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Archive for the ‘South Korea’ Category

South Korea’s Instant Noodles Exports Skyrocket to Record High of $1 Billion in 2023

Agricultural Trade, News, South Korea

January 7, 2024

In a remarkable achievement, South Korea’s exports of the beloved Korean instant noodles, known as ramyeon, soared to an unprecedented high, hitting nearly $1 billion (1.31 trillion won) in 2023, as per government data and industry sources.   The Korea Customs Service reported a substantial annual increase, with ramyeon exports reaching $952 million last year, […]

South Korea’s Export Growth Moderates in December Amidst Global Dynamics

International Trade, News, South Korea

December 31, 2023

In December, South Korea witnessed a third consecutive month of export growth, albeit at a slower pace, according to recent data. While global semiconductor sales remained robust, weakened demand for Korean products in China tempered overall export expansion.   The data revealed a 5.1% increase in exports, totaling $57.66 billion in December. This marked a […]

South Korea and Japan Resume High-Level Economic Talks, Signaling Improved Ties

International Relations, Japan, News, South Korea

December 20, 2023

In a significant diplomatic development, South Korea and Japan are set to engage in high-level economic talks for the first time in eight years, highlighting a positive shift in their relations. This move comes as both nations increasingly find themselves aligned on shared geopolitical concerns.   The talks, initially initiated in 1999, had been stalled […]

China, Japan, and South Korea Take Steps to Improve Relations and Plan Summit

China, Geopolitics, Japan, News, South Korea

November 25, 2023

In an effort to ease tensions and enhance cooperation, China, Japan, and South Korea have agreed to restart diplomatic and economic exchanges and work toward organizing a summit. Despite China’s attempts to mend relations with the United States, Beijing is concerned about the strengthening partnership between Washington and its key regional allies.   Previously, Beijing, […]

South Korea and UK Forge Stronger Ties in Defense, Technology, and Trade

Economic Development, News, South Korea, United Kingdom

November 22, 2023

In a landmark move, South Korean President Yoon Suk Yeol and British Prime Minister Rishi Sunak have signed the Downing Street Accord during President Yoon’s state visit to London. This agreement represents a significant step in strengthening bilateral cooperation in various sectors, notably in defense, security, and technology.   The accord underlines both nations’ commitment […]

UK and South Korea Initiate Trade Talks and Diplomatic Ties During President Yoon’s State Visit

International Relations, News, South Korea, United Kingdom

November 20, 2023

In a significant development in international relations, the United Kingdom and South Korea are set to commence negotiations on a fresh free trade agreement (FTA) and formalize a new diplomatic accord during the state visit of South Korean President Yoon Suk Yeol. This visit marks a momentous occasion, as it is the first state visit […]

South Korea’s President Yoon Seeks Enhanced Trade and Investment Ties with Ireland

International Trade, Ireland, News, South Korea

November 3, 2023

South Korean President Yoon Suk-yeol expressed his aspirations for a substantial growth in trade and investment between South Korea and Ireland. This vision comes as the two nations collaborate to bolster their partnership in the fields of biotechnology and education.   During a bilateral summit held in Seoul with Irish Prime Minister Leo Varadkar, President […]

South Korea’s Stronger-Than-Expected Economic Growth Supports Rate Stability

Economic Development, News, South Korea

October 25, 2023

South Korea’s economy has surpassed expectations in the third quarter, with growth primarily driven by exports. This robust performance reinforces the argument for the central bank to maintain its current interest rates in the coming months.   According to data from the Bank of Korea, Gross Domestic Product (GDP) expanded by 0.6% in the July-September […]

International Trade Council Celebrates Extension of Tariff-Free Trade between Britain and South Korea

News, South Korea, Trade Agreements

October 15, 2023

In a positive development, Britain and South Korea have agreed to extend the period of low or zero tariffs on bilateral trade, particularly on products with components originating from the European Union (EU). This extension, confirmed by the British government, is a welcomed boost for various industries, notably the automotive sector.   The extension of […]

UAE and South Korea Cement Economic Ties with Landmark Trade Agreement

News, South Korea, Trade Agreements, United Arab Emirates

October 14, 2023

In a significant stride for global trade, the United Arab Emirates and South Korea announced the culmination of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) this Saturday. This pivotal accord underscores the robust and burgeoning economic partnership between the two nations, set against a backdrop of sustained growth in non-oil bilateral trade, which touched […]

Philippines and South Korea Forge Transformative Free Trade Agreement

International Trade, News, Philippines, South Korea

September 25, 2023

The International Trade Council is pleased to report on the signing of a significant Free Trade Agreement (FTA) between the Philippines and South Korea. This momentous occasion took place during the 43rd Association of Southeast Asian Nations (ASEAN) Summit in Jakarta, Indonesia, and is poised to strengthen economic ties and promote increased cooperation between the […]

South Korea Advances International Agreements in Minerals and Electric Vehicles, Fueling EV Battery Manufacturing Ambitions

News, South Korea, Trade Relations

September 11, 2023

The International Trade Council commends South Korea for its proactive engagement in international talks and the signing of multiple agreements related to minerals and electric vehicles (EVs). These agreements align with South Korea’s ambitious goals for EV battery manufacturing and underscore the nation’s commitment to pursuing strategic initiatives despite challenges in its manufacturing sector.   […]

International Trade Council Commends the Philippines and South Korea on the Signing of a Free Trade Agreement

News, Philippines, South Korea

September 7, 2023

The International Trade Council is pleased to recognize the signing of a free trade agreement (FTA) between the Philippines and South Korea during the ASEAN Summit in Indonesia. President Ferdinand Marcos Jr. announced this significant development, emphasizing its potential to strengthen investment relations and create employment opportunities.   President Marcos highlighted that the FTA underscores […]

India Calls for Renegotiation of FTAs with Japan and South Korea to Address Trade Imbalance

India, Japan, News, South Korea, Trade Policy

July 27, 2023

India’s Trade Minister, Piyush Goyal, announced on Thursday that the country has requested Japan and South Korea to reconsider their existing free-trade agreements (FTAs) with India to ensure a more “balanced and equitable” trade relationship. The move comes in response to the widening trade gap between India and the two Asian nations. During an event […]

Japan and South Korea Re-establish Finance Dialogue Amid Geopolitical Challenges

Economic Development, Japan, News, South Korea

May 1, 2023

The International Trade Council is pleased to announce the re-establishment of finance dialogue between Japan and South Korea, as the two countries held their first finance leaders’ meeting in seven years on May 2, 2023. The renewed commitment to regular dialogue is a crucial step towards enhanced cooperation and coordination in the region.   Japanese […]

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