Ministry of Trade, Industry and Energy

Korea conducts first test flight with sustainable aviation fuel

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Land, Infrastructure and Transport (MOLIT) announced on September 5 that over the next three months, the cargo airline flying from Incheon to Los Angeles will be partially fueled with sustainable aviation fuel (SAF) for test flights. The first test flight was conducted via Korean Air’s flight KE207 at 5:45 p.m. on September 5 from Incheon to Los Angeles by filling two percent of the jet aircraft fuel with SAF. Five mor date2023-09-06

Korea and Guatemala conclude Korea-Central America FTA membership negotiations

Minister for Trade Dukgeun Ahn held talks via videoconferencing with Guatemala’s Minister of Economy Luz Marina Pérez Contreras on September 5 to announce that the membership accession negotiations have reached a final agreement on Guatemala joining the Korea-Central America Free Trade Agreement (FTA). Through the membership accession negotiations, Guatemala agrees to open most of the major items of Korea’s interest, such as automotive parts, textiles and steel, also agreeing date2023-09-05

Korea announces support measures to boost exports

The Government of the Republic of Korea announced additional support measures for promoting export during the Emergency Economic Ministerial Meeting held on September 4 to discuss export and investment strategy measures. The measures will focus on concentrating pan-ministerial policies toward boosting the economy for a quick rebound in exports performance. First, the Korean government plans to swiftly reinforce support for export infrastructure, such as trade financing, marketing, customs and l date2023-09-05

Korea's exports decline 8.4% in August

The Ministry of Trade, Industry and Energy (MOTIE) announced on September 1 that Korea’s exports in August declined 8.4 percent year-on-year to USD 51.9 billion and imports fell 22.8 percent to $51.0 billion, resulting in a trade surplus of $0.9 billion. August exports were negatively impacted by falling unit prices of semiconductors, petroleum products and petrochemicals, as well as by the high base effect from last year’s record high August monthly exports of $56.6 billion. Howeve date2023-09-01

Korea to remove "killer" regulations for industrial complexes

The Ministry of Trade, Industry and Energy (MOTIE) and the Ministry of Land, Infrastructure and Transport (MOLIT) announced measures to remove “killer” regulations on industrial complexes during a strategy meeting on August 24, with aim to get rid of regulations that hamper investment decisions. This is the first time in three decades that the Government is making extensive changes to the industrial complex management system. Major adjustments are as follows. First, the limit on b date2023-09-01

Korea holds symposium with top experts on WTO dispute settlement system reform

Minister for Trade Dukgeun Ahn chaired the international symposium for the reform of the dispute settlement system of the World Trade Organization (WTO) on August 31 at the Lotte Hotel Seoul. Top scholars on the topic, including Stanford Law School Professor Alan Sykes, Columbia Law School Professor Petros Mavroidis, Harvard Law School Professor Mark Wu, Professor Peter Van den Bossche from the University of Bern, Switzerland, and other experts gathered in Seoul to participate as either speaker date2023-09-01

Korea and Argentina discuss measures to bolster economic and trade cooperation

Minister for Trade Dukgeun Ahn met Argentine Foreign Minister Santiago Cafiero on August 31 in Seoul and discussed measures to advance the Korea-MERCOSUR trade agreement, establish a communication channel for Korea-Argentina trade and industrial cooperation, and to strengthen bilateral cooperation in critical minerals supply chain and hydrogen. The two countries’ trade leaders agreed on the need for stronger economic cooperation in trade and investment expansion, and decided to continue w date2023-08-31

Trade Minister Ahn and U.S. Senator Young discuss measures to strengthen cooperation

Minister for Trade Dukgeun Ahn met with U.S. Senator Todd Young of Indiana on August 30 during the latter’s visit to Korea and discussed measures for bolstering Korea-U.S. economic and trade cooperation. Senator Young is one of the U.S. senators that introduced the Building Chips in America Act in March this year, proposing deregulatory measures for chip manufacturing plants in the U.S. and showing interest in strengthening advanced industries. He also partook in the launching of the date2023-08-31