Latin America and Korea: Partners for Sustainable Trade and Investment

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Author
Ko, Kwanghee ;
Choi, Hankyeung ;
Em, Honggi ;
Choi, Sungkyu ;
Kim, Yongseok ;
Lee, Da Sol ;
Chicola, Erica
Date issued
Sep 2022
Editor
Mesquita Moreira, Mauricio
Subject
Investment;
Integration and Trade;
Foreign Direct Investment;
International Cooperation;
Sustainable Investment;
Export;
Economy
JEL code
F13 - Trade Policy • International Trade Organizations;
F15 - Economic Integration;
O54 - Latin America • Caribbean;
F23 - Multinational Firms • International Business;
F35 - Foreign Aid;
F50 - International Relations, National Security, and International Political Economy: General
Country
Republic of Korea
Category
Monographs
The relationship between Korea and Latin American and the Caribbean has come a long way. As the two economies embraced trade with one another in the early 1990s, their connection went from being irrelevant to being a wealth machine. Bilateral trade grew at an impressive annual rate of 11.5%reaching a record high in 2021. The trade boom was followed by US$26 billion in investments by Korean firms in the region since 2000. Despite this meteoric rise, lingering trade barriers remain, and new challenges are emerging from a string of disruptive shocks to the global economyprotectionist backlashes; growing and interrelated sanitary, food, energy, and climate crises; and a fast-moving “digital transformation.” This monograph argues that, despite the challenges, both economies have a set of policies, institutions, and comparative advantages that, if reinforced and leveraged by trade and cooperation, can turn these shocks into bilateral and global opportunities for inclusive and sustainable growth.
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