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Recent Developments in Korea’s IT Industry
Published May 25, 2011
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A successful KORUS FTA could position Korea among the top three electronics manufacturing countries, according to a senior researcher from the Korea Institute for Industrial Economics. The Korea Herald cited Joo Dae-young as saying that an FTA with the United States would give Korea (which currently ranks fourth in terms of electronics output) an advantage over competitors Japan and China in the U.S. market for consumer electronics goods. Joo further asserted that, “Korea’s strength lies in consumer electronics, while America’s strength is in industrial electronics, such as medical equipment, so both markets will complement each other.” Joo explained that an FTA would eliminate Korea’s current 8% import duty on U.S. electronics goods, and U.S. levies of 2% on Korean goods. U.S.-Korea trade in the electronics sector totaled over $24 billion in 2005, and constituted over 15 percent of Korea’s total trade for the year.

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