Seoul Out-Maneuvers Tokyo Once Again

From The Marmot's Hole:

6:41 PM (3 hours ago)‘Seoul Outmaneuvers Tokyo, Again’from The Marmot's Hole by Robert Koehler


So says James Simms in the WSJ, this time referring to Korea’s pushing of trade agreements with the United States and the European Union:



It’s getting a bit tiring for the rest of us, but South Korea has reason for cheer: Seoul is beating its rival Tokyo in another sector, this time trade agreements.



The negative effects for Japan Inc. could be significant. Korea is moving ahead with economic and trade pacts with the European Union and U.S., some of the world’s largest economies. For Japan, those two happen to account for over one-fourth of the country’s exports by value.



Korea has agreements in effect or signed with nations that make up 36% of its trade volume, according to the Japanese trade ministry. In Japan’s case, such agreements cover only 17% of its trade volume, and talks with Brussels and Washington aren’t even on the radar.

[...]

The last thing Japan needs is to allow Korean competitors like Hyundai Motor and LG Electronics, which already have strong brands and the tailwind of a weak currency, to gain another advantage. But that’s precisely what’s happening.



According to Mr. Simm, it’s the Japanese agricultural sector that’s holding things up, and Tokyo doesn’t have the political gumption to overcome the farmers.



Oh, and for WangKon, here’s that Goldman Sachs report that predicts Korea’s will have the world’s second highest per capita income in the world by 2050.