KOREA’s Economic and Trade Policy KOREA’s Economic and Trade Policy KOREA s Economic and Trade Policy
under the New Leadership
KOREA s Economic and Trade Policy under the New Leadership
H.E. Seokyoung CHOI
Ambassador and Permanent Representative
Permanent Mission of the Republic of Korea to UN office and
Trends in Korean GDP and Trade volume
(USD, billion) ❐ growth process = trade expansion
1,164
1,068 1000
1200
800 1000
GDP 600
GDP Export
200
400 Import
0 200
1967 1974 1988 2005 2012
Trade volume
1967 1974 1988 2005 2012
Macroeconomic Indicators of Korea Macroeconomic Indicators of Korea
❐ GDP growth : (2012) 2.0% (2013) 2.6%
❐ Unemployment Rate : 3~4%
❐ Unemployment Rate : 3 4%
❐ Debt to GDP ratio : 35%
Ch ll
Challenge
- Low birth rate (1.3 per woman) & aging population Demand for public welfare
- Demand for public welfare - Current global recession
- Unstable exchange rate & quantitative easingUnstable exchange rate & quantitative easing - North Korean factor
Opportunity Opportunity
- Emergence of Asia (China, India, ASEAN)
- Geographic advantage : enormous market & supply chainsGeographic advantage : enormous market & supply chains
FTA Network of Korea FTA Network of Korea
EFTA EFTA EFTA EFTA E U
E U
TurkeyTurkeyCanada Canada
US US
KOREA KOREA
E U E U
Gulf Cooperation C il (GCC)
Gulf Cooperation C il (GCC)
Mexico Mexico
Colombia Colombia SECA
SECA
China
China JapanJapan
Vietnam, Indonesia Vietnam, Indonesia
India India
Israel
Israel KOREAKOREA RCEP
RCEP
Council (GCC) Council (GCC)
MERCOCUR MERCOCUR
Chile Chile Peru Peru Australia
Australia
ASEAN ASEAN
Singapore Singapore
Chile Chile
New Zealand New Zealand
In effect
In effect NegotiatingNegotiating Pre NegotiatingPre Negotiating
In effect
In effect NegotiatingNegotiating Pre-NegotiatingPre-Negotiating
Korean policy Priority of New Leadership
Creative Economy
Korean peninsular trust process & Asian Paradox
Break vicious
Peace &
Mutual Trust between
South/North
Foundation for Peaceful
circle
Peace &
cooperation in Northeast
Korea
Unification Asia &
beyond Asia
Asian Paradox
Growing economic tie - Growing economic tie - Growing historical &
territorial tensions
- Provocation by N. Korea
Trust Politik Trust Politik
-Incremental approach
50 years of Korean-Swiss Partnership
Swiss exports to Korea: USD 2.1 billion
Machinery 33%
Optical/
Ph ti l/
Optical/
Medical
Since 2003 in Seoul
Pharmaceutical/
Chemicals 26%
Watches 17%
Si 1993 i I h Swiss imports to Korea: USD 0.6 billion
Auto 35%
