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  • Author: Aaron Jed Rabena
  • Publication Date: 03-2021
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: There are four ways on how the NSP Plus could be further improved. First, to avoid policy limitations and maximize the room for supply chain resiliency and functional cooperation, the coverage of the NSP countries can be expanded apart from ASEAN and India. Second, South Korea can employ the concept of Third-Party Market Cooperation (TPMC) or the pursuit of joint ventures or partnerships with other countries in maximizing capacity-building in third countries (NSP countries). Third, South Korea can help strengthen ASEAN institution-building, regionalism and internal balancing by applying a similar policy framework to the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) just as it does to the Mekong Region. Fourth, there needs to be more reciprocity or two-way interaction in the NSP so as to not make it seem that ASEAN is only on the receiving end of South Korean generosity. Finally, it is important to note that a change in the South Korean administration does not necessarily spell the end of the NSP just as the US’ Pivot or Rebalance to Asia of the Obama Administration was remodeled to the Indo-Pacific under the Trump administration.
  • Topic: Markets, Regional Cooperation, ASEAN
  • Political Geography: India, Asia, South Korea, Southeast Asia
  • Author: Ana González, Euijin Jung
  • Publication Date: 01-2020
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: By refusing to fill vacancies in the World Trade Organization’s (WTO) Appellate Body—the top body that hears appeals and rules on trade disputes—the Trump administration has paralyzed the key component of the dispute settlement system. No nation or group of nations has more at stake in salvaging this system than the world’s big emerging-market economies: Brazil, China, India, Indonesia, Korea, Mexico, and Thailand, among others. These countries have actively and successfully used the dispute settlement system to defend their commercial interests abroad and resolve inevitable trade conflicts. The authors suggest that even though the developing countries did not create the Appellate Body crisis, they may hold a key to unlock it. The Trump administration has also focused its ire on a longstanding WTO practice of giving these economies latitude to seek “special and differential treatment” in trade negotiations because of their developing-country status. The largest developing economies, which have a significant stake in preserving a two-step, rules-based mechanism for resolving trade disputes, could play a role in driving a potential bargain to save the appeals mechanism. They could unite to give up that special status in return for a US commitment to end its boycott of the nomination of Appellate Body members.
  • Topic: Development, Government, World Trade Organization, Developing World, Donald Trump
  • Political Geography: China, Indonesia, India, South Korea, Brazil, North America, Mexico, Thailand, United States of America
  • Author: Katherine Bauer, Kevin Mathieson
  • Publication Date: 07-2020
  • Content Type: Policy Brief
  • Institution: The Washington Institute for Near East Policy
  • Abstract: Tehran is pressing Seoul regarding the billions in Iranian oil revenues held by South Korean banks, creating an opportunity to expand the U.S. humanitarian trade mechanism. On July 21, South Korea’s Foreign Ministry summoned the Iranian ambassador to lodge a complaint over Tehran’s heightened rhetoric regarding access to funds frozen in South Korea. The week before, Iran’s Foreign Ministry spokesperson had accused Seoul of having a “master-servant relationship” with Washington, while the governor of the Central Bank of Iran (CBI) had previously threatened legal action to access the funds, which Tehran says it plans to use for humanitarian purchases. Although the U.S. government authorized use of the funds for such purposes in February, South Korean banks appear hesitant to move forward without additional U.S. assurances—a reluctance compounded by the $86 million fine that U.S. regulators levied on the Industrial Bank of Korea (IBK) in April for failing to identify large-scale Iranian money laundering. With COVID-19 cases on the rise again in the Islamic Republic, Washington should work with Seoul to ensure that trade for medicine, equipment, and other humanitarian items moves forward—albeit with strict oversight.
  • Topic: Foreign Policy, Government, Trade
  • Political Geography: Iran, Middle East, Asia, South Korea, United States of America
  • Author: Frank Aum, Jacob Stokes, Patricia M. Kim, Atman M. Trivedi, Rachel Vandenbrink, Jennifer Staats, Joseph Yun
  • Publication Date: 02-2020
  • Content Type: Policy Brief
  • Institution: United States Institute of Peace
  • Abstract: A joint statement by the United States and North Korea in June 2018 declared that the two countries were committed to building “a lasting and stable peace regime on the Korean Peninsula.” Such a peace regime will ultimately require the engagement and cooperation of not just North Korea and the United States, but also South Korea, China, Russia, and Japan. This report outlines the perspectives and interests of each of these countries as well as the diplomatic, security, and economic components necessary for a comprehensive peace.
  • Topic: Conflict Resolution, Security, Diplomacy, Economy, Peace
  • Political Geography: Russia, Japan, China, Asia, South Korea, North Korea, Korean Peninsula, United States of America
  • Author: Cheol-Won Lee, Hyun Jean Lee, Mahmut Tekçe, Burcu Düzgün Öncel
  • Publication Date: 04-2020
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: The Agreement on Trade in Services and the Agreement on Investment between Korea and Turkey came into effect in August 2018. This article focuses on the construction sector and the cultural contents sector to seek possible cooperative measures between the two countries.
  • Topic: International Cooperation, Treaties and Agreements, Culture, Economy, Investment, Industry
  • Political Geography: Turkey, Middle East, Asia, South Korea
  • Author: Jang Ho Choi, Yoojeong Choi
  • Publication Date: 02-2020
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: This study examines changes in trade-related legal systems in North Korea and ac-tual trade transactions, and analyzes them in accordance with international standards (the WTO regulatory framework). Through this process, we will draw up measures to im-prove North Koreas trade system to open up the external economy as well as signing of a Comprehensive Economic Partnership Ar-rangement (CEPA). The results of this study will contribute to understanding the main characteristics of trade-related laws and sys-tems within North Korea and suggest promis-ing directions for their improvement.
  • Topic: Bilateral Relations, Partnerships, Economy, Trade
  • Political Geography: Asia, South Korea, North Korea
  • Author: Meeryung La
  • Publication Date: 02-2020
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: The Korean government has been pursuing a New Southern Policy (NSP) focusing on the “3P” areas of cooperation ‒ People, Prosperity, and Peace. The NSP puts people at a center of policy, and emphasizes the enhancement of cultural conversation and people-to-people exchange between Korea and ASEAN. The majority of services trade, an area with a low level of cooperation between Korea and ASEAN, is inherently based on the exchange of people. Promoting services trade flows between Korea and ASEAN could contribute to achieving the vision of a People-centered community in the region. Also, when taking into account the fact that services are integral to the working of GVC, the government should pursue policies to promote services trade and to enhance cooperation with ASEAN in the services sector. To this end, we aim to identify the current status of service trade and service trade barriers between ASEAN and Korea. This report briefly covers ASEAN’s trade in services and the restrictiveness of service trade regulations in ASEAN, and then suggests policy recommendations based on the results.
  • Topic: International Cooperation, Regulation, Economy, Economic Policy, Trade
  • Political Geography: Asia, South Korea
  • Author: Kyu yub Lee, Hyun Park
  • Publication Date: 02-2020
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: We attempt to characterize a data- and AI-driven economy and establish a general equilibrium growth model in order to describe the data economy and examine how data and AI can affect the economy in the long run. To sum up, this article provides three policy implications. First, the authority should have a balanced view between privacy protection and data usage in economy-wide technology in terms of long-run growth. Privacy should not be considered only as utility loss, but must be considered as a contributor to loss in growth rates. Second, economic growth can be achieved by using higher amounts of data as well as continuous development in AI technology. A caveat is that AI-technology can boost economic growth only when it applies to all industries as general purpose technology. Lastly, the authorities should keep considering how to deal with new issues that include data ownership, outlaw data sharing, data market, AI bias, and so forth. Our model can be used as a starting point to such examinations.
  • Topic: Science and Technology, Privacy, Economic Growth, Economic Policy, Artificial Intelligence
  • Political Geography: Asia, South Korea
  • Author: Yessengali Oskenbayev
  • Publication Date: 01-2020
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: This article investigates the potential direction of the Kazakh-Korean economic relationship. The two countries have become major partners in their economic relationship. It is important for Kazakhstan to establish economic relations with South Korea, to diversify its economy. Kazakhstan’s economy is strongly dominated by mineral resources extractive sectors, and the country’s rapid economic growth during the period from 2000 to 2007, and afterward due to oil price increases, was not well translated into substantial growth of non-extractive sectors. Kazakhstan could employ strategies applied by Korean policymakers to sustain business and entrepreneurship development.
  • Topic: Development, Bilateral Relations, Economic Growth, Economic Policy, Diversification, Trade, Economic Cooperation
  • Political Geography: Central Asia, Kazakhstan, Asia, South Korea
  • Author: Surendar Singh
  • Publication Date: 01-2020
  • Content Type: Policy Brief
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: India and South Korea enjoy strong economic and trade relations, shaped by a significant convergence of interest, mutual good will and high-level diplomatic exchange. Bilateral trade between the two countries has also increased after signing the Comprehensive Economic Partnership (CEPA). However, the overall trade balance is in favor of South Korea due to superior comparative advantage of Korea in manufacturing as compared to India. South Korean exports are high technology-intensive while India’s exports are low-value raw material and intermediate products. Both countries are members to a mega regional trade pact – the Regional Comprehensive Economic Partnership. Though India has decided to not join the RCEP at this stage it will continue the discussion to explore possible ways to join it. Assuming that India will join the RCEP sooner or later, it is important to analyze the potential impact of the RCEP to India-South Korea bilateral trade ties. This short policy paper compares the proposed provisions of the RCEP and CEPA. It shows that the RCEP is much more comprehensive an agreement compared to the CEPA, both in terms of coverage and scope. It also provides some insights on the likely implications of the RCEP, especially from the perspective of trade with China factored against the bilateral trade ties between India and South Korea.
  • Topic: International Trade and Finance, Bilateral Relations, Partnerships, Economic Cooperation
  • Political Geography: South Asia, India, Asia, South Korea