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61. Tensions in U.S.-Korea Economic Relations

Author:
Troy Stangarone
Publication Date:
04-2018
Content Type:
Journal Article
Journal:
International Journal of Korean Studies
Institution:
International Council on Korean Studies
Abstract:
Following a relatively successful period for U.S.-South Korea economic relations under the Bush and Obama administrations, Washington and Seoul have entered a new period of economic tension in the Trump administration. Unlike prior U.S. presidents, who placed a priority on negotiating fair rules in the United States’ economic relationships, President Trump has prioritized outcomes. As a result, one of his administration’s earliest moves was to renegotiate the KORUS Free Trade Agreement. While the results of the renegotiation were modest, they may help to expand the sale of American automobiles in the Republic of Korea in the long-run. The largest outcome of the negotiations may be to protect the Ford Motor Company from South Korean competition in the U.S. market as the company transitions to sales focused on light trucks. While the renegotiation has eased tensions for the moment, the prospect of economic engagement with North Korea, the Trump administration’s continued use of national security to erect trade barriers, and the emergence of new technologies such as artificial intelligence and autonomous vehicles could result in growing tensions in the relationship.
Topic:
Economics, Treaties and Agreements, Bilateral Relations, Negotiation, Free Trade, and Donald Trump
Political Geography:
Asia, South Korea, North Korea, North America, and United States of America

62. Progress and Implications of the China-Korea FTA

Author:
Li Si-qi, Tu Xin-quan, and Liu Bin
Publication Date:
07-2017
Content Type:
Special Report
Institution:
Korea Economic Institute of America (KEI)
Abstract:
The article focuses on the China-Korea FTA, analyzing the background of China-Korea bilateral economic relations, the characteristics of the China-Korea FTA and more importantly, the implications and future prospect of this free trade pact. So far, the China-Korea FTA is considered to be the most comprehensive compared with China's previous FTAs and may be the largest in trade terms among all the FTAs concluded by Korea and China, playing a positive role in advancing economic integration in the Asia-Pacific region. However, with lots of exceptions to tariff elimination and market access, as well as a 20-year transition period, the present version of the China-Korea FTA is far from the best in terms of the depth of liberalization and the scope of obligations on trade and investment rules. The recent bilateral diplomatic tensions due to the decision of deploying the THAAD missile system by the Korean government may also jeopardize bilateral economic ties between China and Korea, and further increase uncertainties of the China-Korea FTA. It remains to be seen whether the Chinese and Korean governments will handle this issue smoothly under the present sensitive political atmosphere and achieve substantial progress in follow-up FTA negotiations on services and investment.
Topic:
Diplomacy, Economics, Bilateral Relations, and Regional Integration
Political Geography:
China, Asia, South Korea, and Korea

63. Korea's Economic Relations with Japan

Author:
Kim Gyu-Pan
Publication Date:
07-2017
Content Type:
Special Report
Institution:
Korea Economic Institute of America (KEI)
Abstract:
Korea's economic relations with Japan, which were re-established as a result of the diplomatic normalization between the two countries in 1965, have transformed from dependent to interdependent. The extraordinary economic growth that Korea accomplished during the post-war period was largely due to intermediate goods imported from Japan, and technical cooperation and joint ventures with Japanese enterprises. However, in the 21st century, the dependence of Korean firms on Japanese technology has somewhat declined as global enterprises have appeared in Korea. In contrast to the post-war economic boom, Japanese companies now prefer to cooperate with their Korean counterparts, resulting in joint business ventures between Korean and Japanese firms being continuously developed. This reversal in the economic ties between Korea and Japan can be attributed to several reasons including: the rise of China; Japan's two lost decades; and Korea's push for domestic structural reform as well as economic globalization after the Asian Currency Crisis of 1997. Nonetheless, the issue of Korea's trade imbalance with Japan, which was established during the post-war period, still remains thereby serving as a serious impediment to FTA negotiations between Korea and Japan as well as Korea's TPP negotiations.
Topic:
Economics, History, Bilateral Relations, and Trade
Political Geography:
Japan, Asia, South Korea, and Korea

64. Present Conditions of North Korean Industry and Possible Reconstruction Plans

Author:
Lim Soo-ho and Hong Seok-ki
Publication Date:
07-2017
Content Type:
Special Report
Institution:
Korea Economic Institute of America (KEI)
Abstract:
Since the collapse of industry during the 'Arduous March' (1995-1997), Pyongyang has continuously launched reconstruction plans but has failed to see a rebound. The key is to restore industrial linkages; however, the DPRK allocated a majority of state investment to the defense industry under the 'Military First Economic Policy.' As long as the 'strategic sector' retains priority, a sound outcome seems to be out of reach. In reality, North Korea's comparative advantage lies on labor-intensive business, with abundant labor forces at a low cost. After unification, such industries will have bright prospects with technology and capital not only from South Korea, but also from China and Japan. The economic integration scenario of the two Koreas -- whether radical or gradual -- will decide industrial policies for the upper half of the peninsula in the post-unification era.
Topic:
Economics, Science and Technology, History, Reconstruction, and Industry
Political Geography:
Japan, China, Asia, South Korea, North Korea, and Korea

65. Korean Firms' Sustainability Practices and Their Role in the Green Economy

Author:
Younsung Kim
Publication Date:
11-2017
Content Type:
Working Paper
Institution:
Korea Economic Institute of America (KEI)
Abstract:
Companies in industrialized nations have embraced environmental protection and sustainability as part of their international competitive strategies. The trend toward proactive environmental management has also grown in Korean firms, as consumers, investors, local policy networks, and the Lee Myung-bak administration’s green growth policy initiatives have provided an impetus for the greening of South Korean firms. However, despite heightened firm interest in environmental responsibility, there is little understanding of which types of sustainable activities Korean firms have implemented. Analyzing sustainability reports from 30 large Korean firms, this study finds that Korean firms are more likely to employ lower-order sustainability practices that can help prevent pollution and modify existing processes and products to reduce environmental impact. However, their focus on innovating clean technologies seems to be limited. To transition to a low-carbon, green economy, the Korean government should consider green growth policies that foster firms’ investments in higher-order sustainability strategies and scale up corporate sustainability more broadly in the Korean business community.
Topic:
Economics, Energy Policy, Environment, Renewable Energy, Sustainability, and Domestic Policy
Political Geography:
Asia, South Korea, and Korea

66. The United Nations Development Programme and the Two Koreas

Author:
Gabriel Jonsson
Publication Date:
10-2017
Content Type:
Journal Article
Journal:
International Journal of Korean Studies
Institution:
International Council on Korean Studies
Abstract:
This paper examines the United Nations Development Programme’s role in South and North Korea’s economic development. The UNDP is not only the UN’s lead agency for economic and social development, it is one of the few UN organizations to have worked with both countries in traditional bilateral arrangements, as well as a in multilateral initiative. Operating in South Korea from 1963 to 2009, the UNDP contributed to the nation’s economic development by complimenting the government’s policies. However, its role was minor compared to the government’s own actions. Nonetheless, South Korea has served on the UNDP board four times since its UN admission in 1991, raising the country’s diplomatic standing. After North Korea joined the UNDP in 1979, the organization’s work in the country focused on improving food production and supporting industrial development. These activities helped improve the economic crisis since the 1990s. In the 1990s, the UNDP provided humanitarian assistance and scholarships to develop human resources. Pyongyang officials restricted the UNDP’s work throughout the time it was active in North Korea. These violations led the UNDP to suspend operations in 2007. Since the early 1990s, the UNDP has supported the Tumen River Area Development Program, the only initiative that involved the two Koreas, as well as China, Russia and Mongolia. Although the UNDP facilitated initial contacts, it was unable to overcome longstanding animosities and disagreements. The successor Greater Tumen Initiative continues to languish.
Topic:
Economics, Government, United Nations, and United Nations Development Program (UNDP)
Political Geography:
Asia, South Korea, North Korea, and United Nations

67. Reinforcing U.S.-ROK Economic Relations through a Better Understanding of the KORUS FTA

Author:
Suh Jin Kyo
Publication Date:
08-2017
Content Type:
Journal Article
Journal:
Joint U.S.-Korea Academic Studies
Institution:
Korea Economic Institute of America (KEI)
Abstract:
President Donald Trump has made it clear that he intends to follow through on his protectionist campaign promises. On his first day in office, he formally removed the United States from the TPP. Trump has also informed congressional leaders of his intent to renegotiate NAFTA, the biggest trade deal ever signed by Washington. If a draft letter being circulated by the U.S. Trade Representative (USTR) is approved by Congress, formal negotiations with Canada and Mexico could start later this year. Additionally, the president signed an executive order for USTR and the Department of Commerce to lead a comprehensive study of unfair trade practices of major trading partners. The result could provide the economic and political justifications needed to take bold and legally defensible actions. The administration also launched an investigation into the national security risks that may arise from a global oversupply of aluminum and steel. There are clear indications it may look to restrict aluminum and steel imports before long. Trump is now targeting the KORUS FTA. He has threatened to terminate the five-year-old trade deal, which, he claims, has been devastating for the American economy, unless Korea gives the United States better terms, citing the arrangement’s simpler process of termination relative to NAFTA.
Topic:
International Relations, Economics, Treaties and Agreements, Bilateral Relations, and Free Trade
Political Geography:
Asia, South Korea, North America, and United States of America

68. Intro | U.S.-ROK Economic Relations Left Uncertain Amid Leadership Changes

Author:
Gilbert Rozman
Publication Date:
08-2017
Content Type:
Journal Article
Journal:
Joint U.S.-Korea Academic Studies
Institution:
Korea Economic Institute of America (KEI)
Abstract:
While the other parts of this book bring China fully into the coverage—diplomacy, national identities, and sanctions—here we narrow the focus on U.S.-ROK relations with an eye to the current uncertainty about the future of the KORUS FTA, the five-year old bilateral trade agreement. Donald Trump has assumed the presidency critical of trade imbalances in goods, including assertions about the negative impact of the FTA with South Korea. It appears that the U.S. side will insist on renegotiating the agreement. In order to assess what this could mean, we take a close look at what the impact of KORUS has been and at how the debate in Washington has been unfolding under Trump’s watch. The three chapters were written in the early spring of 2017; so they could capture only the initial impact of Trump at a time when South Korean leadership was paralyzed between impeachment and the election of a new president without any serious bilateral engagement over economic issues. Yet, as tensions over economics are expected to rise, our objective is to inform the discussion with relevant economic background and with awareness of what Trump has been saying and how it may shape the political debate.
Topic:
International Relations, Economics, Bilateral Relations, Leadership, and Trade
Political Geography:
Asia, South Korea, North America, and United States of America

69. Joint U.S.-Korea Academic Studies 2016 - Full Publication

Author:
Gilbert Rozman
Publication Date:
10-2016
Content Type:
Journal Article
Journal:
Joint U.S.-Korea Academic Studies
Institution:
Korea Economic Institute of America (KEI)
Abstract:
Since our founding in 1982, the work of the Korea Economic Institute of America (KEI) has progressed to reflect the evolving nature of United States-Republic of Korea relations. Though many of the issues on which we seek to raise public discourse have transformed over the years, the same natural convergence of values continues to underpin the understanding and trust between our two peoples. Upholding our commitment to positive change based on a strong foundation of shared interests, KEI was excited to have a new partner in 2016 for our Academic Symposium, through which we strive to be a bridge between the academic and policy communities. This year, KEI traveled to Atlanta, Georgia to host part of our Academic Symposium at the International Studies Association (ISA) conference. The annual conference features international affairs scholars from around the world with a wide range of research interests and regional specializations to present papers and discussions on contemporary issues in their fields. We were pleased to contribute two panels on recent significant developments in Northeast Asia. Moreover, for the first time as part of our Academic Symposium, two panels were held in our Washington, D.C. office along with the two in Atlanta. Although the setting for this year’s Academic Symposium may have changed, KEI again turned to the skills and insights of Dr. Gilbert Rozman, the emeritus Musgrave Professor of Sociology at Princeton University, to serve as the Editor-in-Chief for this Joint U.S.- Korea Academic Studies volume and as an advisor to KEI’s programs at the ISA conference. This collaboration has once more brought together an excellent group of scholars and practitioners. The experts in this volume have thoughtfully addressed large, challenging themes that are pervasive throughout Asia and important for the U.S.-Korea alliance. China’s rise has garnered much attention, yet in the academic literature Beijing’s security intentions in Northeast Asia have tended to be overshadowed, a topic addressed in the first section. Major developments in South Korea-Japan relations over the past year, particularly the December 2015 agreement to address the “comfort women” issue, have led the authors in the second section to explore how the interaction with the other country factors into the national identity of each. Over the past year we have witnessed an increase in provocations by North Korea, met with increasingly punitive measures from the international community targeting its access to outside markets. Key to understanding how effective these efforts can be are the economic relationships the DPRK has with its neighbors, discussed in the third section. The final section looks to how the regional economic architecture in East Asia might be shaped in the future, a particularly timely discussion as the fate of the Trans- Pacific Partnership remains uncertain as this volume goes to print.
Topic:
International Relations, Security, Foreign Policy, Economics, and Politics
Political Geography:
Asia, South Korea, North Korea, Korea, and United States of America

70. Comparing Transnational IPR Policy: Closing the Gap in Canada's Patenting Regime

Author:
Samah Rahman and Shashanth Shetty
Publication Date:
07-2015
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation (CIGI)
Abstract:
Canada is lagging behind in research and development (R&D) commercialization, ranking fifteenth in the World Economic Forum’s 2015 Global Competitiveness Report. One of the most important contributing factors to the gap between R&D and competitiveness is that new entrepreneurs lack the monetary and informational resources to access intellectual property (IP) legal expertise. The authors of this brief argue that the Canadian government’s strategies have been ineffective, and its current policy initiatives have failed to consider the importance of disseminating IP legal knowledge directly to innovators. It is recommended that the government look to the models used by the United States and South Korea to mobilize IP legal knowledge within the entrepreneurial community. This can be achieved by establishing a national IP legal clinic at the university level — as well as increasing funding for existing programs and creating a virtual clinic — and including an IP rights application course in select university programs, targeting innovators who will require IP legal advice in the future.
Topic:
Economics and Intellectual Property/Copyright
Political Geography:
United States, Canada, and South Korea