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 |
Editor PicksBrowse Asia News Archive
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,…
read full newsSouth 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.
read full newsImproved 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…
read full newsSouth 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,…
read full newsSouth 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.
read full newsKorea 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,…
read full newsBrowse Asia News Archive
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
Global System of Trade Preferences among Developing Countries
Algeria
Argentina
Benin
Bolivia
Brazil
Cameroon
Chile
Colombia
Cuba
Ecuador
Egypt
Ghana
Guinea
Guyana
Iran
Iraq
Libya
Mexico
Morocco
Mozambique
Nicaragua
Nigeria
Peru
Sudan
Tanzania, United Republic Of
Trinidad And Tobago
Tunisia
Venezuela
ZimbabweThe 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
Korea - Chile Free Trade Agreement
ChileAfter 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
Korea - European Free Trade Association Free Trade Agreement
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
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
Trade Organizations
ASEAN Plus 3
Forum as a coordinator of cooperation between ASEAN and China, Japan and South Korea.
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
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.
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.
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.