Korea’s Trade Strategies for Mega Free Trade Agreements in Regional and Global Economic Integration
2016. Vol. 11. No. 4. P. 177–204 [issue contents]
Korea has developed rapidly since the 1960s. It is one of the four Asian tiger economies and a good model for developing countries. Korea shows the world how a developing country can develop its economy rapidly and become industrialized. Its development strategy has mainly been an export-oriented trade policy. As a result, its trade volume grew from $1 billion in 1966 to $1 trillion in 2011, which is a 1,000-fold increase within five decades. Since 2011, Korea has become one of seven countries with a trade volume over $1 trillion. However, the Korean economy has experienced turbulence as well as positive growth. It underwent severe economic crises such as the Asian financial crisis in 1997 and the global financial crisis in 2008. Its economy has been extremely vulnerable to the external economic environment, although it has improved and strengthened, particularly since the global financial crisis. During those two crises, the government carried out an appropriate trade policy with a strategic approach to upgrade its industrial structure and competitiveness in global markets.
This article comprehensively discusses Korean trade policy and strategy over the last five decades, and how its national economy has developed rapidly. It also explores how the government sets its strategic targets in Asia and the Asia Pacific region. It considers two mega free trade agreements (FTAs) — the Regional Comprehensive Economic Partnership and the Trans-Pacific Partnership — as new opportunities for further development. Therefore, it is wise to analyze these regional mega FTAs in order to maximize the national interest.
Citation: Park S. (2016) Politika Yuzhnoy Korei v sfere torgovli i strategiya strany v otnoshenii regional'nykh i global'nykh initsiativ ekonomicheskoy integratsii na primere Vseob"emlyushchego regional'nogo ekonomicheskogo partnerstva (VREP) i Transtikhookeanskogo partnerstva (TTP) [Korea’s Trade Strategies for Mega Free Trade Agreements in Regional and Global Economic Integration]. INTERNATIONAL ORGANISATIONS RESEARCH JOURNAL, vol. 11, no 4, pp. 177-204 (in Russian)
Keywords: trade policy; development strategy; free trade agreements; Regional Comprehensive Economic Partnership; Trans-Pacific PartnershipArticle type: Article.