• Korea Trade Review
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• v.45 no.1
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• pp.241-257
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• 2020

Globally, Fintech, which acts to replace existing intranational payment methods, is actively used, and such Fintech payments are widely accepted in international B2C trade. However, Fintech for B2B trade has not been released to the market thus far, and previous attempts at electronic international payment systems, such as Bolero, TradeCard, and Identrus, have not succeeded, and most of them have completely disappeared. On the other hand, there are continuing attempts to introduce Fintech technologies such as blockchain to international payments, and these attempts are more widely pursued in foreign countries. If international payments using Fintech are marketed through foreign services and such Fintech services become the de-facto standard for international payments, then Korea in which dependency on international trade is high will be vulnerable due to a dependency on foreign services such as relying on foreign SNS platforms like Facebook and Instagram. Therefore, this paper proposes a business model that can be used as a legitimate B2B trade international payment system on the basis of domestically provided services, focusing on various services afforded by K-SURE, which is the Korea Trade Insurance Corporation.

• Journal of Korea Trade
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• v.24 no.1
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• pp.131-145
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• 2020

Purpose - The recent growth of South Korean products in the international market is the benchmark for both developed as well as developing countries. According to the development index, the role of international trade is indeed crucial for the development of the national economy. However, the visualization of the international trade profile of the country is the prerequisite of governmental policy decision-makers and guidance for forecasting of foreign trade. Design/methodology - We have utilized data visualization techniques in order to visualize the import & export product space and trade partners of South Korea. Economic Complexity Index (ECI) and Revealed Comparative Advantage (RCA) were used to identify the Korean international trade diversification, whereas the time series approach is used to forecast the economy and foreign trade variables. Findings - Our results show that Chine, U.S, Vietnam, Hong Kong, and Japan are the leading trade partners of Korea. Overall, the ECI of South Korea is growing significantly as compared to China, Hong Kong, and other developed countries of the world. The expected values of total import and export volume of South Korea are approximately US$535.21 and US$ 781.23B, with the balance of trade US$ 254.02B in 2025. It was also observed from our analysis that imports & exports are equally substantial to the GDP of Korea and have a significant correlation with GDP, GDP per capita, and ECI. Originality/value - To maintain the growth rate of international trade and efficient competitor for the trade partners, we have visualized the South Korea trade profile, which provides the information of significant export and import products as well as main trade partners and forecasting.

• Journal of the Economic Geographical Society of Korea
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• v.3 no.1
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• pp.35-51
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• 2000

International trade flows have been determined by social, cultural and political environment around the world as well as economic elements. The environment of international trade has changed rapidly as the world has globalized. Significant changes have been generated in the international trade flows. This study investigates the influences of economic globalization on the international trade flows. The changes in international trade flows examined comprehensively by integrating trade with industrial locations, investment, and the various trade related environments. The focus laid on the integration of world economies, such as widening and intensifying international linkages in economic, political and social relation. Special concerns are laid on the impacts of Foreign Direct Investments (FDI) by Trans National Corporations (TNCs), which affect the supply-demand distributions of commodities by industrial relocations, and the expansion of intra-firm trade flows on the international trade flow patterns. The geographical characteristics of tile origins and destinations of FDI flows analyzed, since the spatial patterns of the intra-firm trade flows are determined by them. The FDI and intra-firm trade flow patterns have changed significantly over time.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.28
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• pp.63-88
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• 2005

Korean government is planning to develop the airport and its surrounding area into a Northeast Hub of Asia. In accordance with the Free Trade Zones Act, Incheon International Airport Corporation is in charge of developing the free trade zone which will be located adjacent to the airport cargo terminals. The free trade zone plays an important part for the promotion of international logistics. So the purpose of this paper is to make research on the activation measures of the airport free trade zone for the building of a hub of international logistics. As for the research, this paper reviews the current regulations of the Free Trade Zones Act. Also this paper analyzes recent plans and reports on the free trade zone by Incheon International Airport Corporation and Korean government authorities. As the results of this paper, it will contribute to the activation of the airport free trade zone, and to building Incheon International Airport into the logistics hub of Northeast Asia, and to the inducement of foreigner's investment in the free trade zone.

• International Commerce and Information Review
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• v.6 no.2
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• pp.147-168
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• 2004

Owing to the digital revolution, Internet Commerce and Electronic Commerce is having a profound influence on the global trade and internal commerce, revolutionizing the way of doing business. e-Trade have adopted in order to the reshape of the International Trade enterprise's competitiveness, and it is now being utilized as a major export marketing instrument to develop new customers, save export transaction costs ad facilitate new work processes. The purpose of this study is to provide a program for activation in e-Trade of the International Trade enterprise in Kangwon Do. However, at present, the environment of e-trade Infrastructure in Kangwon Do is very poor. Therefore, this study points out the problems of e-trade of the International Trade enterprise in Kangwon Do and provides many considerations for a program for activation of e-Trade.

• Korea Trade Review
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• v.45 no.1
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• pp.31-45
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• 2020

As FTAs are introduced, greater trade between the countries results in more disputes between parties to the agreement. Disputes in international trade have previously been settled mainly through international arbitration. However, with the recent rise in negative aspects of the arbitration system, the international community has begun to seek ways to utilize mediation for replacing the arbitration system. Mediation is a dispute settlement system that helps the parties settle their disputes on their own through negotiations. The UNCITRAL, which seeks to unify and develop international trade law, amended the Model Mediation Law in 2018 and adopted the 'United Nations Convention on International Settlement Agreements Resulting from Mediation' in August 2019 to enable the adoption of the international settlement agreement. This study analyzes the main contents of the 2018 Model Mediation Law and predicts the potential for the development of international commercial mediation as a dispute settlement procedure for future international trade.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.39
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• pp.105-142
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• 2008

For many companies, selling in an international market place is the ultimate challenge. One of the greatest problems facing exporters is the increasing insistence by importers that trade be conducted on open account terms. This often means that payment is received many weeks or even months after delivery. Unsurprisingly, many organisations find that giving buyers credit in this way can cause severe cash flow problems. Further problems can arise if the importer delays payment beyond originally agreed terms or makes no payment at all because of financial failure. In particular, many SMEs find it difficult to finance their production cycle, since after goods are delivered most buyers demand 30 to 90 days to pay. Therefore, International factoring for SME has been developing very rapidly in the world trade financing markets. Functions of international factoring as trade financing is a comprehensive financial service that includes credit protection, accounts receivable bookkeeping, collection services and financing. Factoring can be a powerful tool in providing financing to high-risk, informationally opaque sellers. International factoring is very helpful for international exporters to get competitiveness in the world markets. In Korea, a few banks are operating international factoring. But International factoring in Korea could not play a key roll as general trade supporting service. So, This study is to suggest importances of international factoring development for trade development and to investigate real operation situations and problems by way of interviews with operators in banks that are operating international factoring and suggest development strategies for international factoring in Korea.

• The Journal of Information Technology
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• v.3 no.4
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• pp.23-40
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• 2000

Because the international trading community has witnessed a number of significant technical and commercial changes, documentary credit practices will quite clearly need to be updated to meet both the business and technical demands of the latest commercial and technical developments in international trade. The potential for developing "paperless credit" should, therefore, be examined. TradeCard is a B2B(business-to-business) e-commerce infrastructure that enables buyers and sellers to conduct and settle international trade transactions securely over the Internet and objective of TradeCard is to provide a secure, reliable cost-effective and user-friendly solution for conducting and settling international trade transactions. This paper analyzes the reviews of TradeCard by Electronic Message and the various problems which come to application of TradeCard, with particular attention to existing international frameworks for Payment systems based on Documentary Credit.ry Credit.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.14
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• pp.373-395
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• 2000

Recently international trade environment has been rapidly changed according to information age. In particular, international trade has been carried out with various ways under the digital revolution. In this regard, the companies are handling their business with the open network internet and doing their critical marketing activities which are very different from the existed trade customs. However, trade-related information database which is necessary to import and export activities is partly built, and there are many issues to be settled down. In other words, electronic trade opportunity website in the field of overseas marketing and customs clearance with EDI(electronic data interchange) are developed, but the database which companies can make use of their businesses is not fully supported. Therefore the structured database should be developed urgently from the stage of opening business to that of payment. This study closely analyzes the databases under the trade procedure, look into the problems of those database and suggest the solutions of trade information databases. Finally this study provides a sort of trade infrastructure for the development of international trade by internet through the building of trade information.

• Journal of Korea Trade
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• v.24 no.4
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• pp.18-33
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• 2020

Purpose - This paper investigated the effect of international trade affects income inequality. It also compares the different effects between developing and developed countries over the period from 2005 to 2014 for 58 countries. Design/methodology - The econometric estimation was used to identify the relationship between export, import, FDI, GDP, unemployment and income inequality. In this empirical analysis, we utilized a Vector Error Correction (VEC) model using panel data. Findings - The findings show that there is a close correlated between trade and income inequality. The higher export ratio of GDP tends to have a 1.79 times more income inequality in developing countries than in developed countries. The higher import ratio of GDP tends to have a 2.44 times higher income inequality in developing countries than in developed countries. Further, Increasing FDI tend to have an approximately 1.43 times higher income inequality in developing countries than in developed countries. Korea is in the middle of developed and developing countries' result. Originality/value - To correct the global income inequality regarding trade, developed countries' proactive trade policies, such as granting preferential tariff benefits to developing countries, are likely to be needed and Income Safety Net in international trade must be taken into account.