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S. Korea launches post-COVID-19 trade strategy centered on global partnership Updated: 2020-07-21 17:06:58 KST

International business exchanges have been largely restricted due to COVID-19.
But the South Korean government on Tuesday, outlined its new, post-pandemic trade strategy to help re-establish avenues of exchange.

At the center is the so-called "Express Passage" system, which grants a special pass to key local businesspeople for them to enter other countries despite entry restrictions.
China is already on the list but Korea aims to expand its contract with Singapore, Indonesia, as well as several Arab nations.

South Korea also seeks to launch the "Pandemic Free Passport" to be used among the 'ASEAN plus three nations' a passport that temporarily minimizes travel and trade regulations during the pandemic.

In the meantime, South Korea is promoting Free Trade Agreements, or FTAs, with developing countries, but using its new model dubbed "K-FTA".
Conventionally, FTAs would require both sides to simply lower tariffs to boost the exchange of goods.
But under the new model, each side takes a particular role: South Korea will provide development assistance in the form of technology or infrastructurewhile developing countries will focus on opening their market for trade.
The result of which would avoid disputes in certain areas of mutual interests such as agriculture,and to build more sustainable, economic ties.

Lastly, in light of the rising digital market, Korea will enhance digital partnerships with other countries to help local firms enter the global e-market.
The government hopes that these measures could help South Korea preemptively respond to even greater changes in the future.
Lee Kyung-eun, Arirang News.
KOGL : Korea Open Government License
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