Ministry of Trade Industry and Resources

Korea, ASEAN discuss further economic cooperation in Manila

The Ministry of Trade, Industry and Energy announced on September 10 that Korea and the Association of Southeast Asian Nations (ASEAN) discussed further economic cooperation during Trade Minister Kim Hyun-chong’s visit to Manila from September 8 to 10.   The talks, which aim to deepen and expand relations with the ASEAN, encompassed further liberalization under the Korea-ASEAN Free Trade Agreement (FTA) and a new mega trade pact, the Regional Comprehensive Economic Partnership (RCEP date2017-09-10

Trade Minister exchanges views on economic issues with Mexico's Undersecretary of Foreign Affairs

Trade Minister Kim Hyun-chong (right) spoke with Mexico’s Undersecretary of Foreign Affairs Carlos Alberto De Icaza Gonzales at the Government Complex in Seoul on September 1 during the Mexican top official’s visit to Korea.  Trade Minister Kim and Foreign Affairs Undersecretary De Icaza exchanged views on issues of mutual interest including bilateral trade and economic cooperation and discussed latest developments on the renegotiation of the North American Free Trade Agreeme date2017-09-01

Exports grow 17.4% to $47.1 billion on record semiconductor sales in August

The Ministry of Trade, Industry and Energy announced on September 1 that Korea’s exports jumped 17.4 percent to USD 47.1 billion in August on record outbound shipments of semiconductors.   Exports expanded at a double-digit rate for the eighth consecutive month for the first time in 71 months since September 2011. The average daily exports rose by 17.4 percent to $2 billion and won-denominated exports surged 19.4 percent to 53.3 trillion won. Both export prices and volume advanced. date2017-09-01

Minister Paik discusses economic cooperation with Uzbekistan’s Deputy Prime Minister

Trade, Industry and Energy Minister Paik Ungyu (left) posed for a photo with Uzbekistan’s Deputy Prime Minister Jamshid Anvarovich Kuchkarov at the Government Complex in Seoul on August 31 during the Uzbek leader’s visit to Seoul. Minister Paik and Deputy Prime Minister Kuchkarov discussed the expansion of mutually beneficial bilateral economic cooperation as well as a plan to convene a meeting of the Korea-Uzbekistan Joint Committee on Trade and Economic Cooperation. The two leader date2017-08-31

Minister Paik meets business leaders of KCCI

Trade, Industry and Energy Minister Paik Ungyu (fourth from left in the front row) posed for a photo with business leaders of the Korea Chamber of Commerce and Industry (KCCI), a major trade association, during a meeting in downtown Seoul on August 31.  Minister Paik held a meeting with the KCCI leadership to share the new government’s core values and expand communications with industries.  Minister Paik said in his opening remarks that the Ministry will help create jobs by enc date2017-08-31

Retail sales advance 3.6% in July

The Ministry of Trade, Industry and Energy announced on August 30 that retail sales advanced 3.6 percent to $10.2 trillion won in July from a year earlier.   Web-based sales, which account for about a third of the total retail sales, rose by 4.4 percent year-on-year, and in-store sales grew 3.2 percent.   Growth in online retail sales moderated after five consecutive months of double-digit expansion due to decrease in revenues of online sales intermediaries. Brick-and-mortar sales date2017-08-30

Vice Minister Lee hosts 1st consultative meeting on renewable energy policies

Trade, Industry and Energy Vice Minister Lee Inho (third from left) spoke at the first consultation meeting on renewable energy policies in a hotel in downtown Seoul on August 24.  The meeting was designed to bring together municipal governments, civic groups, industries, and academics to cooperate on the government’s goal to boost the proportion of renewable energy in power generation to 20 percent by 2030.  Vice Minister Lee delivered a speech and discussed various renewable date2017-08-24

Trade Minister presides meeting to review exports in major sectors

Trade Minister Kim Hyun-chong (second from left) discussed trade issues with industry representatives at a meeting to review exports in Korea’s major sectors in downtown Seoul on August 24.  Trade Minister Kim, who presided the meeting held in the Korea Trade Insurance Corp. (K-sure), said that the Korean government will actively respond to trade protectionism, strengthen economic cooperation with emerging markets, and help boost the link between trade and industrial development.&nbs date2017-08-24

Korea, US hold special session of the KORUS FTA Joint Committee in Seoul

Trade Minister Kim Hyun-chong (right side of display) and United States Trade Representative (USTR) Robert Lighthizer (left side of display) held a videoconference during a special session meeting of the Korea-U.S. Free Trade Agreement (KORUS FTA) Joint Committee.    The Ministry of Trade, Industry and Energy (MOTIE) and the USTR convened a special session meeting of the KORUS FTA Joint Committee at a hotel in downtown Seoul on the morning of August 22 in accordance with a request by date2017-08-22

Korea hosts Asian WTO Moot Court & Trade Forum

Assistant Minister for Trade and Chief Negotiator for FTAs Lee Sang-jin (fifth from right in the front row) of the Ministry of Trade, Industry and Energy posed for a photo with officials from the World Trade Organization (WTO) and other trade experts at the Seoul National University (SNU) School of Law in Seoul on August 19.  The Asian WTO Moot Court and Trade Forum was organized to help boost interaction between domestic and international trade experts and foster trade practitioners. This date2017-08-19