2005 Trade Will Surpass $500 Bil. Q: MOCIE said that Korea's trade volume is expected to reach US$500 billion mark in December 2005. What is the significance of reaching a trade volume of US$500 billion A: As you have said, the trade volume of US$500 billion is likely to be reached in early December 2005. In spite of the difficult economic conditions such as soaring oil prices and unfavorable exchange rate, Korea's exports have recorded a double-digit growth rate of 12.3% along with expected trade surplus of about US$25 billion. Now, Korea is to become the 11th largest trading country in the world. This also means that the quality and brand power of our products have strong competitiveness in the global market. In fact, the mainstream items of key industries such as semiconductors, automobile, and shipbuilding have shown a steady growth in spite of difficult external factors. Accordingly, our exports are more likely to depend on the trends in the world economy rather than foreign exchange rates or crude oil prices. Q: The global trade environment is undergoing sweeping changes. Could you explain MOCIE's efforts to cope with recent environmental changes in global trade A: We will continue to support exports of first-class products, focusing on exploring new markets and niche markets such as BRICs and the Middle East. MOCIE is preparing for the era of e-Trade by means of early establishment of an e-Trade platform. Export insurance undertakings will be expanded to strengthen the export infrastructure. To keep abreast of world trade liberalization, MOCIE will step up the expansion of FTAs and conclusion of the DDA (Doha Development Agenda) negotiations. Q: Could you explain briefly the purpose of the Investment Environment Explanation Meeting, which was held at the 2005 OPEC meeting last November in Busan A: The purpose of this explanation meeting was to provide the opportunity for practical business exchanges and also create the best atmosphere to attract foreign businessmen by informing them of the investment merits and business environment of Korea.