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    Korea's New Southern Policy: Vision and Challenges

    Kwak, Sungil | November 2018
    Abstract
    The Korean government's New Southern Policy aims to cultivate its relations with ASEAN and India as key partners in the southern region, raise this partnership to the level of Korea's traditional four major diplomatic partners (the U.S., China, Japan, Russia), develop values that can be empathized with others, and build a mutually prosperous "people centered" community. The New Southern Policy aims to form a multilateral economic and diplomatic framework to adjust to the U.S.'s priority on domestic concerns, which has been in full swing since the inauguration of the Trump administration, and to the expansion of China's influence across East Asia. Korea's trade has been heavily dependent on the United States and China. Over the last three years (2015‒2017), the United States and China accounted for 38.1% of Korea's total exports. In terms of total value of exports and imports also, China and the U.S. accounted for 35 percent. This concentration on a certain few countries in its trade structure has made Korea susceptible to changes in their foreign policy strategies and constrained the range of changes in its foreign economic policies.
    Citation
    Kwak, Sungil. 2018. Korea's New Southern Policy: Vision and Challenges. © Korea Institute for International Economic Policy. http://hdl.handle.net/11540/9407.
    Keywords
    Regionalism
    Regional Economy
    Regional Trading Arrangements
    Regional Trade Integration
    Regional Economic Integration
    Regional Cooperation
    Interregional Cooperation
    Trade Disputes
    Trade Barriers
    Free Trade
    Trade
    Trade Agreements
    Intraregional Trade
    Government Policy
    Regional Organization
    Regional Plans
    Economic integration
    Regional Development Bank
    Preferential tariffs
    International negotiation
    Protectionist measures
    Access to markets
    Economic agreements
    International trade law
    Regional integration
    Trade relations
    Exports
    Economic integration
    Distribution
    Economic integration
    Development Bank
    Trade policy
    Regional economics
    Regional planning
    Regional disparities
    Interregionalism
    Regional economic disparities
    Regional economic blocs
    Industrial arbitration
    Euro
    Inflation
    Business
    Finance
    Free trade
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    Citable URI
    http://hdl.handle.net/11540/9407
    Metadata
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    KIEPopinions_no146.pdf (245.3Kb)
    Author
    Kwak, Sungil
    Theme
    Regional
    Trade
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise