Korea to grow by over 7% from next year thanks to WTO
30/11/2001
The LG Economic Research Institute (LGERI) has claimed that the latest agreements in the World Trade Organisation (WTO) will benefit the Korean economy from next year, pushing growth above 7%. The WTO agreement will open up trade with developing countries in certain sectors.
The LGERI said that clothing and apparel, leather goods, rubber products, and shoes should benefit from generally lower tariffs, while sectors such as pulp, paper, furniture and lower-end electrical appliances might suffer. The benefits from the latest WTO round will be most strongly felt in trade with developing countries rather than countries such as the US, European Union and Japan, which already have open markets.
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