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South Korea - Latest News/Current Events, Economic Overview & Trade Relations

AEI | Quick Facts about South_korea

Official Name Republic of Korea
Capital Seoul
Location Eastern Asia, southern half of the Korean Peninsula bordering the Sea of Japan and the Yellow Sea
Area total: 98,480 sq km land: 98,190 sq km water: 290 sq km
Climate temperate, with rainfall heavier in summer than winter
Terrain mostly hills and mountains; wide coastal plains in west and south
South Korea
South Korea

South Korea's Economy Grew to the Highest in Seven Years

South Korea's economy expanded at the fastest pace in almost six years last quarter as exports and household spending jumped. Gross domestic product rose 2.3 percent from the first quarter, when the nation skirted a recession by growing 0.1 percent,…

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South Korea

South Korea's Go-Green Initiatives Might Improve Employment & Growth

As Asia's third-largest crude oil importer, South Korea announced its plans to invest 107 trillion won ($84 billion) in the next five years to help reduce dependency on fossil fuels and simultaneously spur economic growth.

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South Korea

Improved Outlook in Korean Shares

Stocks have the possibility of benefiting after the won's 18 percent fall against the dollar the past year, which made the currency more appealing, according to Credit Suisse. It is predicted that the South Korean currency will strengthen up to 15 percent…

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South Korea

South korea has $19 billion plan to boost the economy

The government's plans are intended to make more effective a sector that has suffered from poor investment and sclerotic restrictions. In particular the government will revise current laws in order to help expand markets and grow domestic enterprises,…

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South Korea

South korea offers help to Algeria to diversify its economy

South Korea is offering a important partnership to Algeria, which is going to boost growth. The two countries are going to be partners toward a mutual benefits of technology transfers in fields that South Korea has managed.

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South Korea

Korea Prices $3 Billion Global Bond

South Korea discovered yesterday that giving a little can elicit unexpected rewards. By conceding on pricing, it managed to raise one-and-half times more cash than it initially intended. Korea raised $3 billion with an issue of senior, fixed-rate, SEC-registered,…

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Trade Agreements

ASEAN - Korea Free Trade Area

Under the ASEAN- Korea Free Trade Agreement, Korean businesses will gain access to the ASEAN market, which contains nearly 500 million people. The agreement contains trade in goods and tariffs will be either eliminated or reduced on Korean products. http://www.aseansec.org/18063.htm

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Global System of Trade Preferences among Developing Countries

AlgeriaAlgeria
ArgentinaArgentina
BeninBenin
BoliviaBolivia
BrazilBrazil
CameroonCameroon
ChileChile
ColombiaColombia
CubaCuba
EcuadorEcuador
EgyptEgypt
GhanaGhana
GuineaGuinea
GuyanaGuyana
IranIran
IraqIraq
LibyaLibya
MexicoMexico
MoroccoMorocco
MozambiqueMozambique
NicaraguaNicaragua
NigeriaNigeria
PeruPeru
SudanSudan
Tanzania, United Republic OfTanzania, United Republic Of
Trinidad And TobagoTrinidad And Tobago
TunisiaTunisia
VenezuelaVenezuela
ZimbabweZimbabwe

The Global System of Trade Preferences arose out of the United Nations Group of 77. The Group first appeared interested in 1976 to develop a global system of trade for developing countries. Over years of negotiations, the agreement was signed by the participating members of the Group of 77. The members are currently looking to expand their economic ties to other developing countries in Asia, Latin America and Africa. http://www.unctadxi.org/templates/Page____6207.aspx

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Korea - Chile Free Trade Agreement

After six rounds of negotiation, the Korea-Chile Free Trade Agreement was concluded in 2003. The KCFTA was the first free trade agreement entered into by Korea. It provides Korea with an opening into other Latin American economies as Chile has numerous agreements with other countries in the region. Both countries are to eliminate tariff on 96 percent of goods in 10 years. The combination of the two countries compliments each other because while Chile is competitive in raw materials and agricultural products, Korea’s strength lies in industrial products. http://docsonline.wto.org/DDFDocuments/t/WT/REG/169-1.doc

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Korea - European Free Trade Association Free Trade Agreement

IcelandIceland
LiechtensteinLiechtenstein
NorwayNorway
SwitzerlandSwitzerland

The Korea-EFTA FTA will eliminate tariff and non-tariff barriers, promote liberalization and encourage economic cooperation. http://secretariat.efta.int/Web/ExternalRelations/PartnerCountries/Korea/KR/KR_Agreement.pdf

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Korea - Singapore Free Trade Agreement

The “Korea - Singapore Free Trade Agreement“ will allow all Korean exports to enter tariff-free to Singapore. The Korean market will also be opened to various Singapore services. Singapore will support Korea’s expansion into ASEAN while Korea will provide a bridge for Singapore to enter Northeast Asia. http://docsonline.wto.org/DDFDocuments/t/WT/REG/210-1.doc

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Trade Organizations

ASEAN Plus 3

Forum as a coordinator of cooperation between ASEAN and China, Japan and South Korea.

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Asia Cooperation Dialogue (ACD)

The Asia Cooperation Dialogue (ACD) is an International Organization to promote Asian cooperation at a continental level, helping to integrate the previously separate regional organizations of political or economical cooperation such as ASEAN, SAARC

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Asia-Pacific Economic Cooperation (APEC)

Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim countries or regions (styled 'member economies') to discuss the regional economy, cooperation, trade and investment. The membership is claimed to account for approximately 41 percent of the world's population, approximately 56 percent of world GDP and about 49 percent of world trade. The activities, including year-round meetings of the members' ministers, are coordinated by the APEC Secretariat.

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Council for Security Cooperation in the Asia Pacific (CSCAP)

The Council for Security Cooperation in the Asia Pacific (CSCAP) is a non-governmental (second track) process for dialogue on security issues in Asia Pacific.

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East Asia Summit (EAS)

The East Asia Summit (EAS) is a Pan-Asia forum of 16 countries in East Asia, with ASEAN in a leadership position.

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