South Korea and the Association of Southeast Asian Nations (ASEAN) established dialogue relations in 1989. Since then, the size of their bilateral trade has increased almost 20-fold and Vietnam has become South Korea’s fourth-largest trade partner behind China, the United States and Japan.The Minist

The South Korean government announced on Nov. 22 that it would conditionally extend the General Security of Military Information Agreement (GSOMIA) and temporarily stop its WTO litigation regarding Japan’s export curbs that continued for 144 days. This means the South Korean government will end the

The United States Department of Commerce has imposed an anti-dumping duty of 53.8 percent, 33 percentage points higher than in the previous year, on Donga Steel’s heavy walled rectangular welded carbon steel pipes and tubes. In addition, the department raised its tariffs on other South Korean steelm

The Hyundai Research Institute said in its report on Nov. 21 that South Korea’s trade with the Association of Southeast Asian Nations (ASEAN) is heavily dependent on its trade with Vietnam and the dependence in terms of trade as well as investment should be reduced for better risk management.“Trade

The International Monetary Fund (IMF) said in its report on Nov. 20 that the potential trade agreement between the United States and China is likely to include managed trade elements, that is, purchases from each other, the agreement is expected to contribute to the global economy in the form of low

The Korea International Trade Association announced on Nov. 20 that South Korea’s exports to Hong Kong for the first 10 months of this year totaled US$26,847 million, down 32.9 percent from a year ago, due to declines in semiconductor prices, U.S.-China trade disputes, and Hong Kong’s political unre

South Korea and Japan have failed to reach any agreement in their second round of WTO negotiations regarding the latter’s export curbs against the former.Chung Hae-kwan, director general for trade legal affairs and public relations at the Ministry of Trade, Industry and Energy, represented the South

Incheon International Airport Corp. has begun a construction project to make Incheon International Airport an ultra-large hub airport. The goal is to accommodate more than 100 million passengers a year by completing the construction of a fourth runway and the expansion of Passenger Terminal 2 by 202

Opening of the South Korean rice market is forecast to accelerate from next year onward. Rice for boiling is likely to be additionally imported in view of WTO rules although the rice tariff rate will be maintained at 513 percent.South Korea acceded to the WTO in 1995 with tariffication on all agricu

The OECD and Statistics Korea announced on Nov. 19 that South Korea’s youth employment rate was 43 percent in 2018, when the OECD average was 54 percent, and South Korea ranked low in the OECD last year when it comes to the employment rate of those in their 30s and 40s as well.Last year, South Korea

Korea's trade deficit with Japan is expected to reach its lowest level in 16 years. The drop is attributed to a decrease in equipment imports by Korean semiconductor companies amid a downturn in the world semiconductor industry and a decline in petrochemical imports due to falling international

The Korea Chamber of Commerce and Industry held a seminar on economic issues in Seoul on Nov. 18. There, professor Ahn Deok-keun at the Graduate School of International Studies of Seoul National University stressed the importance of South Korea’s partnership with Japan.“With trade disputes ongoing b

President Moon Jae-in will meet with key business leaders from China at the Blue House on Dec. 4 as part of his efforts to lift China’s prolonged ban on Korean products.The Korea Chamber of Commerce and Industry (KCCI) told officials of major Korean companies such as Hyundai Motor and SK on Nov. 14

The Korean government will go ahead with a plan to convert the retirement allowance system into an obligatory retirement pension plan for companies with 100 or more employees by the end of next year. It plans to make retirement pension mandatory for all companies with five or more employees by 2026

H2KOREA, a private-government body launched to promote hydrogen convergence alliance, will step up hydrogen cooperation with Australia.H2KOREA chairman Moon Jae-do and Fiona Simon, CEO of the Australian Hydrogen Council, announced on Nov. 12 that Korea and Australia have signed an agreement on mutua

The Ministry of Trade, Industry and Energy announced on Nov. 12 that it designated Jeju City as a regulation-free zone for more convenient electric vehicle (EV) charging services.Specifically, five private companies will set up an EV charger sharing network so that approximately 10,000 chargers in J

The Federation of Korean Industries (FKI) announced on Nov. 11 that the number of Chinese tourists visiting South Korea, which amounted to 8,068,000 in 2016, dropped to 4,790,000 last year in the wake of the China National Tourism Administration’s ban on group travel to South Korea implemented in Au

The Federation of Korean Industries (FKI) announced on Nov. 7 that the foreign direct investments (FDIs) in the United States and China increased year on year in the first half of this year unlike those in South Korea and Japan. Specifically, those in the United States, China, Japan and South Korea

International credit rating agency S&P maintained its sovereign credit rating and outlook for South Korea at the current levels, "AA" and "Stable," on Nov. 6. The agency adjusted the rating from "AA-" to "AA" in August 2016 and the rating has not changed since then.“At present, the solid growth of t

South Korea’s goods account surplus added up to US$8.84 billion in September this year, much lower than US$13.01 billion recorded a year ago. Although South Korea’s current account surplus hit an 11-month high that month, its current account surplus for the first three quarters of this year reached