Ahead of future trade amendments negotiations of the five-year Korea-US Free Trade Agreement, the United States is likely to demand an increased use of American-made parts on Korean vehicles exported to the states, according to industry experts on Sunday. 　As the Trump Administration is already pushing for a higher percentage of American auto parts to be used by its major trading partners through its ongoing North American Free Trade Agreement trade renegotiation talks, local trade officials are

Kim Young-joo, who was officially elected as the new chairman of the Korea International Trade Association on Thursday, said he would focus on helping Korea’s small and medium-sized enterprises thrive on a global level.  　“Korea’s SMEs account for a small share of exports compared to other advanced countries,” said Kim, during a press conference held at the InterContinental Seoul Coex on Thursday.　“We will seek various support measures to enable SMEs and start-

The Ministry of SMEs and Startups launched its three-day Growth Ecosystem ScaleUp Workshop in Changwon, South Gyeongsang Province, on Wednesday, highlighting a new vision to revitalize the local economy and create more jobs through customized solutions. 　The workshop, which is being held at the Pullman Ambassador Changwon hotel through Friday, is led by professor Daniel Isenberg. It includes participants and key leaders from various fields including public institutions, banks, universities and r

The World Trade Organization has ruled in favor of South Korea’s complaint that the United States’ anti-dumping duties against Korean steelmakers is in violation of international trade law, according to a statement by the Ministry of Trade, Industry and Energy on Wednesday. 　The ruling comes nearly three years after the Korean government filed a complaint against the US arguing that its profit data calculations for dumping rate margins, which led to the US levying tariffs on oil coun

Under the theme of “Proud Sponsor of Moms,” Procter & Gamble recently released the latest video for its “#LoveOverBias” ad campaign, voicing support and appreciation for mothers ahead of the upcoming 2018 Winter Olympic Games in PyeongChang. 　“One of the things that is commonly mentioned among various studies on the developmental process of infants and toddlers is the pivotal role of the mother,” said a statement by P&G, an American consumer goods corporation. “While there are many theories and

Local businesses have voiced concerns that Australia’s liquefied natural gas export restriction may mean tight times for Korean companies in the near future, considering President Moon Jae-in’s new eco-friendly energy policy that likely increase the country’s LNG consumption. 　Roughly 200 delegates from Korea and Australia attended the 38th annual Korea Australia Business Council, held in Brisbane from Nov. 12 to 14. Kwon Oh-Joon, the chairman of both Posco and the KABC, and Mark Vaile, chairman

A group of protesting local farmers took over Seoul’s public hearing on the Korea-US Free Trade Agreement on Friday morning, demanding the Seoul government terminate the agreement.　Ahead of trade revision talks on the Korea-US FTA, the Ministry of Trade, Industry and Energy was to hold the public hearing at Coex in Seoul, in accordance with the FTA amendment negotiation procedures to collect public opinion on the trade deal.　The hearing was intended to include a short government presentati

Negotiations between Seoul and Washington regarding the revision of the Korea-US Free Trade Agreement are expected to begin next month, according to the Ministry of Trade, Industry and Energy. 　The timeline for the FTA revision process still needs to be determined because the US has yet to officially announce whether it intends to push forward with a full or partial revision of the agreement, said a Trade Ministry official. However, if the two nation’s push for a speedy process, negotiatio

During his two-day state visit to Korea on Tuesday and Wednesday, US President Donald Trump spared no opportunity to stress his economic crusade to reduce US trade deficits. Trump revealed Seoul will be buying billions of dollars’ worth of American military equipment, while calling the Korea-US Free Trade Agreement “not very good for the United States.”　Although Washington has continuously cited its growing trade deficit with Korea as the main reason behind its discontent with

One day ahead of US President Donald Trump’s visit to Korea, the Ministry of Trade, Industry and Energy and Korea International Trade Association on Monday held an annual trade conference, discussing ways to combat trade protectionism. 　The fourth 2017 International Conference of Trade and Industry at Coex in Seoul opened under the theme of “A new cooperation paradigm for realizing free and inclusive trade,” with both local and international trade experts tackling growing conce

Following the government’s recent announcement it plans to increase fiscal support for innovative startups and venture firms and revitalize second-tier markets, the Kosdaq has slowly rebounded, closing above the 700-marker last week for the first time in a year and two months. 　And will the nation’s tech-heavy stock market get a boost from the government’s venture support? Some experts gave a positive outlook.　According to industry experts, while stock buying is likely to slow

The world‘s semiconductor industry is continuing its record-breaking boom as it has recorded quarterly sales of more than $100 billion for the first time in the third quarter of this year, according to industry reports. 　In its latest summary on worldwide semiconductor sales, the Semiconductor Industry Association reported third quarter chip sales totaled $107.9 billion, marking the industry’s highest-ever quarterly sales. The sales number also represent an increase of 10.2 percent compared to t

As Seoul played host to the Asia-Pacific Economic Cooperation’s fourth annual Meeting of Ministers Responsible for Forestry, ministers from around the region came to Korea to highlight the importance of woodland expansion and management on an economic level.  　Alan Bollard, executive director of the APEC Secretariat based in Singapore, says aside from the obvious environmental advantages for increasing forestation in any nation, expanding a region’s woodland also provides countless economic bene

Ministers from across the Asia-Pacific region have gathered in Seoul this week to discuss the varying social, economic and environmental issues related to forestry management, during the Asia-Pacific Economic Cooperation’s fourth annual Meeting of Ministers Responsible for Forestry, held from Monday to Wednesday. 　One of the main focuses of this year’s forum is stressing the need for regional cooperation in tackling illegal logging and related product trade restrictions. The ministers meeting hi

Semiconductors export shares accounted for more than 16 percent of Korea‘s annual exports for the year, a record high for the industry, according to industry data on Friday. 　Led by Samsung Electronics and SK hynix, the world’s leading chipmakers, the data showed that chip exports reached $70.4 billion from January to September, an increase of 55.6 percent compared to last year. The figure accounts for 16.4 percent of Korea’s total exports of roughly $430.1 billion, representin

The Korea International Trade Association announced that its chairman, Kim In-ho, formally tendered his resignation during a board meeting held at the Trade Tower in Seoul on Tuesday, despite his term not officially expiring until February next year.　”I am resigning because of the new government,“ said Kim, during a press conference held at the Trade Tower on Tuesday.　Kim told reporters that he recently received a message from the government asking him to resign from his post. He, however, refus

The American Chamber of Commerce in Korea has appointed a new vice chair and seven new board of governors, it said Monday. 　Myung Chan Lee, country chief executive of Lockheed Martin Global, Inc. Korea, has been elected as vice chair. AmCham’s new board of governors include Steven Barnett, president and CEO of AIG Korea Inc., Brad Buckwalter, president and general manager of Johnson Controls Korea, and Colm Flanagan, head of the Seoul Foreign School.  (American Chamber of Commerce in Korea)　Jae

Despite experts predicting the long Chuseok holiday earlier this month would put a damper on Korea’s export figures, exports have surged nearly 7 percent compared to last year, according to data from the Korea Customs Service. 　Following the 10-day holiday from Sept. 30 to Oct. 9, government data on Sunday showed that exports from Oct. 1 to 20 amounted to $26.7 billion, an increase of 6.9 percent compared to the same period last year. It marked the eleventh consecutive month of increased e

Trade representatives of China denied the existence of trade-restrictive measures in tourism and distribution services against South Korean companies, despite the United States and Japan voicing support for Korea, a report by the World Trade Organization showed Sunday.　According to the meeting minutes for a council meeting held in June by the Council for Trade in Services, the Korean government raised again the issue of China’s trade-restrictive measures seen as retaliatory actions against

With Korea serving as one of the largest trading partners of Dallas-Fort Worth, Texas, Dallas Mayor Mike Rawlings is in Seoul pushing to expand the presence of local enterprises in the Lone Star State.  　The mayor invited some 30 delegates, including representatives from DFW International Airport, to meet with local government officials and business executives and discuss the benefits of business operations in the DFW region as well as the economic relationship between North Texas and Korea. 　“T