On The Policy System Of South Korea's Trade In Goods

Korea (Republic of) had completed the transition into an industrialized country during about 30 years. It used to be an extremely poor country, but nowadays it is one of the new industrialized countries, and is striving to become a developed country. Korea adopted different trade policies during different periods. Its trade policies can be divided into 3 categories that include import substitution (1953-1961), export orientation (1962-1979) as well as globalization & liberalization (since 1980s). These policies tend to be completed as time goes on. Several laws and regulations construct the legal framework of Korea's foreign trade, which includes the Constitution of Korea, Foreign Trade Act, Customs Act, Tariff Act, Foreign Exchange Transaction Act, etc. The regulatory system for export includes taxation, financial measures, support for science and technology, trade conglomerates, free economic zone, etc. The regulatory system for import includes export-import bulletin system, management of special forms of trade, regulations for trade of strategic material, maintenance of regular trade orders, etc. Trade policies is affected by such measures as economic strategy, interest groups, globalization. The establishment and implementation of trade policies of Korea is combined effort of government, medium organization and institutions. Korea has achieved great success during the last 5 decades. WTO reviewed its trade policies and made some positive comment. Korea has developed its FTA strategy since late 20th century and achieved a lot. Some of those free trade agreements are under way, e.g. the Korea-US FTA. As the trade between Korea and China prospers, bilateral trade policy of the two countries has become an issue. Korea has made some key policies towards China and their bilateral trade has a bright future.