Modern Challenges of Economic Cooperation between the Republic of Korea and the United States

 
PIIS013128120024220-3-1
DOI10.31857/S013128120024220-3
Publication type Article
Status Published
Authors
Occupation: Researcher, Center for Korean Studies
Affiliation: Institute of China and Contemporary Asia Russian Academy of Sciences
Address: 32, Nakhimovsky prospect, Moscow, 117997, Russian Federation
Journal nameProblemy Dalnego Vostoka
EditionIssue 1
Pages96-105
Abstract

For the past 20 years, South Korea has successfully balanced between its main trading partners, the US and China. However, with the new president’s accession to power in March 2022, the Republic of Korea has become more and more committed to the US strategic alliance, while not losing interest in trade with China. Washington seeks to use various economic instruments to get the maximum benefit from the alliance with Seoul. The declared areas of strategic partnership within the framework of the US-South Korea alliance are facing a number of challenges provoked by the US protectionist policy and Washington's desire to maintain influence in key areas. The Republic of Korea is trying to secure comfortable conditions for cooperation, but at the same time, it is gradually adapting to new American requirements. South Korea, like the United States, is striving for leadership in the high-tech market and is currently competing rather than working as a team. Thus, in the future, with continued pressure from Washington, companies in the Republic of Korea may lose their competitive advantages in world markets, and even become completely dependent on the United States. These tendencies lead to the strengthening of the opinion in South Korean society that deep economic integration with America may not be in the national interests of the Republic of Korea.

 

In the article, the author analyzes the existing challenges in the economic relations between the Republic of Korea and the United States in 2022. In addition, challenges are predicted that can have a greater impact on US-South Korean foreign trade relations in the foreseeable future.

KeywordsRepublic of Korea, USA, China, foreign economic relations, strategic partnership, economic security, sustainable development, Inflation Reduction Act (IRA)
Received31.12.2022
Publication date17.03.2023
Number of characters24832
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