Main Characteristics of Bilateral Trade between Iran and South Korea: Focusing on Trade Diversification
Zamani, Zahra | November 2018
Abstract
South Korea and Iran enjoy economic ties covering many sectors and activities. Iran is one of Korea’s largest trade partners in the Middle East and its fourth-largest supplier of crude oil. In recent years, South Korea has imported 87 percent of its oil from the Middle East, and Iran has become one of its top suppliers.
Although bilateral trade between Iran and South Korea reached a maximum of more than US$12 billion in 2017, the US’ withdrawal from the Iran nuclear deal on May 2018 and its new plans for re-imposing sanctions on Iran may affect Iran-Korea bilateral trade. This demonstrates how earnings from Iran’s trade relations are somehow fragile against sanctions, and due to this fact the expansion of non-oil exports on the basis of an export leap strategy can be considered as a major goal of Iran’s development plans in trade and business. In this situation, it will be essential to identify areas with good prospects to enhance exports and diversify trade between Iran and its trading partners like South Korea. South Korea should play a volunteering and constructive role in collaboration with Iran. The long-standing relations and existence of several bilateral economic and trade agreements between the two nations indeed require a careful and in-depth study of the economic and trade positions of both countries.
Citation
Zamani, Zahra. 2018. Main Characteristics of Bilateral Trade between Iran and South Korea: Focusing on Trade Diversification. © Korea Institute for International Economic Policy. http://hdl.handle.net/11540/9414.ISSN
2233-9140
Keywords
Free Trade
Trade Facilitation
Trade
Economic integration
Regional Economic Integration
Intraregional Trade
Macroeconomic
Macroeconomic Analysis
Macroeconomic Framework
Macroeconomic Models
Macroeconomic Performance
Macroeconomic Planning
Macroeconomic Policies
Macroeconomic Reform
Macroeconomic Stabilization
Economic planning
Economic structure
Growth policy
Trade relations
Trade policy
Trade policy
Economic development
Economies in transition
International economy
Border integration
Economic integration
Gross domestic product
Trade policy
Trade Regulations
Exchange Rate
Regional economics
Economic forecasting
Economic development projects
Success in business
Business
Free trade
Business
Economics
Communication in economic development
Restraint of trade
International economic integration
Trade blocs
East-West
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Citable URI
http://hdl.handle.net/11540/9414Metadata
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