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Free Trade Without Fair Trade Is Unsustainable : Is Fair Trade Without Free Trade Desirable? : A Korean View of the Current U.S.-Korea Trade Tension

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  • Free Trade Without Fair Trade Is Unsustainable : Is Fair Trade Without Free Trade Desirable? : A Korean View of the Current U.S.-Korea Trade Tension
  • Yoo, Jungho유정호
  • Korea Development Institute
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Title Free Trade Without Fair Trade Is Unsustainable : Is Fair Trade Without Free Trade Desirable? : A Korean View of the Current U.S.-Korea Trade Tension
Similar Titles
Material Type Reports
Author(English)

Yoo, Jungho

Author(Korean)

유정호

Publisher

Seoul:Korea Development Institute

Date 1985
Pages 37
Language English
File Type Link
Subject Economy < Trade
Holding Korea Development Institute

Abstract

Two-way trade between Korea and the United States expanded at a rapid pace that few would have imagined possible in the 1950s. The bilateral trade increased from only $232 million in 1962 to $17.3 billion in 1984. Korea`s imports of U.S. merchandise in 1984 were greater than the total amount of U.S. foreign aid in current prices that Korea received since its independence at the end of World War Ⅱ. In sum, the donor-receiver relationship between the two countries in the 1950s has been transformed into a mutually beneficial economic partnership.
Korea has been providing the U.S. with a better market than the rest of the world. During the 10 year period from 1974 to 1984, U.S. exports to Korea expanded at an average of 8.3 percent annually. Moreover. although U.S. total exports have declined since 1981, U.S. exports to Korea have continued to increase. In 1984, Korea`s imports form the Korea have continued to increase. In 1984, Korea`s imports form the United States were slightly larger than the combined imports of all African countries except those classified as belonging to the Middle East.