Ahead of trade revision talks between Seoul and Washington over the Korea-US Free Trade Agreement, the US Chamber of Commerce has launched a website highlighting the benefits of the KORUS deal. 　Since the Donald Trump administration announced its intent to amend the five-year-old bilateral trade deal earlier this year, representatives of the US Chamber of Commerce have publicly voiced opposition against altering terms of the FTA, saying, “The KORUS agreement is working.” 　&ldquo

Build orders for South Korea’s rebounding shipbuilding industry are likely to reach the second highest in the world this year, following China, according to data by British shipbuilding and marine analysis agency Clarkson Research Services on Friday. 　The research data shows that China‘s cumulative order volume for the January to November period reached 7.13 million CGT or 324 vessels, followed by Korea with 5.74 million CGT and Japan at 1.82 million CGT. CGT refers to the Compensated Gross Tonn

South Korea’s exports of agricultural products to China showed signs of rebounding last month, following the announcement that South Korea and China had decided to begin normalizing bilateral relations in October.　　According to the Korea Agro-Fisheries & Food Trade on Thursday, exports of agricultural and livestock products to China -- excluding marine products -- reached roughly $165 million in November. The figure marks a 4.1 percent increase compared to the same month last year.　In addition t

Next year’s budget passed by the National Assembly in the wee hours of early Wednesday included 19 trillion won ($17.4 billion) set aside for various social overhead capital, or infrastructure, up 1.3 trillion won from the government’s original plan.　The budget also marked the largest infrastructure increase. The government stated the reason for the budget increase was due to the sector’s impact on the local economy. 　Last-minute increases came from various regional construction projects endorse

South Korea’s LIG Nex1 highlighted the country’s leading defense systems at this year’s Expodefensa -- a global defense expo -- held in Bogota, Colombia, for three days from Monday.  　LIG Nex1, an aerospace and defense company, showcased its defense systems including portable ground-to-air guided weapons, medium-range ground guided weapons, Sonar, navigation radars and torpedoes at the event as part of its promotion for exports across South America, the Middle East and Asia.  LIG Nex1’s booth sh

The Ministry of Trade, Industry and Energy announced Tuesday that it plans to submit a report regarding its plans to renegotiate the Korea-US Free Trade Agreement to the National Assembly on Dec. 18. 　Submitting the plans to the parliament will mark the conclusion of the necessary procedures here in order to begin trade talks with Washington. 　Under current laws, the government is required to make a report to the legislature about the target, agenda and countermeasure plans in entering a negotia

The Fair Trade Commission confirmed that it has decided to submit a proposal to the prosecution to investigate allegations filed against Hyosung Group CEO and former Chairman Cho Suck-rai and his eldest son, Chairman Cho Hyun-joon, over alleged misappropriation of funds. 　The commission is set to hold a plenary session next month to review its final report and conclude its findings before filing the proposal with the Seoul Prosecutor’s Office.　The proposal is said to include the names of four pa

As an independent investment entity consisting of asset management, securities, insurance and real estate, Mirae Asset currently operates a global network in 12 countries, including 11 overseas subsidiaries. As of the end of October, it was operating roughly 130 trillion won ($119.33 billion) through its global networks, according to the company.　Stepping up its pace to strengthen its growth engine, Mire Asset has been expanding further into overseas markets, strengthening operational competitiv

Some representatives of the farming sectors urged the Seoul government to refuse Washington’s demands to further open up the market or discard the bilateral trade pact completely during the second public hearing on the Korea-US Trade Agreement on Friday.　The latest round, held at Coex in southern Seoul, was held with only a brief moment of interruptions by protestors, unlike the first round last month that was suspended when a group of local farmers disrupted the forum in strong protest ag

The head of the nation’s antitrust watchdog, Kim Sang-jo, assured foreign businesses here that he is confident the South Korean market will remain strong despite concerns over North Korea’s latest missile launch Wednesday. 　The chairman of the Korea Fair Trade Commission also said his organization is devoted to increasing transparency to raise the market’s credibility for foreign businesses operating here.　“When looking at the stock market conditions and economic outlook,

The Korea International Trade Association announced Tuesday that it has kick-started its 10th annual Korea Grand Sourcing Fair, a two-day overseas marketing fair, as part of its weeklong hosting of trade-related events in celebration of the upcoming 54th anniversary of Trade Day on Dec. 5.　The fair was launched as a means for global industry representatives to source innovative Korean products and form international partnerships, said the association. Some 140 companies from 26 countries are par

Samsung C&T has been selected by the Land Transport Authority to be the first contractor to design and construct a stretch of the North-South Corridor, an underground expressway in Singapore, the company announced Monday. 　Samsung C&T will be responsible for the design and construction of a 1.25-kilometer stretch of the corridor between Novena Rise and Toa Payoh Rise in a contract worth $602 million.   (Samsung C&T)　The expressway will be Singapore’s first integrated transport corridor featuring

South Korea‘s third quarter economic growth was the second highest among the Organization for Economic Cooperation and Development nations, on the back of strengthening exports, data showed Monday.　Korea’s economy grew 1.4 percent from July to September of this year compared to the previous quarter, the data showed. The figure marked the second-highest on-quarter jump among all OECD members behind Latvia, which edged out Korea at 1.5 percent. 　The country’s strong economic grow

Korea’s second-tier Kosdaq market is continuing to soar, exceeding the 800-marker for the first time in more than a decade on Friday. 　The Kosdaq index rose 4 points (0.50 percent) to 800.80 as of 9:32 a.m., surpassing 800 for the first time since Nov. 7, 2007. The index opened at 797.97, jumping 1.17 points (0.15 percent). 　The Kosdaq ended up closing at 792.74 on Friday, down 4.06 points, however, managed to exceed 800 in intraday trading .　“The US stock market is closed for the ni

The South Korean government is looking to the upcoming 2018 PyeongChang Winter Olympics as beacon for providing additional means and opportunity in which the country can expand its economic territory and extend multilateral Free Trade Agreement talks with leaders from Eurasian nations, according to local trade officials on Thursday. 　The winter games, which will launch in February, will play host to a sleuth of economic and political figures from the Eurasian Economic Union, including Russia, Be

Despite Korea experiencing a boom in exports in the semiconductor industry, overall export growth for Korean goods is expected to fall short of the overall growth rate of worldwide trade due to worsening international competitiveness, according to the Bank of Korea on Wednesday.　The central bank forecast Korea’s exports would see 3.7 percent growth this year compared to last year. However, the figure is 0.5 percentage point lower than the International Monetary Fund’s global trade gr

South Korea continues to struggle with its high youth unemployment rate, with the number of employed Korean youths hitting a record low last month and the number of senior citizens in Korea continuing to climb, according to data from Statistics Korea on Tuesday. 　The number of employed Koreans aged 15 to 29 stood at 3.93 million in October, 52,000 lower compared to the same month last year. The employment figure also represents an all-time low percentage of 14.6 percent of Korea’s total em

Samsung Engineering has filed an investor-state dispute settlement suit against Saudi Arabia with the International Center for Settlement of Investment Disputes of the World Bank over changes made to its power plant construction contracts for Yanbu Industrial City. 　Earlier this year, Saudi Arabia’s Saline Water and Conversion Corp. canceled the contract for a major power and desalination plant in Yanbu Industrial City after disagreements arose with Samsung Engineering over changes to the projec

For the first time in 14 years, imports of US beef accounts for more than half of South Korea’s imported beef market on the back of the two countries’ free trade agreement, according to data from the Korea International Trade Association on Monday. 　From January to October this year, US beef imports hit $989 million, making up 50.7 percent of the country’s beef import market, marking the first time it has exceeded 50 percent after hitting a record-high 75.9 percent in 2003.&nbs

The cost to purchase a home in South Korea’s capital of Seoul surpasses that of Tokyo and is quickly catching up to New York, according to a report by the National Assembly Research Service on Sunday. 　The report showed that the price of a Seoul home cost an average of 100 million won ($91,500) more than that of a house in Japan’s capital. The median price for a Seoul home stood at 434.85 million won as of late last year, compared to Tokyo’s 311.36 million won.  　Purchasin