanded 16.7 percent, the fastest pace in 44 months, to USD 13.8 billion in January from a year earlier on strong sales of semiconductors and displays.   Exports of ICT goods, which account for more than a third of Korea’s total exports, advanced for three consecutive month with a double-digit growth achieved in December and January.  &nb date2017-02-15