SEOUL, Feb. 14 (Korea Bizwire) — South Korea’s finance minister said Thursday that Seoul will push for talks with Britain on forging a bilateral free trade deal, citing London’s imminent departure from the European Union. The comments by Hong Nam-ki, the minister of economy and finance, underscored South Korea’s efforts to keep intact its economic [...]
SEJONG, Jan. 16 (Korea Bizwire) — South Korea’s trade ministry said Wednesday it will speed up efforts to clinch a free-trade agreement (FTA) with Britain amid rising woes over the country’s move toward exiting the European Union without an agreement on matters such as customs. The Ministry of Trade, Industry and Energy said it has [...]
SEOUL, Sept. 26 (Korea Bizwire) –Regarding recent reports that U.S. President Trump had asked his aides to review the possibility of lifting tariffs for Korean-made cars, key players within the local car industry are letting out a collective sigh of relief as a possible disaster seems likely to be averted. Previously, the U.S. government cited [...]
SEOUL, Aug. 14 (Korea Bizwire) — Over the past five years, during which the free trade agreement (FTA) between South Korea and EU entered effect, the number of European-made cars imported to South Korea grew by 95 percent, while the number of Korean-produced vehicles exported to Europe grew by just 13 percent. According to the [...]
SEOUL, Aug. 5 (Korea Bizwire) – U.S. beef and pork imports surged in the first half of 2018, expanding their presence in the South Korean market, a research institute said Sunday. According to the Korea Rural Economic Institute (KREI), both types of meat are rapidly increasing their market share in Asia’s fourth-largest economy, with beef [...]
SEOUL, Jun. 23 (Korea Bizwire) — Korea’s trade deficit with the United Stated in the service sector reached a new high last year, while the nation’s goods surplus with the world’s largest economy hit a five-year low. According to the data released by the Bank of Korea on Thursday, Korea recorded a loss of $15.4 [...]
SEOUL, Mar. 27 (Korea Bizwire) — South Korea’s troubled automobile industry faces yet another blow amid growing speculation that the government might trade the sector in for favorable steel tariffs. Speaking to the press at Incheon Airport, South Korean trade minister Kim Hyun-jong. who had just returned from Washington, said, “Understanding on the bilateral FTA and [...]
SEOUL, March 26 (Korea Bizwire) – Cheong Wa Dae on Monday welcomed South Korea’s exemption from U.S. steel tariffs, calling the deal a “perfect win-win” agreement that would further solidify the alliance between the two countries. The U.S. has agreed to exempt South Korea from the 25-percent additional tariffs it plans to impose on steel [...]
SEOUL, Jan. 22 (Korea Bizwire) — South Korea’s imports of Vietnamese agricultural and livestock products jumped 34 percent two years after the two nations’ bilateral free trade deal came into force, data showed Sunday. Two-way trade between the two countries has risen since the deal went into effect in December 2015, making Vietnam the fourth-largest [...]
SEOUL, Jan. 11 (Korea Bizwire) – Deputy Minister for Trade Kang Sung-chun left for the United States yesterday as South Korea looks to make one last push to encourage its second-largest trading partner to back off from imposing tariffs on solar panels and washing machines. Though fingers are crossed, the general mood is pessimistic, with [...]