The world’s No 2 economy is by far South Korea’s largest trading partner, accounting for 25 per cent of total trade last year, followed by the United States’ share of 15 per cent.
“It is an era where it has become important to build capacity to manage supply chains on a national level,” said the aide, who spoke on condition of anonymity. “The government will manage the supply chain which is core to the idea of economic security.” The Brookings Institution, a US think tank, estimated South Korea could gain US$86 billion annually by joining the trade bloc, as it would boost the country’s role “in Asian and North American supply chains by lowering tariffs and non-tariff barriers with economies such as Japan, Malaysia, Mexico and Vietnam”.
He has taken a harder stance on China than his predecessor Moon Jae-in, but South Korea’s reliance on Chinese imports, especially those used in its world-leading electronics sector, will be hard to break. Countries such as Germany, Japan and the US have sought to diversify their rare earth imports from China to other countries such as Brazil and Vietnam.
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