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S. Korea's trade deals to cover 85% of world's GDP Updated: 2021-12-09 06:10:41 KST


Soon South Korea's trading deals will cover 85 percent of the world in terms of GDP.
With South Korea's parliament ratifying the RCEP, or Regional Comprehensive Economic Partnership, last Thursday,.. South Korea next month will officially join the world's largest trading pact.
The deal links 15 nations, responsible for about a third of the world's Gross Domestic Product.
The Ministry of Trade, Industry and Energy hopes that these new deals will help streamline exports, at a time when overseas demand and interest for K-beauty and K-culture products are higher than ever before.
And South Korea plans to push ahead further.
The ministry is working to make sure that domestic companies, even small to medium-sized enterprises, can make the most out of the RCEP.
In order to do so, it's going to provide customized information, consulting, and counseling on how companies can take full advantage of the trade deal.
It's also going to fix up 'Tradenavi,' which is an online system where companies can easily look up tariff rates and products' country of origin.
South Korea is currently working toward more free trade deals with Mexico, the Pacific alliance, and the Gulf Cooperation Council.
Kim Yeon-seung, Arirang News
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