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 [...]
SEOUL, Jan. 4 (Korea Bizwire) – South Korea’s trade ministry said Thursday it will hold a public hearing on the negotiations to expand the scope of the free trade agreement (FTA) with China to further lower trade barriers in the service and investment sectors. Policymakers, experts and industry officials will take part in the hearing [...]
SEOUL, Dec. 6 (Korea Bizwire) — South Korea’s trade surplus with the United States fell sharply during the first 11 months of this year from a year earlier amid growing pressure from Washington, data showed Wednesday. The U.S. has demanded a revision to a free trade agreement (FTA) with Seoul, which U.S. President Donald Trump [...]
SEOUL, Dec. 4 (Korea Bizwire) — The South Korean government will establish a plan to renegotiate the free trade agreement (FTA) with the United States and notify its course of action to the National Assembly, the trade ministry said Monday. Trade Minister Kim Hyun-chong held a meeting with officials from 20 ministries and government organizations [...]
SEOUL, Oct. 25 (Korea Bizwire) – For the first time, a U.S. national has sued the South Korea government over land expropriation, citing the free trade agreement between South Korea and U.S. The Ministry of Justice said on Tuesday that a U.S. citizen, identified only by her surname Seo, filed a request for arbitration through investor-state [...]
SEOUL, Sept. 15 (Korea Bizwire) – Prime Minister Lee Nak-yon met with the governor of the U.S. state of Wisconsin on Friday and discussed trade and economic cooperation, including the free trade pact between the two countries, Lee’s office said. Gov. Scott Walker has been on a four-day visit to South Korea since Wednesday, leading [...]