Many East Asian countries are shifting their paradigm from raid to trade – according to Ambassador of Republic of Korea to the United States, Y.J. Choi.
Yes, it’s probably the professional speaker part of me that loved the way that expression sounded when the Ambassador said it – “from raid to trade.” But, I also appreciated the concept.
Ambassador Choi explained his thoughts during a World Trade Center event (www.WTCKY.org) that I attended last week. He said East Asian countries are transitioning from raid (military/warfare) methods of obtaining what they want to trade methods.
The old school of thought was, “Don’t help them (that other country). They’ll just turn against us later.” In other words, conflict is inevitable.
The new school of thought is, “Let’s look at ways to expand trade.” This not only builds economies, it will help to make the world more peaceful and stable. (I also like the sound of that.)
According to the Ambassador, East Asia currently accounts for 30% of all global economic output.
What opportunity does that offer your company?
In March, the US and Korea signed a Free Trade Agreement. That means, if you’re a US exporter, there will be no tariffs on exported products (well, 95% of all products).
Since I live near Louisville, Kentucky, I was intrigued to hear that Korea imported a previous Kentucky Derby contender to help start their horse racing industry. In fact, Kentucky ranks number 11 of all US states in exports to Korea.
Regardless of where you live in the world, you never know what you might be able to export to Korea or East Asia. Or, if you are in East Asia – what can you export to us? Opportunity!
How does this change your perspective? How can you take advantage of a “trade instead of raid” mentality?
By Kelly Watkins, MBA, Global Thought Leader
Note: I’m proud to serve on the World Trade Center KY Education Committee – as the representative from the District Export Council (DEC) on which I sit. The DEC is overseen by the US Department of Commerce and membership on the Council is approved by the US Secretary of Commerce.
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