FOREIGN ECONOMIC STRATEGY OF KOREA
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FOREIGN ECONOMIC STRATEGY OF KOREA
Annotation
PII
S0321-50750000579-2-1
Publication type
Article
Status
Published
Authors
Edition
Pages
76-79
Abstract
The author of the article pays particular attention to the changes in the volume of FDI in Korea after Korea joined the WTO in 1995 and analyzed the actual aspects of them. The author concludes that Korean government is trying to actually use the WTO system and the Free Trade Agreement (FTA), which are characterized by free trade, in order to attract foreign investments. In the 1990s the Republic of Korea has paid attention to the globalization of the economy, and at the same time regional trade has been intensified in the world, for example the European Union (EU), North American Free Trade Agreement (NAFTA), and others. In this situation, the Republic of Korea, for which the key tool of economic development is trade, actively participated in the Uruguay Round Agreements for the purpose of opening the market, and then in 1995 it became a member of the WTO. As a result, the Republic of Korea was able to reduce the economic costs of trade barriers and take effective action against countermeasures. WTO helps to attract FDI, which play a significant role in the sustainable provision of foreign exchange reserves, the growth of production and export volume, job creation, technology development, industrial restructuring. In addition, under the conditions of membership in the WTO international credibility of Korean economy will rise, and investment risk will be reduced. As a result, the volume of FDI in Korea will grow. Thus, in this article the author explains the benefits of Korea's active participation in globalization.
Keywords
Republic of Korea, free trade, Foreign Direct Investment, WTO system, Free Trade Agreement, international competitiveness
Date of publication
01.04.2018
Number of purchasers
8
Views
377
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