Advancing Regional Trade Interests between Africa and South Korea: Emerging Issues, Concerns and Policy Options

Abstract

Africa’s trade relations with South Korea has undergone some unprecedented dimensions in the past two to three decades, partly due to Africa’s increasingly macroeconomic and trade policy reforms. Within this context, it becomes crucial for Africa to unleash the potential of South–South RTAs and development cooperation, in which its collaboration with South Korea comes very strategic. Thus, Africa–South Korea trade relations within a South–South RTA aims to facilitate trade opportunities between South Korea and Africa, and through the creation of effective bilateral trade and development cooperation initiatives in stimulating growth capacities, trade and investment flows when embedded in a broader development cooperation strategy. Based on this background, the primary objective of the study is to examine and discuss the magnitude, composition and structure of Korea-Africa trade relations. Exploiting the untapped and growing trade opportunities for Korean and African businesses, the study recommends ASKRTIIM as a bouquet of policy options towards advancing Africa-South Korea trade interest within the South–South regional trade and business policy space.