Trade relations between Peru and the Republic of Korea: the past, present and doors of opportunities for the future
DOI:
https://doi.org/10.61249/pi.vi133.73Keywords:
Republic of Korea, Peru, International Trade, International Economics, 60 years, trade relations, trade policyAbstract
Diplomatic relations between Peru and Korea began in 1963 based on an economic-trade aspect that is vital for the bilateral relationship. In this article, the past and present of the export and import flows’ evolution with Korea is analysed from a Peruvian perspective for the period between 1965 to 2022, using available statistical information from the national and international databases for understanding the structure of the bilateral trade, as well as highlighting the main trading trends in those decades. In addition, considering the current situation, three doors of opportunities, that will condition the development of the Peruvian trade flows with Korea in the following years, are discussed: i) the advantages of e-commerce in the digital age driven by the Korean structural reforms; ii) the use of the FTA between Peru and Korea as a tool to promote opportunities for merchandise trade, and iii) the relevance of having a broad and precise knowledge about the Korean consumer trends. In this sense, an adequate development of these three engines would allow the achievement of objectives such as the increase of trade flows, the creation of comparative advantages for Peruvian products in the Korean market, the creation of value chains, and the warranty for accessing to inputs and machinery for the Peruvian industrial production.
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