The Asian Market and Korea`s Trade and Investment Policy Choices
Kim(H.J) Shin(T.Y) Shim(S.S)
This book purposes to derive some policy implications for Korea`s trade and investment in
Asia from a theoretical and empirical analysis on recent new developments in the Asian ma
Asia is rapidly emerging as a new hub of economic growth in the world economy, registerin
g the highest economic growth rate among all regions in the world. With its shares of glo
bal GDP and population standing at 27%, 60% respectively, it constitutes one of the three
biggest markets in the world, together with the U.S.A and EU.
Asia witnessed its growth belt expanding from Japan to the NIEs during the last 30 years
and further to Southeast Asian countries from late 1980s. Furthermore, in the 1990s, Chin
a, Vietnam, India, among others, began to join the club of the fastest growing countries
in Asia. Rapid growth and expansion of this growth belt in Asia resulted in a bigger Asia
n market, deeper interdependence and greater self갑propelled growth potentials.
Outstanding economic achievement in Asia is partly attributable to economic liberalizatio
n and greater integration into the world economy. Not only market economies but also econ
omies in transition have been pursuing liberal economic reforms and outward갑looking econ
omic policies since the mid 1980s.
Deepening interdependence in this region, brought about by expanding the division of labo
r, entailed concerted efforts at regional economic integration in Asia. ASEAN is example
of institutional economic integration and the Northeast Asia Economic Area, Southern Chin
a Economic Area, Baht Economic Area are those of functional economic integration. Further
more, Asia is looking beyond the regional horizon for their active economic role as is ex
amplified by its initiatives in APEC and ASEM.
The throbbing dynamism of Asia, based upon self갑propelled growth potentials, diversities
and interdependence, high quality manpower, projects a vision of a prosperous Asia into t