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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