{"title":"Multilevel liberalization in Korea, or why the Korean market remains diffi cult to penetrate","authors":"I. Korgun","doi":"10.31737/22212264_2023_1_157","DOIUrl":null,"url":null,"abstract":"For Russia’s ‘turn to the East’ to be successful it is necessary to promote export of Russian products to East Asian markets. This is rather a complex task, because despite a progressive liberalization of the last three decades East Asian markets remain relatively protected. The current paper deals with a case of the Republic of Korea. It reveals a multi-level approach to market liberalization in the Korean trade policy that step up from elements of preserved nationalism. The multi-level approach allows Korea to protect weak national companies and at the same time create opportunities for international expansion for stronger sectors of its economy. As a result, domestic companies get extra-support that distorts competition. Non-tariff barriers and monopolistic product markets are yet other factors that complicate successful positioning of foreign businesses in Korea. Using an example of a free trade agreement with the European Union research shows that such agreements are more effective for unlocking the Korean market. Besides, Korean government prefers FTAs over multilateral liberalization within WTO because they make it possible to take into account strategic economic interests of each trading partner. The paper concludes with some general recommendations on penetrating into the Korean market that can be useful for Russian companies that are making strategies to enter Korea.","PeriodicalId":43676,"journal":{"name":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","volume":null,"pages":null},"PeriodicalIF":0.3000,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Zhurnal Novaya Ekonomicheskaya Assotsiatsiya-Journal of the New Economic Association","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.31737/22212264_2023_1_157","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 1
Abstract
For Russia’s ‘turn to the East’ to be successful it is necessary to promote export of Russian products to East Asian markets. This is rather a complex task, because despite a progressive liberalization of the last three decades East Asian markets remain relatively protected. The current paper deals with a case of the Republic of Korea. It reveals a multi-level approach to market liberalization in the Korean trade policy that step up from elements of preserved nationalism. The multi-level approach allows Korea to protect weak national companies and at the same time create opportunities for international expansion for stronger sectors of its economy. As a result, domestic companies get extra-support that distorts competition. Non-tariff barriers and monopolistic product markets are yet other factors that complicate successful positioning of foreign businesses in Korea. Using an example of a free trade agreement with the European Union research shows that such agreements are more effective for unlocking the Korean market. Besides, Korean government prefers FTAs over multilateral liberalization within WTO because they make it possible to take into account strategic economic interests of each trading partner. The paper concludes with some general recommendations on penetrating into the Korean market that can be useful for Russian companies that are making strategies to enter Korea.
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Key Journal''s objectives: bring together economists of different schools of thought across the Russian Federation; strengthen ties between Academy institutes, educational establishments and economic research centers; improve the quality of Russian economic research and education; integrate economic science and education; speed up the integration of Russian economic science in the global mainstream of economic research. The Journal publishes both theoretical and empirical articles, devoted to all aspects of economic science, which are of interest for wide range of specialists. It welcomes high-quality interdisciplinary projects and economic studies employing methodologies from other sciences such as physics, psychology, political science, etc. Special attention is paid to analyses of processes occurring in the Russian economy. Decisions about publishing of articles are based on a double-blind review process. Exceptions are short notes in the section "Hot Topic", which is usually formed by special invitations and after considerations of the Editorial Board. The only criterion to publish is the quality of the work (original approach, significance and substance of findings, clear presentation style). No decision to publish or reject an article will be influenced by the author belonging to whatever public movement or putting forward ideas advocated by whatever political movement. The Journal comes out four times a year, each issue consisting of 12 to 15 press sheets. Now it is published only in Russian. The English translations of the Journal issues are posted on the Journal website as open access resources.
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