Minister of Trade, Industry & Energy Baek Woon-kyu met with Adel bin Muhammad Fakeih, Saudi Arabian Minister of Economy & Planning, in Seoul on October 26 just before the “Korea-Saudi Arabia 2030 Business Forum held in Seoul on the day and said that South Korea is willing to take part in nuclear pow
Korea's trade negotiator Kim Hyun-jong is discussing pending FTA issues in the second special session of the Korea-US Joint FTA Committee with the participation of officials from both sides including US Trade Representative Robert Lighthizer in the USTR Office in Washington D.C. in the morning of Oc
Korea's information and communication technology (ICT) capability and the growth potential of Latin America will join forces to promote economic growth in the fourth industrial revolution era. Korea and 13 countries of Central and South America adopted the Busan Declaration on strengthening cooperat
Asian and European economic ministers resolved to jointly respond to growing global protectionism.The Ministry of Trade, Industry and Energy announced that representatives of 51 member countries adopted the Joint Statement on Supporting the Multilateral Trade System with the above-mentioned contents
The suspension of the construction of Shin-Kori 5 and 6, which is the core of the Moon Jae-in government's policy for a nuclear phase-out, came under controversy once again. Less than two weeks have passed since the new administration came up with a roadmap to decide whether or not the government wi
The Korean government on April 5 unveiled a series of measures to nurture local startups and venture firms.During a ministerial economic meeting on April 5 presided over by Deputy Prime Minister for Economy Yoo Il-ho, the government decided to remove hurdles and boost fast-track processing systems f
The South Korean government will start negotiating a trade agreement (TA) with Mercado Common Sour (Mercosur). Mercosur is the South American trade block consisting of four member countries – Argentina, Brazil, Uruguay and Paraguay, which was established in 1995 after the founding members eliminated
The South Korean government held a ministerial meeting on February 16, presided over by Acting President Hwang Kyo-Ahn. There, Minister of Science, ICT & Future Planning Choi Yang-hee announced that multiple South Korean ministries and government agencies would come up with new legal standards withi
The Korea Iron & Steel Association (KISA) and an Indian industrial delegation led by Indian Steel Association (ISA) Secretary General Sanak Mishra held a meeting for cooperation in the steel industry in Seoul on February 9. There, the KISA and the ISA signed a memorandum of understanding and promise
South Korean Deputy Prime Minister Yoo Il-ho presided over a ministerial meeting on January 25 to discuss how to revive the South Korean shipbuilding, shipping, steel and chemical industries.According to him, the South Korean government is planning to further accelerate the restructuring of the ship
The 1300 megahertz (㎒)) frequency bandwidth only for the fifth-generation (5G) network will be set up by the end of next year. This is attracting attention as the South Korean government is suggesting the direction of 5G frequency policies with its aim to realize the 5G network for the first time in
South Korean Minister of Trade, Industry & Energy Joo Hwang-wan said at the Informal WTO Ministerial Gathering in Davos, Switzerland on January 20 (local time) that the judicial function of the WTO should be strengthened for an effective response to trade protectionism. “Dispute settlement procedure
The Ministry of Trade, Industry & Energy released its fourth four-year plan for the development of materials and components on December 26.The purpose of the plan is to accelerate the development of the materials and components industry, which is a typical example of sectors making a greater contrib
South Korean Minister of Trade, Industry & Energy Joo Hyung-hwan participated in the 28th APEC Ministerial Meeting in Lima, Peru on November 18 and declared the initiation of negotiations for the improvement of the South Korea-Chile FTA with Chilean Foreign Minister Heraldo Muñoz.The free trade agre
The Ministry of Trade, Industry & Energy announced on November 6 that the Indian and South Korean governments agreed to improve the Korea-India Comprehensive Economic Partnership Agreement (CEPA) before the end of next year.“Since becoming effective in 2010, the Korea-India CEPA has been characteriz
The government concluded that it will maintain the “Big Three” structure in the Korean shipbuilding industry. According to the government plan, with an eye towards standing the new order cliff, not only Daewoo Shipbuilding and Marine Engineering (DSME) but Hyundai Heavy Industries and Samsung Heavy
These days, the importance of high-precision spatial information as a basic infrastructure is increasingly highlighted in various future-oriented industries such as autonomous driving, drone, augmented reality (AR) and virtual reality (VR). Standardization of reliable, accurate and high-precision sp
In a surprising move, Korea and Japan agreed to resume a currency swap. The agreement was made in one and a half years since the end of a US$10 billion currency swap in February last year. It is expected that the agreement will play a positive role in stabilizing the Korean financial market. But som
South Korean enterprises can use the euro in trade with their Iranian counterparts starting from late this month.Deputy Prime Minister Yoo Il-ho announced on August 25, after an economic ministerial meeting held at the government complex located in Seoul, that a euro-based alternative payment system
Hyundai Rotem has resumed its suspended project while collecting all the payments unpaid from a railway project in Iran through the support of the South Korean government, Korean oil refineries, and financial institutions.Hyundai Rotem, an affiliate of the Hyundai Automotive Group, said on August 19