Korea-Canada Economic Relation: Korean Perspectives

초록

This paper looks back on the historical patterns in trade during the 1980s and 1990s. Then it overviews the trade between Korea and Canada. Korea's dependence on trade is threatened by rising regional bloc-ism and a growing competition from less developed countries. Korea’s high labour cost and a decrease in productivity and competitiveness must be compensated by upgrading technology not just in manufacturing but also in the knowledge-based sector. Canada is not content with its current trade mix. Canada’s exports to Korea are mainly resource goods and they are competing with other resource abundant countries like Australia, China, Indonesia, South Africa, the U.S.A. and Russia. As Korea develops closer relations with these countries including North Korea, resource-based Canadian exports to Korea will be exposed to tougher competition. Korea needs to upgrade its technology through R&D to catch up with the advanced countries. In the future, economic relations should be moved from the once-for-all selling or investment type into ever on-going collaborating type to develop new products and new markets together. Canada’s telecommunications, transportation, energy and environmental technologies will provide ample opportunities in Asia. Canada could make use of Korea as a springboard to gain further access to the huge markets in Asia. Korea’s manufacturing skills combined together with Canada’s technology can generate leading competitiveness.