Korea aims to join world’s top 7 in trade by 2015

By Kim Tae-gyu

If the G7 membership were determined by annual volume of global trade, Korea would have a chance to join the exclusive fraternity in around five years, according to the Seoul government.

The Ministry of Knowledge Economy (MKE) announced its ambitious target Tuesday of substantially jacking up its trade in order to be the seventh largest by volume in 2015.

Over the first six months of this year, Korea’s trade volume amounted to $42.5 billion to place it in ninth position to closely follow the United Kingdom with $45.3 billion and Italy with $44.7 billion.

``The paradigm shift is underway in cross-border trade due to polarization of the world economy, stiffening rivalry among countries and free trade agreements,’’ an MKE official said.

``We are ready to preempt the change to chalk up a fast growth in trade. Toward that end, we will proactively tap into emerging markets as well as foster very competitive medium- and small-sized enterprises.’’

More specifically, the ministry announced seven potential-laden markets of Central and South America, the Middle East, Africa, central Asia, China, India and the Association of Southeast Asian Nations.

``Last year, our trade with nations in those seven regions stood at $366 billion. We are looking to more than double the figure to $744 billion by 2015. By forging a win-win partnership with those countries, we will be able to achieve this goal,’’ the official said.

``In particular, our experiences of racking up impressive growth over the past few decades will be of great use. We plan to advance into the emerging markets while helping them to grow.’’

The G7, also called the Group of Seven, is a forum involving the world’s seven most prosperous economies of the United States, the U.K., France, Germany, Japan, Italy and Canada.

In the aftermath of the unprecedented worldwide economic downturn starting in 2008, the G20 summit practically replaced the forum to involve emerging economies such as China, India and Korea as well as the G7 members.

Regarding the scheme for smaller companies, the MKE said that it will establish new infrastructure geared toward assisting domestic enterprises, which first wade into global markets.

The ministry is thinking of helping newcomers into trade in logistics and information gathering together with the state-run Korea Trade-Investment Promotion Agency.

``Next year, we are expected to reach $1 trillion in trade for the first time. Should we continue to put forth efforts, we will become one of the top seven players by 2015, some 35 years after we joined the rank of the top 20 players in 1978.’’