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Overview of Korea’s development experience

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Bilateral economic relations with US

Korea’s economic reconstruction in the 1950s benefitted much from the U.S. aid, which accounted for up to 10 percent of GDP. However, when Korea achieved atrade surplus with the U.S. in the 1980s, intense trade conflicts ensued between the two countries.

Although the share of trade with the U.S. has fallen in recent years due to the rise of the Chinese economy and Korea’s diversification strategy towards overseas markets, the U.S. remains one of Korea’s three biggest trading partners. Korea and the U.S. also have entered into anew stage of economic cooperation with the conclusion of an FTA, which represents amore advanced stage of economic cooperation. It is significant that both governments agree on such issues as promoting environment-friendly growth and technology and supporting economic development aid for the world’s poorest countries.

Source : SaKong, Il and Koh, Youngsun, 2010. The Korean Economy Six Decades of Growth and Development. Seoul: Korea Development Institute.