Ministry of Trade, Industry and Energy

Car Sales Figures for First Half of 2013

The Ministry of Trade, Industry and Energy has released its car sales figures for the first half of 2013. The nation’s car production fell 4.3 percent to 2,279,790 vehicles mainly due to reduced working hours. Exports for the first six months declined 6.7 percent to 1,587,273 vehicles, with rising overseas production and a weaker Japanese yen as contributing factors. While exports to the United States continued to show modest growth on the back of market recovery, Korea sent fewer cars t date2013-07-11

Korea, China Hold 6th Round of FTA Negotiations

The 6th round of Korea-China FTA negotiations took place in Busan from July 2 to July 4 as both sides joined to push for the early completion of a high-level and comprehensive free trade agreement. Director General for FTA Negotiations Kim Young-moo led the Korean delegation, which consisted of officials from the relevant authorities including Ministry of Strategy and Finance; the Ministry of Agriculture, Food and Rural Affairs; and the Ministry of Oceans and Fisheries. The Chinese delegation was headed by Deputy Director-General of the International Department of the Ministry of Commerce, Sun Yuanjiang. The two nations reached or neared agreement on the “draft modality,” or basic framework for the talks, in the areas of services, investment, rules of origin, customs procedure, trade remedies and intellectual property rights. The delegations also came closer to agreement on most of the basic guidelines for the topic of trade in goods, including the level of liberalization. Additionally, the two sides agreed to broaden the scope of the talks to include competition, transparency, sanitary and phytosanitary (SPS), technical barriers to trade (TBT), E-commerce, the environment and economic cooperation. The two nations will continue to enhance mutual understanding on existing differences. The next round of negotiations is expected to be held in China, with the exact schedule to be determined after further consultations between the two parties. * Released by the Bureau of East Asia FTA date2013-07-11

Korea, Israel Work Together to Foster Creative Economy

The Ministry of Trade, Industry and Energy hosted the “Korea-Israel Innovation Forum for Creative Economy” on July 2 in Seoul. The forum served as an opportunity to introduce how Israel advanced its creative economy model through the commercialization of technology and to invigorate technology transfer between the two nations. In the presence of around 200 representatives from technology companies and research institutes, Yeda Research and Development, a technology transfer company e date2013-07-04

Trade Figures for First Half of 2013

date2013-07-02

MOTIE Implements Energy-Saving Measures for Summer

The Ministry of Trade, Industry and Energy announced energy saving measures for the summer which came until force as of June 18 and will remain in effect until the end of August. As unprecedented power shortages are expected over the summer due to the higher temperatures than previous years and temporary shutdowns at some of the nation’s nuclear power plants, the Ministry will make it mandatory for businesses whose contract demand is greater than 5,000 kilowatts to reduce their electricity consumption up to 15 percent from 10 to 11 am and 2 to 5 pm when the electricity demand hits at peak level. The measures will be implemented from August 5. Commercial buildings with higher electricity demands are required to keep their indoor temperatures at 26 degrees Celsius or above, while stores should keep their doors closed when air-conditioning systems are in use. Additionally, during peak demand hours, public institutions and buildings with higher electricity demands will be required to turn off their air conditioners every 30 minutes. Government and public institutions also pledged to keep their indoor temperatures at or above 28 degrees Celsius and reduce electricity consumption by 15 percent. At peak hours, the percentage will be up to 20 percent. * Released by the Energy Saving Cooperation Division and the Electric Power Division date2013-06-27

Korea, Saudi Arabia Pursue a Closer Nuclear Partnership

The Ministry of Trade, Industry and Energy and King Abdullah City for Atomic and Renewable Energy (K.A.CARE), a Saudi Arabian institution established to implement the nation’s renewable-energy policy, hosted a Ministerial Roundtable meeting on June 24 in Seoul to enhance bilateral ties in the nuclear industry. The purpose of the meeting was to further specify the cooperation agenda discussed at the preparation meeting for the roundtable held in February. In his opening remarks, the Minister of Trade, Industry and Energy, Yoon Sang-jick, stressed his commitment to the nuclear partnership and predicted that “Korea’s nuclear technology and know-how will greatly contribute to the development of Saudi Arabia’s nuclear industry.” With regard to recent nuclear scandals, Yoon said, “Korea takes a very strong stance on the issue and it will thoroughly investigate the matter and take measures to prevent a recurrence.” In addition, he said, “to that end, the government will make every effort to upgrade Korea’s quality assurance system of nuclear parts to a world-class level.” At the meeting, K.A.CARE showcased Saudi Arabia’s nuclear program. MOTIE in turn briefed attendees on the current status of bilateral ties. The Korea Advanced Institute of Science and Technology (KAIST) highlighted the role of nuclear power in Korea’s industrial development. Moreover, Korea suggested various opportunities to strengthen bilateral ties. Sessions were also given by the Korea Electric Power Corporation (KEPCO), the Korea Nuclear International Cooperation Foundation (KONICOF), the Nuclear Safety and Security Commission (NSSC) and the Korea Atomic Energy Research Institute (KAERI) on areas including localization of nuclear power plants, training skilled personnel, safety and regulation of nuclear power and cooperation in the R&D sector. Saudi Arabian officials said, “the Roundtable was a good forum for exchanging constructive views of the two countries on Saudi Arabia’s nuclear development.” They added, “We expect further cooperation talks to come to learn more about Korea’s experience of successful nuclear power plants construction.” As part of efforts to develop sustainable and stable energy resources, Saudi Arabia plans to add 17.6 gigawatts of nuclear power generation capacity by 2032 and is expected to place an order for the construction of its first nuclear power plant next year. While countries like France, Japan, and China are vying to win future nuclear bids in Saudi Arabia, South Korea is also making vigorous efforts to attract Riyadh, having concluded the bilateral Nuclear Cooperation Agreement in November 2011. * Released by the Nuclear Plant Export Promotion Division date2013-06-26

Korea Outlines New Trade Policy Direction

The Ministry of Trade, Industry and Energy announced a “New Trade Policy Roadmap” to improve the effectiveness of the nation’s trade policy and promptly respond to rapidly changing trade conditions. As part of its new trade agenda, Korea will continue to expand its global network of free trade agreements (FTAs). While concentrating on the completion of additional trade pacts, particularly with emerging economies, Korea is poised to serve as a linchpin of accelerated economic integration in the East Asian market with the promotion of regional trade agreements. The nation is also committed to further cooperating on multilateral trade negotiations, such as the Information Technology Agreement (ITA) and the Trade in Service Agreement (TISA). Korea will push for trade ties tailored to its trading partners’ needs, promoting FTAs with economic powerhouses as well as sharing its development experiences with emerging economies. For example, to better assist developing countries’ development efforts, Korea will set up an Emerging Nations Co-development Program (ECP), provide project financing in collaboration with development banks and offer comprehensive technological assistance. With the new the initiatives in place, MOTIE aims to create more jobs and provide greater access to overseas markets for small and medium-sized enterprises (SMEs). As part of these efforts, the Ministry plans to form a headquarters to help address non-tariff barriers in foreign markets. To improve trade infrastructure and strengthen links between trade and industry, MOTIE has also launched a “trade industry forum”, inviting representatives from a wide range of industries including manufacturing, services, agriculture and fisheries. A comprehensive one-stop trade information system will be set up to support Korean companies doing business overseas. * Released by the Trade Policy Division date2013-06-25

Retail Sales Figures for May

date2013-06-20