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(SEJONG=NEWSIS) Minister Yoon Sang-jick of the Ministry of Trade, Industry & Energy (MOTIE) said on May 7 that the Ministry makes policy efforts to liberalize trade and investment through free trade agreements (FTAs), activate foreign direct investment, improve conditions for small- and medium-sized enterprises (SMEs) and help large companies and SMEs grow together.
Yoon attended the OECD Ministerial Council Meeting held in Paris, France on May 6 and said in the meeting that Korea has experienced economic growth and industry development by utilizing global value chains.
Meeting participants agreed on the need for policy efforts and ideas like building an open trading and investment system, devising effective science and technology policies and enhancing labor skills.
After the Paris meeting, Yoon flew to Australia to attend an unofficial meeting of trade ministers and discussed follow-up plans for the Bali Package, a trade agreement that resulted from the 9th Ministerial Conference of the World Trade Organization.
The trade minister also held a meeting with the OECD Secretary-General. In the meeting, they discussed ways for Korea to expand cooperation with the OECD in the industrial, trade and investment sectors.
Source: Newsis (May. 07, 2014)
** This article was translated from the Korean.