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Korea and Israel spur tech synergy at Innovation Day 2024
The Ministry of Trade, Industry and Energy (MOTIE) and the Israel Innovation Authority (IIA) co-hosted Korea-Israel Innovation Day 2024 (“Innovation Day”) on July 16 at the Seongnam Global Convergence Center. The largest technology collaboration event held between the two countries, this year’s Innovation Day drew the participation of a record high total of 30 Israeli universities and companies, including Israel Aerospace Industries (IAI), Foresight Automotive, and TriEye. From Korea, roughly 70 companies are taking part in the bilateral technology exchange, including Samsung Electronics and Hyundai Motor. To note, this year’s Innovation Day is also launching technical seminars and one-on-one business meetings in areas with high synergy potential, such as semiconductor and smart mobility. On the occasion of the event, promising projects will be uncovered and granted funding via the Korea-Israel Industrial R&D Foundation (KORIL-RDF). At last year’s Innovation Day, a smart aviation motor project led by IAI and Korean firm Contromax was selected for the two countries’ joint global R&D. Once the project is completed, Contromax will be supplying its smart motors to major domestic aircraft manufacturers. Since 2001, the Korean and Israeli governments have co-invested a total of USD 93 million in 206 commercialization-focused technology development projects. Every year, around seven joint R&D projects are selected for grant support. date2024-07-16
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Korea’s ICT exports climb 28.2% in H1 2024
The Ministry of Trade, Industry and Energy (MOTIE) announced on July 15 that Korea’s export of information and communications technology (ICT) goods for the first half (H1) of 2024 climbed 28.2 percent year-on-year to USD 108.9 billion, the second highest H1 record for ICT exports. Meanwhile, the import of ICT goods decreased 0.7 percent to $67.8 billion and the trade balance stood at a surplus of $41.1 billion. Increased demand for semiconductors and the surge in their unit price were some of the drivers boosting the ICT industry, which posted double-digit growth for the past six consecutive months. By item, exports of semiconductors (up 49.9 percent), displays (up 14.6 percent), and computers/peripherals (up 35.6 percent) advanced in H1, but those of mobile phones (down 2.8 percent) retreated. By region, ICT exports to China (including Hong Kong) (up 37.3 percent), Vietnam (up 21.7 percent), the U.S. (up 19.2 percent), and EU (up 8.2 percent) expanded, while those to Japan (down 9.3 percent) shrank. Despite the rising import of semiconductors and displays, the import of ICT goods in H1 2024 inched down year-on-year, partially owing to the reduced import of mobile phones. For June, Korea’s export of ICT goods amounted to a record high of $21.1 billion for the month. Imports reached $10.9 billion, and the trade balance stood at a surplus of $10.2 billion. By item, semiconductors (up 49.4 percent), displays (up 22.6 percent), mobile phones (up 8.0 percent), and computers/peripherals (up 48.9 percent) were among the majority of ICT goods that enjoyed growth. Thanks to unit price hikes and strong demand for downstream industries like servers and personal computers, semiconductor exports achieved new monthly highs ($13.4 billion) and led the overall ICT industry’s export growth rate over the 30 percent thresholds for three consecutive months. By destination, ICT exports to China (including Hong Kong) (up 29.2 percent), Vietnam (up 36.8 percent), the U.S. (up 27.0 percent), and the EU (up 1.5 percent) increased, whereas those to Japan (down 8.6 percent) fell. Korea’s monthly import of ICT goods for June dropped 5.1 percent year-on-year as the import of semiconductors and secondary batteries decreased. date2024-07-15
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Trade-related technical regulations issued in H1 2024 reach 2,009
The Ministry of Trade, Industry and Energy (MOTIE) announced on July 14 that the number of trade-related technical regulations issued by World Trade Organization (WTO) member countries during the second quarter (Q2) of 2024 amounted to 818, slightly lower than the 932 of Q2 2023. This adds up to a total of 2,009 technical regulations issued over the first half (H1) of this year, close to the 2,053 of H1 2023. In accordance with the Technical Barriers to Trade (TBT) Agreement, WTO member countries are required to report cases of technical regulatory establishments and revisions that are viewed to significantly impact trade. In Q2 2024, the U.S. issued the highest number of technical regulations (106), taking up 13 percent of total, followed by Egypt (62) and Brazil (55). By industry, food and drug (23 percent), agriculture, livestock and fishery products (18 percent), and ceramic chemistry (16 percent) are among the sectors that issued the highest number of technical regulations this quarter, followed by electrical and electronics (14 percent). Korea’s 15 top and emerging export destinations issued a total of 279 technical regulations, taking up 34 percent. They were led by the U.S. and China, pertaining to regulations concerning energy efficiency and electrical device safety requirements, respectively. date2024-07-15
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Korea participates in 7th RCEP Joint Committee Meeting
Director General for Free Trade Agreement (FTA) Policy Ahn Chang-yong is attending the seventh Regional Comprehensive Economic Partnership (RCEP) Joint Committee meeting as Korea’s Chief Delegate through July 15–17 in the Lao People's Democratic Republic (PDR), this year’s ASEAN Chair. Partner countries hold the RCEP Joint Committee on a quarterly basis to review and discuss various matters concerning the smooth implementation and management of the RCEP Agreement, as well as economic and technological cooperation issues. This year’s Joint Committee Co-Chairs are Indonesia and China, each representing ASEAN and non-ASEAN partner countries. The seventh RCEP Joint Committee meeting will proceed with the participation of the 15 partner countries’ Chief Delegates and representatives of the ASEAN Secretariat and the Lao PDR’s Ministry of Industry and Commerce. By the end of this year, partner countries attending this Joint Committee meeting aim to install a support unit in the form of a secretariat for implementing the RCEP, which entered into force in 2022. Other agenda items include RCEP accession procedures and the outcomes of the Joint Committee on RCEP Implementation. Meanwhile, Director General Ahn plans to visit the Lao Ministry of Industry and Commerce on the occasion of his visit to discuss measures for economic cooperation and launching of joint seminars for RCEP promotion. date2024-07-15
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Korea and China launch 1st bilateral Export Control Dialogue meeting in Beijing
Director General for Trade Controls Policy Choi Woo-hyuk co-chaired the initial Korea-China Export Control Dialogue meeting on July 11 in Beijing with counterpart Jiang Qianliang, Deputy Director General for the Bureau of Industry, Security, Import and Export Control (BISIEC) of the Ministry of Commerce of China. The two sides exchanged views on export control issues based on the shared consensus formed during the bilateral talks held on the margins of the ninth trilateral Korea-China-Japan summit convened in May this year. Moreover, both sides agreed to keep close communication and make joint effort towards maintaining stable and smooth industrial and supply chains to nurture favorable conditions for the two countries’ trade development. date2024-07-11
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MOTIE signs MOU on energy saving and carbon reduction with CNC and Samsung Electronics
The Ministry of Trade, Industry and Energy (MOTIE) entered into a memorandum of understanding (MOU) with the 2050 Presidential Commission on Carbon Neutrality and Green Growth (“CNC”) and Samsung Electronics on July 11 in Seoul to promote energy-saving practices and carbon reduction efforts by utilizing the artificial intelligence (AI) functionality and automated demand response (ADR) system of home appliance management applications (apps). MOTIE’s Vice Minister Namho Choe took part in the MOU signing with CNC Co-Chairperson Kim Sang-hyup and Samsung Electronics Executive Vice President Park Chan-woo. In accordance with this MOU, the three parties plan to launch a nationwide campaign to promote public awareness of energy saving and carbon reduction efforts through Samsung Electronics’ ADR-enabled home appliance management app. As part of the campaign, they will be working in tandem to provide the public with demand response (DR) schedule data, synchronize home appliance management apps, and support the public’s daily efforts to promote carbon neutrality and green growth. Vice Minister Choe said, “Although we see strong public participation in energy saving, it is still considered necessary but inconvenient. In this regard, this energy saving campaign is a good measure to minimize the inconvenience to participants by synchronizing demand response signaling and smart appliance apps.” date2024-07-11
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MOTIE lays out initial blueprint for K-design and AI convergence
Trade, Industry and Energy Minister Dukgeun Ahn held the AI Design Conference on July 9 at LG Science Park in Seoul with design companies and experts and announced the AI Design Diffusion Strategy. Based on a shared understanding of the need to enhance across-the-board industrial competitiveness through design innovation, the AI Design Diffusion Strategy was established over a four-month process of discussions and opinion gathering. This process involved design working group committee members, relevant organizations, and AI and design companies. On May 8, the Ministry of Trade, Industry and Energy (MOTIE) launched the Committee on New Industrial Policies for the AI Era, aiming to establish strategies for six major areas. The AI Design Diffusion Strategy is MOTIE’s second in its series of AI utilization strategies. MOTIE’s execution of the AI Design Diffusion Strategy will center around four main initiatives: launching flagship projects; gaining competitive edge; creating new markets; and institutionalizing AI design systems and norms. By increasing the rate of design utilization to 60 percent (from the current 37 percent), the strategy aims to raise design firms’ AI adoption rate to 50 percent and nurture 10,000 AI designers and 500 innovative design firms. The ministry will first roll out the AI Design Flagship Project across seven major areas. Currently, the AI utilization rate is low (5.5 percent), with the initial market primarily built around global design solution companies. This year, the Korea Institute of Design Promotion (KIDP) will lead the development of AI services in three major areas: trend analysis, design similarity search, and smaller Large Language Model (sLLM). By 2025, MOTIE intends to identify demands in four key areas with high AI design synergy prospects (consumer goods design, optimal design of engineering components, automated design of manufacturing process, and automation of digital generative design) and support the development of 20 AI design models over three years. Secondly, aiming to secure AI design competitiveness (technology, company, data, and talent), the ministry will announce the AI design technology roadmap for the following five major areas by the end of this year and provide R&D assistance beginning in 2025: design concept, generative design, prototyping, design-production synchronization, and design knowledge and protection. For each of the country’s six major regions, a design creation lab and a company-catered support system will be established. The latter will focus on AI transition and nurturing AI design software companies. Moreover, MOTIE will seek measures for design funding and financial assistance. Furthermore, through collaboration with design promotion institutions and overseas entities, a K-design big data hub will be set up around four areas: design archive, K-heritage design, color, materials, finish (CMF), and human data. The Industrial Skills Council will lead the development and distribution of AI design education programs, open five design-AI convergence major tracks, and run an online education program, “Design Ground,” for teaching AI design trends and design tool utilization. Third, MOTIE will contribute to invigorating the AI design market by selecting and supporting 150 joint projects in market analysis, product design, design automation, and service prototype generation based on generative AI technology with a special focus on four major industrial sectors: manufacturing, nudge, engineering, and packaging. The ministry will also provide support for the establishment of a marketplace for user and supplier companies while extending comprehensive assistance to manufacturers via engineering big data platforms established at the Korea Institute of Industrial Technology (KITECH). Fourth, MOTIE will establish a design rules system that aligns with the AI era. In the second half of this year, i date2024-07-10
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Korea and Thailand launch 1st official negotiating round for bilateral EPA
Deputy Minister for FTA Negotiations Roh Keon-ki is leading the Korean delegation in the first official round of negotiations for the Korea-Thailand Economic Partnership Agreement (EPA) through July 9–11 in Bangkok. With Deputy Minister Roh as Chief Delegate, the Korean delegation is composed of representatives of relevant ministries, including the Ministry of Trade, Industry and Energy (MOTIE), Ministry of Economy and Finance (MOEF), Ministry of Agriculture, Food, and Rural Affairs (MAFRA), and the Ministry of Health and Welfare (MOHW). The Thai delegation is led by Chotima Iemsawasdikul, Director-General of the Department of Trade Negotiations of the Ministry of Commerce of Thailand. The two delegations are to engage in negotiations on goods, services, investment, digital, government procurement, and intellectual property. Since jointly declaring the commencement of negotiations in March, Korea and Thailand have pushed forward with preliminary procedures for the official negotiating round, during which they aim to lay down the groundwork for accelerating future negotiations. Deputy Minister Roh stated that while the two countries have already established trade agreements through the Korea-ASEAN Free Trade Agreement (FTA) and the Regional Comprehensive Economic Partnership (RCEP), the level of their trade and economic cooperation has room for improvement, highlighting that a bilateral EPA catered to both countries’ needs will serve as an institutional foundation for upgrading the Korea-Thailand economic cooperation. date2024-07-09