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Copy of South Korea's Competitive Advantage in the Global Markets
Transcript of Copy of South Korea's Competitive Advantage in the Global Markets
Beneficial stimulant to the Korean economy
Agreement - promises to reduce/eliminate tariffs and trade barriers in: Manufacture
Agriculture The manufacturing sector is the most dominant sector.
KORUS FTA of 2010 promised to slow down tariff liberalizing in Korea and the US
AUTOMOBILE INDUSTRY The automobile category includes tariff reductions, safety standards, and professional services
The tariff on US passenger cars is 8%, but it is to be reduced to 4% , and completely eliminated on the fifth year
The services sector includes legal, accounting, taxation, telecommunications, audiovisual, and financial services
The KORUS FTA grants US law firms to establish representative offices and provide legal advisory services in Korea
US law firms are allowed to enter into specific cooperative agreements with Korean law firms
KORUS FTA promised that on the fifth year, US law firms would be able to establish joint venture firms with Korean law firms, therefore, providing Korean-licensed lawyers to be employed as partners or associates
Professional Services The agriculture sector is one of the most sensitive sectors in the FTA negotiations in Korea
Includes products such as beef, pork, milk, cream powder products, and vegetable product The current duty on beef is 40%.In 2009, Korean beef imports from the US were $273 million. US exports of Pork to Korea total more than $19 million. For Pork, the current duty is 22.5%.
Beginning on January 1st, 2014, the duty on US exports will be completely eliminated, therefore allowing pork trade volumes to become more extensive.
The Framework Act on Low Carbon and Green Growth
Green New Deal Five Year Plan ('09-'13)
Passed in April 2010, it set up a foundation for the creation of an emissions trading scheme.
The scheme involves setting emission limits in the year 2013, representing around 60% of emissions in Korea.
In 2010 Korea announced their investment plans of investing %1.9 billion to develop carbon capture technology and industrial infrastructure Targeted an expansion of growth potentiality through a green strategy and a short-term policy of creating jobs
The deal allocated 80% of the economic stimulus package (approximately $40 billion) to the environmental and climate change measure
Green New Deal also apportioned about 960,000 jobs to be created
Adopted by South Korea, Japan, and China
Targeted an increase in the share of new/renewable energy from 2.7% to 6.08% in 2020.
This plan allowed the government to spend about 2% of annual GDP on the country’s green growth revolution
ITER Consortium ITER Consortium (International Nuclear Fusion ) comprised of European Union, US, Japan, Russia, China, and Korea
Responsible for building the world’s largest experimental nuclear fusion reactor located at Cadarche in the south of France
KSTAR: Korea Superconducting Tokamak Advanced Reactor
It aims to study various aspects of magnetic fusion energy and involve “long-term fusion plasma operation” and “acquisition of controlling technology”.