Comparative analysis of the impact of piracy on International Trade in Korea, Indonesia and Nigeria

Abstract

ABSTRACT International trade is crucial to the economic development of states and shipping is pivotal in this transaction. The efficiency of international trade requires secured sea lanes for vessels conveying cargo to traverse from one country to another. These activities are particularly significant to the economies of riparian states. However, piracy adversely implicates these activities. This paper uses a comparative methodology to analyse international trade and piracy in Korea, Indonesia and Nigeria, and argues that though these countries have criminalized piracy, Korea has effectively implemented its antipiracy legislation in the prosecution of pirates in Korean courts. Moreover, unlike Indonesia and Nigeria, Korea has, inter alia, regularly strengthened its piracy institutional regime and entrenched democracy in its governance. Thus, unlike Indonesia and Nigeria, piracy affects Korea through attacks on Korea vessels on international sea lanes, Korean seafarers in foreign-owned vessels and Korean-bound vessels. The paper, therefore, suggests that Indonesia and Nigeria should adopt Korea’s counterpiracy initiatives to curb the spate of piratical attacks off the Indonesian and Nigerian waters.