scholarly journals Priorities of the Republic of Korea in Integration Projects

2017 ◽  
Vol 10 (4) ◽  
pp. 144-157
Author(s):  
Aleksandr Nikolaevich Fedorovskii
Keyword(s):  
Free Trade ◽  
Free Trade Agreements ◽  
Trade Agreements ◽  
Republic Of Korea ◽  
Asia Pacific ◽  
Pacific Region ◽  
Asia Pacific Region ◽  
South Korean ◽  
The Republic

The article deals with the main purposes, opportunities and risks of the Republic of Korea’s involvement in integration projects. The author stresses the basic principles of South Korean foreign economic strategy, including common views of the different president administrations on key foreign economic priorities, including constant support of business expansion towards the most prominent markets. The analysis focuses also on new methods of support of national business interests: the transition from rigid defense of domestic market to adoption to growing competition at home as far as foreign partners agreed to open their markets to South Korean export. The paper describes role of bilateral Free Trade Agreements (FTA) and regional mega-projects in South Korea’s foreign economic diplomacy. Comparison study of bilateral Free Trade Agreements between the Republic of Korea on the one side, European Union, the USA and China on the other sides. The author characterizes growing role of China and other East Asian countries for South Korean economy the ROK-China Free Trade Agreement, including some obstacles and limitations to upgrade development of bilateral economic exchanges. Special attention paid to positive and negative factors, influenced on economic integrations between China, Japan and the Republic of Korea. The paper describes Seoul’s interests in economic integration projects in East Asia, including involvement in joint economic projects with ASEAN. The author analyses the Republic of Korea’s attitude to regional mega-projects in Asia-Pacific region such as Trans-Pacific Partnership. Finally the article describes modern stage and possible development of Russia-South Korea economic relations and contains forecast of the main trends of the Republic of Korea’s involvement in integration projects in East Asia and in Asia-Pacific region in general.

The impact of COVID-19 on the economy and international economic relations of the Republic of Korea

2021 ◽  
Vol 97 (4) ◽  
pp. 173-179
Author(s):  
I. A. Sukhanov ◽  
Keyword(s):  
Free Trade ◽  
Free Trade Agreements ◽  
Trade Agreements ◽  
The United States ◽  
Global Value Chains ◽  
Republic Of Korea ◽  
Asia Pacific ◽  
Value Chains ◽  
The Republic ◽  
The Impact

The COVID-19 pandemic has negatively impacted global trade in goods and services and has exposed weaknesses in the existing structures for international interaction within the global value chains in the Asia-Pacific region, including the United States of America, Japan and the Republic of Korea. The dependence of these economies on the People's Republic of China negatively affected the production processes of the largest industrial companies. To minimize the existing risks, countries are actively participating in and developing free trade agreements, which helps to diversify the geography of participants in global value chains and sales markets. The Government of the Republic of Korea has demonstrated its ability to effectively combat the COVID-19 pandemic by implementing its own strategy of preventive measures and economic stimulus measures. In addition, two new foreign economic initiatives were launched: the New Southern Policy and the New Northern Policy, which could be based on existing and new free trade agreements. Active involvement in global value chains and participation in free trade agreements allowed the Republic of Korea to increase its competitive advantages in the world market and develop its economic potential. The diversification of trading partners under free trade agreements had a positive impact on the country's economic performance during the pandemic and helped to minimize the negative impact of disruptions in foreign trade. The Russian Federation has the opportunity to integrate into new foreign economic trends in South Korea, and there are opportunities to increase the volume of mutual trade between the countries. One of the ways to achieve this goal may be the signing of a bilateral agreement of a free trade zone between the Republic of Korea and the Eurasian Economic Union.

Estimating the Impact of Cumulative Rules of Origin on Trade Costs: An Application to Mega-regional Free Trade Agreements in the Asia-Pacific Region

2022 ◽  
pp. 1-18
Author(s):  
Chul Chung ◽  
Innwon Park ◽  
Soonchan Park
Keyword(s):  
Free Trade ◽  
Capital Accumulation ◽  
Free Trade Agreements ◽  
Trade Agreements ◽  
Trade Costs ◽  
Asia Pacific ◽  
Pacific Region ◽  
Asia Pacific Region ◽  
Rules Of Origin ◽  
The Impact

Abstract We investigate the effects of free trade agreements (FTAs), focusing on the impact of cumulative rules of origin (ROO) on trade costs. Using a gravity regression model, we estimate the effect of various cumulative ROO systems on the measured trade costs. We apply these estimates to static and capital accumulation computable general equilibrium models to compare the effects of mega-regional FTAs in the Asia-Pacific region—namely, the Regional Comprehensive Economic Partnership (RCEP), Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), and Free Trade Areas in the Asia-Pacific (FTAAP). We find that mega-regional FTAs may not be a viable alternative to a multilateral trading system or bilateral FTAs unless less restrictive cumulative ROO are adopted. Successful FTAs depend on an appropriate cumulative ROO provision system rather than their membership expansion.

scholarly journals Оценка сравнительного потенциала увеличения торговли регионов Дальнего Востока со странами АТР

2020 ◽  
pp. 5-20
Author(s):  
Дмитрий Изотов
Keyword(s):  
Russian Far East ◽  
Far East ◽  
Republic Of Korea ◽  
Asia Pacific ◽  
Trade Barriers ◽  
Pacific Region ◽  
Asia Pacific Region ◽  
Modern Approach ◽  
The Republic ◽  
The Russian Far East

В рамках современного подхода к оценке гравитационных зависимостей, на основе применения метода квазимаксимального правдоподобия Пуассона, определены сравнительные значения торговых барьеров, а также сравнительный потенциал расширения торговли регионов Дальнего Востока с ключевыми экономиками Азиатско-Тихоокеанского региона (далее 􀀐 АТР). При соотношении оценок, полученных в рамках традиционного и современного подходов к оценке гравитационных зависимостей, показаны схожие результаты и расхождения. Современный подход к оценке указал на заметный потенциал для расширения торговли регионов Дальнего Востока со странами Северо-Восточной Азии, что подтверждает выводы о наращивании торговых взаимодействий между крупными и близлежащими экономиками в результате либерализации торговли. The objective of the paper is to assess comparative trade barriers between the regions of the Russian Far East and the countries of the Asia-Pacific region based on the modern approach to assessing gravity models, as well as to assess the potential for increasing mutual trade. The author has shown that the countries of the Asia-Pacific region are the largest trading partners for the Russian Far East (RFE), characterizing perceptible differences in the geographical and regional structure of the trade interactions. Since the customs duties on RFE exports are high, it is the main source of the tariff burden on the mutual trade. The findings indicate the following similar results between the traditional and modern approaches: the lowest comparative value of the trade barriers is typical for the trade between the RFE and the Republic of Korea; the trade between the RFE on the one hand and China and the Republic of Korea on the other has intensified; reducing the tariff barriers was not sufficient to boost the trade between the RFE and the Asia-Pacific countries; trade restrictions initiated by the Russian side resulted in a transition from the tariff barriers to the institutional ones; the groups of the RFE regions with similar characteristics of the comparative potential for expanding trade relations with the Asia-Pacific countries were identified. The evaluation shows some differences in outcomes between the two approaches. First, under the traditional approach the trade barriers were generally overestimated, so the estimates using the modern approach were more realistic, reflecting the possible changes in the price of foreign goods. Second, using the modern assessment approach, expanding the trade between the RFE regions and the close markets in the Northeast Asia (Korea, China and Japan) has a greater potential than with the remote countries (USA and South-Asian countries). These assessments support the early findings that trade interactions between the large and neighboring economies has a high potential as a result of trade liberalization.

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