Hi everyone,
Today, I want to share the story of how a small Asian country transformed itself into one of the world’s leading trading powers in just 50 years. I’m talking about South Korea — a prime example of how strategic thinking can reshape an entire nation’s economy.
Picture this: it’s 1975. Korea is just beginning to recover from war and signs its very first trade agreement — the Bangkok Agreement with several Asian countries. Nothing major, just modest tariff reductions. But it was the first step in the right direction.
Fast forward to today: Korea has 21 free trade agreements covering 59 countries. From neighboring China to distant Australia, from the United States to the European Union.
So how did they do it?
The turning point:
The key moment came in 2003, when South Korea did something most countries don’t — they paused to think strategically. Instead of rushing to sign deals left and right, they created a clear, long-term strategy with a “roadmap.” Every agreement they signed had a specific purpose aligned with the country’s economic goals.
Their first major project was a free trade agreement with Chile in 2004. You might wonder — why Chile? For Korea, it was a test case. A chance to work out the mechanics of free trade agreements that they could later apply in negotiations with larger partners.
What I find impressive about Korea’s approach:
The practical result:
During the COVID-19 pandemic, when global trade took a hit, Korea showed remarkable resilience — thanks to its diversified network of partners. While some markets shut down, others stayed open.
And Korea isn’t slowing down — it’s currently in talks with Japan, Mexico, and exploring opportunities with the Eurasian Economic Union.
What does this mean for your business?
Korea’s story shows that success in global trade doesn’t go to the fastest mover, but to the best planner.
A structured approach, long-term vision, and willingness to invest in the right partnerships — that’s what works.
Maybe it’s time to take a fresh look at your own export strategy through this lens?
Today, I want to share the story of how a small Asian country transformed itself into one of the world’s leading trading powers in just 50 years. I’m talking about South Korea — a prime example of how strategic thinking can reshape an entire nation’s economy.
Picture this: it’s 1975. Korea is just beginning to recover from war and signs its very first trade agreement — the Bangkok Agreement with several Asian countries. Nothing major, just modest tariff reductions. But it was the first step in the right direction.
Fast forward to today: Korea has 21 free trade agreements covering 59 countries. From neighboring China to distant Australia, from the United States to the European Union.
So how did they do it?
The turning point:
The key moment came in 2003, when South Korea did something most countries don’t — they paused to think strategically. Instead of rushing to sign deals left and right, they created a clear, long-term strategy with a “roadmap.” Every agreement they signed had a specific purpose aligned with the country’s economic goals.
Their first major project was a free trade agreement with Chile in 2004. You might wonder — why Chile? For Korea, it was a test case. A chance to work out the mechanics of free trade agreements that they could later apply in negotiations with larger partners.
What I find impressive about Korea’s approach:
- They play the long game. Nearly 30 years passed between the first agreement and a fully developed strategy. No rush — just steady, intentional progress.
- It’s not just about trade. Korean FTAs go beyond goods — they include services, investments, and intellectual property. Each deal is a comprehensive integration, not just a tariff cut.
- They use lobbying wisely. When negotiating with the U.S., Korean businesses accounted for nearly half of all lobbying expenditures. They understood that big decisions require serious investment.
The practical result:
During the COVID-19 pandemic, when global trade took a hit, Korea showed remarkable resilience — thanks to its diversified network of partners. While some markets shut down, others stayed open.
And Korea isn’t slowing down — it’s currently in talks with Japan, Mexico, and exploring opportunities with the Eurasian Economic Union.
What does this mean for your business?
Korea’s story shows that success in global trade doesn’t go to the fastest mover, but to the best planner.
A structured approach, long-term vision, and willingness to invest in the right partnerships — that’s what works.
Maybe it’s time to take a fresh look at your own export strategy through this lens?