Blog 4: What is the relation between economy and globalization?—— SHU YING

Exploring the relationship between the economy and globalization, we can see that the economy serves as the foundation for globalization. The growth of international trade and investment, driven by economic development, is a key driver of globalization. South Korea and China's free trade agreements  illustrate this, as they aim to reduce tariff barriers and increase investment freedom to promote bilateral trade and investment.

In turn, globalization promotes economic development by enabling countries to utilize global resources more effectively and facilitating the dissemination of innovation and technology. The FTAs between South Korea and China make it easier for their businesses to enter each other's markets, enhancing competitiveness and bringing more development opportunities.

Moreover, the FTAs of South Korea and China reflect their different strategies in the globalization process. South Korea has been more active in signing FTAs, while China focuses more on establishing FTAs with neighboring countries and important trade partners. These differences highlight the diverse needs and goals of countries in the globalization process.

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