Total GNP three countries including U.S.A., Japan and EC occupies its share with 58.9% of total world GNP in 1986. And, with total trade volume of those, its share of 60% in the world trade market, they have made highly important and large market. Mor...
Total GNP three countries including U.S.A., Japan and EC occupies its share with 58.9% of total world GNP in 1986. And, with total trade volume of those, its share of 60% in the world trade market, they have made highly important and large market. Moreover, for those markets having respectively the portion of 68.7% and 65.85(in 1988) in total export and import of Korea, they are very important trade partners of Korea. As to the foreign trade structure in the 1980’s the trade balance of U.S.A. and EC has grown worse steadily, while that of has shown the pattren that keeps surplus of trade balance, which leads to unbalance of world trade. Hence, trade plicy of those areas has put its focus on restoring the balance of trade. U.S.A. makes efforts to keep balance of trade by way of GATT multi-lateral trade agreement approaching to international trade liberalization, such as Uruguay Round, and the other way bilateral trade relationship with other countries, i.e. free trade agreements between two countries. Coping with the balance of international trade due to trade surplus and trade friction between trade partners, Japan wishs importing promotion policy which leads her to solve the problems of the trade unbalance. EC is intensifying foreign competitive power, i.e. accomplishing returns to scale economy through the expansion of intra-area trade by means of market integration. On the other hand externally EC stands for free trade policy, but substantially focuses attention on protectionism by way of non-tariff barrier in other to correct the unbalance of trade.