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Trade News
SOUTH KOREAN PRIME
MINISTER AND
WISCONSIN
GOVERNOR
DISCUSS FTA
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South Korean Prime Minister Lee Nakyon met with the governor of the U.S.
state of Wisconsin on September 15 and
discussed trade and economic cooperation, including the free trade pact between
the two countries.
Gov. Scott Walker visited South Korea
with an economic mission of about 20
people that included government officials
and business leaders in the state. It was
his first visit to the country.
During the meeting, Lee noted the
steady development of cooperative relations in trade and other areas between
South Korea and Wisconsin. Lee also
asked for Walker's support for the free
trade agreement between
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the two countries, saying the deal has been beneficial
to both nations.
Walker said that South Korea is
Wisconsin's eight-largest trade partner
and expressed the hope that his visit will
help further deepen cooperation not only
in the manufacturing and agricultural sectors but also in the cultural and educational fields.
The governor also said that trade
between South Korea and Wisconsin has
been on the rise since the FTA went into
effect in 2012. He added that Wisconsin
has benefited a lot from the agreement
and will try to use the trade pact to move
relations between the two countries further forward.
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ASIAN & EUROPEAN
MINISTERS DISCUSS
TRADE ISSUES
IN SEOUL
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On September 21, economic leaders of
Asia and Europe gathered in Seoul for
the Asia-Europe Meeting (ASEM) to
discuss ways to tackle the rising protectionism in trade and to cooperate for the
next industrial revolution. This was the
first ministerial meeting to take place in
12 years.
Under the theme, "Reconnecting
Asia-Europe: Innovative Partnership for
Inclusive Prosperity," the meeting provided an opportunity for Asia and Europe
to discuss ways to promote trade and investment, as well as to
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come up with
joint responses to rising protectionism.
Trade has been a major driver for economic growth in ASEM partners, the
Ministry of Trade, Industry and Energy
(MOTIE) said, noting ASEM's share of
global trade increased from 54 percent in
1995 to 64 percent in 2015.
The policymakers also touched on the
Fourth Industrial Revolution and the new
climate framework under the Paris
Agreement aimed at reducing carbon
emissions.
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Government & Policy
S.KOREA'S FINANCE
MINISTER MEETS WITH
MOODY'S LEADERSHIP
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In a meeting with Moody’s officials,
South Korea's top economic policymaker
said that rising geopolitical tensions
sparked by North Korea are having a limited impact on Asia's fourth-largest economy, and the Seoul government is ready
to cope with possible risks.
Finance Minister Kim Dong-yeon
made the comment in a meeting with
Richard Cantor, chief risk officer of
Moody's Corp., and Robert Fauber, president of Moody's Investors Service, held
in New York on September 19
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(U.S.time).
Kim said Seoul has a system in place to
take appropriate and timely measures and
is in close policy coordination with the
U.S., as well as Japan, China and other
nations.
Despite heightened tensions, Moody's
said in its latest report that the possibility
of military conflict on the Korean
Peninsula is still very low and will likely
not trigger a sudden outflow of foreign
capital from the South Korean market in
the short-term.
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MOON MEETS WITH
IMF CHIEF,STRESSES
IMPORTANCE OF
INCOME-LED
GROWTH
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On September 11, South Korean
President Moon Jae-in outlined his economic policy during a meeting with
International Monetary Fund (IMF)
Managing Director Christine Lagarde.
Moon stated that his government’s
income-led growth policy is in line with
the IMF's call for a balance between
domestic demand and exports. Moon also
asked the IMF to make policy recommendations and expand research so as to help
realize inclusive growth.
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Lagarde said that economic growth is
further strengthened and becomes more
sustainable when its benefits are widely
shared. She also praised Seoul's policy for
conforming to the kind of inclusive
growth that the lending agency has called
for. She said that the South's policy is
expected to lower entrance barriers for
promising new startups while preventing
excessive market dominance by conglomerates, which will improve productivity
and contribute to inclusive growth.