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Lee Kyung-min

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Economy

Gov't CPTPP push to drag on until presidential election

The National Assembly is in a plenary session, during which a bill on Regional Comprehensive Economic Partnership (RCEP) passed, Dec. 4. Korea Times fileGov't refuses to broach politically charged issue for fear of losing rural votes By Lee Kyung-min The government is dragging its feet regarding discussions on joining a trade agreement among 11 countries in the trans-Pacific area. Some officials say the lazy approach seeks to limit possible backlash from the agricultural sectors, certain to lose out in the global market competition, ahead of the presidential election next year. Any further stonewalling in the push for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will result in a rapid escalation of collective protest by the traditional industry, already at a significant disadvantage due to the passage of a bill that ratifies the similar but less invasive Regional Comprehensive Economic Partnership (RCEP). The RCEP, a trade agreement among 15 nations set to take effect next Feb. 1, will reduce tariffs in the 10 ASEAN member nations from b

Dec 7, 2021By Lee Kyung-min
Gov't CPTPP push to drag on until presidential election
Economy

Contribution COVID-19 recovery in Korea: short-term strength, long-term weakness

Park Cyn-young / Courtesy of Asian Development BankBy Park Cyn-young Korea's economy has fared relatively well during the COVID-19 pandemic, thanks to exceptional crisis management. After the first confirmed case was reported in January 2020, the country managed to contain several waves of infections without complete border closures or local lockdowns. This helped ensure the continuity of essential social and economic activities. The economy contracted 0.9 percent last year, which was one of the best performances among major economies worldwide.The Korean economy is projected to grow 4 percent this year and 3.1 percent next year. Strong exports and investments have driven the recovery since the second half of 2020. And expansionary macroeconomic policy bolstered consumer spending starting in early 2021. A new flare-up in infections led to tightening of social distancing measures and a sharp drop in domestic demand in the third quarter. However, the near-term outlook remains bright. Global demand for Korea's major exports, including semiconductor chips, electronics, automobiles and sh

Dec 6, 2021By Lee Kyung-min
[Contribution] COVID-19 recovery in Korea: short-term strength, long-term weakness
Economy

WTO joint statement to enhance transparency in services industry

gettyimagesbankBy Lee Kyung-min Korean firms will be able to expand their overseas business more efficiently, a move outlined in a joint initiative statement signed by 67 member countries of the World Trade Organization (WTO), the trade ministry said Friday.The Ministry of Trade, Industry and Energy announced the conclusion of negotiations of the Joint Statement Initiative on Services Domestic Regulations, the gist of which involves ways to enhance transparency, predictability, fairness and efficiency for trade authorization and licensing procedures, qualification requirements and technology standards among member countries.This is designed to lower trade costs, with Korea's services industries standing to become key beneficiaries including the finance, transport and communications sectors.The announcement was made during a press conference in Geneva, Switzerland, a day earlier (local time), participated in by 67 WTO members including Korea, the U.S., the European Union, China, and Japan. The joint initiative seeks to help remove administrative and trade red tape, and buttress greate

Dec 3, 2021By Lee Kyung-min
WTO joint statement to enhance transparency in services industry
Banking & Finance

AMCHAM and ruling party presidential candidate meet to discuss support for foreign investments

American Chamber of Commerce in Korea (AMCHAM) Chairman & CEO James Kim, front row fifth from left, and ruling Democratic Party of Korea (DPK) presidential candidate Lee Jae-myung, front row sixth from left, pose for a photo with the heads of AMCHAM member companies at the Conrad Hotel Seoul, Thursday. Courtesy of AMCHAMBy Lee Kyung-min The American Chamber of Commerce in Korea (AMCHAM) hosted a special meeting with the ruling Democratic Party of Korea (DPK) presidential candidate, Lee Jae-myung, Thursday, at the Conrad Hotel Seoul, it said in a statement, Friday.Among the key multinational AMCHAM member companies in attendance were the following: 3M Korea, Applied Materials Korea, ACE American Fire and Marine Insurance Company (Chubb in Korea), Philip Morris Korea, Qualcomm Korea, GE Korea, Pfizer Korea, MSD Korea, GM Korea, Inspire Entertainment Resort, Delta Air Lines and Cytiva. They discussed issues that affect the global business community in Korea.The meeting explored Lee's prospective policies as well as his goals for the economy, such as increasing Korea's competitivenes

Dec 3, 2021By Lee Kyung-min
AMCHAM and ruling party presidential candidate meet to discuss support for foreign investments
Economy

Inflation woes grip Korean economy

Deputy Prime Minister and Finance Minister Hong Nam-ki. Korea Times fileConsumer prices jump at fastest pace in nearly 10 years By Lee Kyung-min The much-dreaded persistence of inflation is no longer transitory, as implied by statistics agency data which showed Korea's consumer price growth registering 3.7 percent year-on-year in November. It was the second monthly consecutive increase exceeding the psychologically significant 3 percent mark, up from 3.2 percent in October.Statistics Korea data released on Thursday showed Korea registered its highest consumer price growth in nearly 10 years, since December 2011 when the figure was 4.2 percent. The fast inflation growth was driven by global price surges in oil and agricultural, livestock and fisheries produce as well as electricity, water, gas and housing costs. The government lowered the fuel tax by as much as 20 percent but it had little impact, as evidenced by a 35.5 percent rise in fuel-related goods. The prices of 141 frequently purchased goods and services registered an average year-on-year increase of 5.2 percent. The jump in t

Dec 2, 2021By Lee Kyung-min
Inflation woes grip Korean economy
Economy

Contribution What can we expect in post-pandemic Korea?

Alicia Garcia HerreroBy Alicia Garcia HerreroAfter a long fight against the COVID-19 pandemic, Korea has started to open up recently by making international travel possible albeit still difficult. The Korean economy, though, has been recovering for the whole of 2021 thanks to both fiscal, but especially monetary stimuli (the latter being about 15 percent of GDP). As if this were not enough, external demand has been very supportive thanks to the strong rebound of the global economy in 2021, led by China in the first quarter and followed by the U.S. and, more recently, Europe with, however, a slowdown in China since the peak in the first quarter.Korea's growth rate this year is expected to reach 3.9 percent, which is quite positive given the still not fully open economy but, at least, with more limited mobility suppression than other countries in Asia, especially in ASEAN. The rather high domestic mobility maintained throughout the pandemic has been possible thanks to widespread contact tracing and testing measures. More recently, the vaccination rate has reached 70 percent, which has

Dec 2, 2021By Lee Kyung-min
[Contribution] What can we expect in post-pandemic Korea?
Economy

Ruling party desperately appeals to voters ahead of presidential election

Rep. Park Wan-joo of the ruling Democratic Party of Korea speaks during a meeting at the National Assembly, Tuesday. YonhapBy Lee Kyung-min The ruling Democratic Party of Korea (DPK) said Tuesday that it is considering temporarily lowering capital gains taxes on owners of multiple homes, in the latest move of pandering ahead of the presidential election next year. A day earlier, the DPK agreed to a one-year delay in the imposition of taxation on gains from cryptocurrency trading. The clear shift in stance indicates the degree to which the ruling party is willing to renege on the once-railroaded policy platform, a sad reality of extreme voter cynicism brought on and amplified by real estate policy failures by the Moon Jae-in administration.Public fury is escalating over this year's tax on owners of expensive and multiple homes with more than one million people paying the “comprehensive real estate tax” on their homes and land. The figure topping 1 million is the first time since the tax is imposed on housing with the officially appraised value of over 1.1 billion won

Dec 2, 2021By Lee Kyung-min
Ruling party desperately appeals to voters ahead of presidential election
Economy

Gov't to introduce supply shock prevention measures

First Vice Finance Minister Lee Eog-weon / YonhapBy Lee Kyung-min The government will set up an early warning system for an acute shortage of 4,000 key import items, as part of a long-term plan to limit supply chain disruptions brought on by geopolitical volatility.The move follows a fiasco concerning the shortage of diesel exhaust fluid (DEF), a solution critical in operation of diesel engines, with Korea's vulnerability laid bare, as illustrated by the near-miss of the country's transport, logistics and emergency public services almost grinding to a halt. Also prompting the need for the critical measure ― albeit belated ― are drawn-out yet heightened concerns about the U.S.-China hegemonic war recently developing into a global supply chain feud.Chief among the measures will involve ways to reduce Korea's heavy dependence on China. Data from the Korea International Trade Association (KITA) showed Korea relied on China for over 80 percent of imports of each of the 1,850 items in the first nine months of this year. That number represents about half of the 3,941 import items that Korea

Nov 30, 2021By Lee Kyung-min
Gov't to introduce supply shock prevention measures
Banking & Finance

SK E&S's gas field project in Australia raises controversy

By Lee Kyung-minSK E&S, an energy subsidiary of SK Group, is pushing for a gas field development project in the Barossa Valley, Australia, in what a local climate advocacy group recently said is a possible contradiction of the company's eco-friendly business drive. The $3.7 billion (4 trillion won) gas field set to operate for 20 years starting in 2025 goes against the subsidiary's much-touted sustainable growth initiative, as defined by its environmental, social and governance (ESG) values, according to Seoul-based Solutions for Our Climate.The push for the carbon-heavy business is all the more appalling, the group said, given the heightened awareness of and global consensus on the need to advance green objectives, as clearly outlined by the joint statement made by 33 countries against fossil fuel investments at the COP26. Otherwise known as the 2021 United Nations Climate Change Conference, COP26 was held from Oct. 31 through Nov. 13, in Glasgow, Scotland.But environmentalists vehemently criticized that claim, since only 16 percent of the produced total will be captured.The sub

Nov 28, 2021By Lee Kyung-min
Economy

Contribution Can Korea learn from ASEAN to navigate US-China tensions?

Bala RamasamyBy Bala RamasamyThe increasingly difficult U.S.-China relationship has left many East Asian countries caught in the cross-fire. Recent geopolitical developments have brought a clash of interests as far as trade and traditional security partnerships are concerned, and highlight the tightrope that many countries have to walk. One of the most pertinent questions today for many East Asian states is: How to maintain good relations with both the U.S. and China without jeopardizing economic links with either? Perhaps Korea can take a look at Southeast Asia's recent history and current challenges, in particular how individual neighboring countries can place emphasis on cooperating with each other, to try to plot a way ahead for itself.An important factor that has contributed to the economic success of countries in Southeast Asia has to be the peace and stability in the region, mainly brought about by their membership in ASEAN. For a region that is so diverse in terms of political systems, religion, economic development and culture, this achievement is unparalleled. But it should

Nov 28, 2021By Lee Kyung-min
[Contribution] Can Korea learn from ASEAN to navigate US-China tensions?
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