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Korea’s FTA Share to Increase from 35% to 85% in 10 Years
According to a forecast released by the Korea Institute for International Economic Policy (KIEP) based on a new commerce roadmap of the Ministry of Trade, Industry and Energy, the share of trade to countries with which Korea has signed FTAs in Korea’s total trade is forecast to grow from 35 percent to 85 percent in 2023.
The forecast is based on the assumption that the Korea-China FTA, Korea-China-Japan FTA, Korea-Indonesia FTA, Korea-Vietnam FTA and the Regional Comprehensive Economic Partnership will be signed.
KIEP predicted that the market scale (in terms of gross domestic product) of countries that signed FTAs with Korea will grow from 56 percent to 88 percent after ten years. In terms of population, it is expected to increase from 41 percent to 70 percent.
Korea’s exports based on FTAs are estimated to rise from 70 percent to 85 percent in 2023 based on the new roadmap.
The forecast also notes that exports of small- and medium-sized companies will grow from 33 percent to 45 percent, and the number of exporting small- and medium-sized businesses will increase by 50 percent from 80,000 to 120,000.
KIEP expects Korea’s trade to amount to USD 1.7 trillion in 2023, and total and service exports to reach USD 900 billion and 230 billion, respectively.
Foreign direct investment is forecast to rise from USD 13.5 billion to USD 16 billion in 2023.
Source Text
Date
2013.06.20
According to a forecast released by the Korea Institute for International Economic Policy (KIEP) based on a new commerce roadmap of the Ministry of Trade, Industry and Energy, the share of trade to countries with which Korea has signed FTAs in Korea’s total trade is forecast to grow from 35 percent to 85 percent in 2023.
The forecast is based on the assumption that the Korea-China FTA, Korea-China-Japan FTA, Korea-Indonesia FTA, Korea-Vietnam FTA and the Regional Comprehensive Economic Partnership will be signed.
KIEP predicted that the market scale (in terms of gross domestic product) of countries that signed FTAs with Korea will grow from 56 percent to 88 percent after ten years. In terms of population, it is expected to increase from 41 percent to 70 percent.
Korea’s exports based on FTAs are estimated to rise from 70 percent to 85 percent in 2023 based on the new roadmap.
The forecast also notes that exports of small- and medium-sized companies will grow from 33 percent to 45 percent, and the number of exporting small- and medium-sized businesses will increase by 50 percent from 80,000 to 120,000.
KIEP expects Korea’s trade to amount to USD 1.7 trillion in 2023, and total and service exports to reach USD 900 billion and 230 billion, respectively.
Foreign direct investment is forecast to rise from USD 13.5 billion to USD 16 billion in 2023.
Source Text
Source: Newsis (June 14, 2013)
** This article was translated from the Korean.