A Study on the Obstacle Factors for the Entry of Korean Companies into Latin American Markets and their Countermeasures

Abstract

In the past, trades with the Latin American markets were not active since the South Korean companies simply considered them substitute markets whenever exports were slow. However, the importance of these markets is highlighted anew thanks to the signing of the Korea-Chile Free Trade Agreement (FTA). Presently, Latin American nations are pursuing FTA with various nations in the world, regardless of the geographic boundaries, in order to vitalize their economy and attract foreign capital. Despite these efforts to liberalize the market, Latin American regions continue to restrict importation by leveraging diverse set of trade regulation policies. This research examines trade regulation policies in the Latin American regions and proposes Korea’s countermeasures.