On July 31, U.S. President Trump announced that “the U.S. has agreed to a Full and Complete Trade Deal with the Republic of Korea”, including a tariff of 15% on Korean goods entering the U.S., and no tariff for U.S. goods entering their country.
Also, ”South Korea will give to the United States USD 350 Billion Dollar
A high-level meeting for July 25 was called off due to an unspecified urgent scheduling event for U.S. Treasury Secretary Scott Bessent. The meeting was set to bring together Bessent, U.S. Trade Representative (USTR) Jamieson Greer and South Korean counterparts, Finance Minister Koo Yun-cheol and Trade Minister Yeo H
South Korea will seek an extension to the 90-day pause in U.S. tariffs that is set to expire on July 9, as negotiations are likely to continue past the deadline set between the two countries, a senior South Korean trade official said on June 30.
"We will do our best to be granted by July 8 an extension to continue ne
Reported on December 15, 2024, Thailand’s Commerce Minister has recently talked with the South Korean Ambassador to Thailand regarding the economic partnership negotiations between the 2 countries.
Their FTA, which will be called “Thailand-South Korea Economic Partnership Agreement” (EPA), is expected to boost bilate
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Reported on October 10, 2024, on the sidelines of the ASEAN summit in the Vientiane, Laos, the Thai Prime Minister Paetongtarn met with South Korean President, where both sides expressed expectations about expanding cooperation in several areas, including trade, investment, EVs, etc.
Both countries are working to con
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The South Korean government is reportedly considering new regulations that would require automakers to disclose battery information for each vehicle model, a detail previously kept confidential. This move comes in the wake of an EV fire in an underground parking lot involved 140 vehicles in Incheon on August 1.
On Au
On October 16, the UK secured a two-year extension to rules that help British companies to access lower or zero tariffs when selling goods to South Korea. The extension has been secured under the UK-South Korea free trade agreement and comes as welcome news for businesses that can continue to avoid the high tariffs i
The Ministry of Environment of South Korea released on September 25 a plan to expand government subsidies for the purchase of electric cars until the end of the year.
Subsidies for electric cars with a base price of KRW 57 million or less shall increase from a maximum of KRW 6.8 million to a maximum of KRW 7.8 millio
Reported on January 30, 2023, president of the Korea Trade Investment Promotion Agency (KOTRA) said more investors are being pushed to invest in Cambodia, especially in the field of vehicle spare-parts.
Meanwhile, vice-president of the Cambodia Chamber of Commerce said South Korea is a leading nation in the fields o
On January 1, 2023, the Indonesia-Korea Comprehensive Economic Partnership Agreement (IK- CEPA) has officially been implemented, marking the 50th anniversary of diplomatic ties between both countries.
According to the Indonesian Minister of Trade, the agreement will open wider opportunity for relations of both count
On September 28, the Korean government announced plans to boost domestic automakers' electric vehicle (EV) production to 3.3 million units by 2030 and increase their global market share to 12 percent.
The plan is part of the government's vision for the automobile industry unveiled by Lee Chang-yang, minister of trad
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