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Trade Investment and Policy in Asia - Article Example

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The article outlines that South Korea, like other developing Asian economies, had adopted strategic macroeconomic management disciplines. The state wanted to play a key role in mobilizing the resources, and they preferred to take their own initiative…
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Trade Investment and Policy in Asia
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Download file to see previous pages By East-Asian standards, Korea is a relatively open economy. This openness is the result of an export-led growth model started in 1961 (Andreosso-O’Callaghan, 2009). The Korean government took economic liberalization measures in line with the gradual integration of Korea into the global system. Such features such as the FDI liberalization measures have been the features of modern Korea. In the areas of preferential trade agreement (PTA) and free trade agreement (FTA) Korea has been a late entrant. However, Korea’s FTA strategy included regional integration in Asia through bilateral deals such as the ASEAN-China, and the ASEAN individual countries – Japan agreements. Korea’s strategy was to avoid exclusion from the general trend of the FTAs. Korea reached a number of FTAs with countries such as Chile, Singapore and also into negotiation and planning stages with several other nations.
In 1995 Korea adopted globalization as its national goal and pursued it in different sectors such as education, market and economic systems, politics, environment and culture. Their strategy induced foreign investment and liberalized their financial market. Korea realized that it could no longer depend on the protectionist attitude of the government. Korea thus became an open economy and its free and open market-oriented strategy has enhanced its competitiveness round the world. Towards the financial reforms, many non-viable companies and banks were either closed or merged with stronger institutions (Moak, 2000). The bankruptcy process was supported by a legal system a viable commercial banking system was introduced to efficiently allocate financial resources. Korea started encouraging FDI and foreigners could buy land. However as wages are high in Korea, this erodes its competitiveness against China and other Asian economies.  ...Download file to see next pagesRead More
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