Strengthening Regional Value Chains in the EU: Impact on Korea’s Exports to the EU
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This paper attempted to analyze the impact of the EU’s RVC (Regional Value Chain) on Korea’s export market to the EU. The COVID-19 pandemic is rapidly changing the global trade environment. It has broken down the global supply chain and is widening the economic gap between developed and developing countries. The EU is pushing for ‘compulsory digitalization’ in Europe as one of its economic revitalization policies due to the spread of COVID-19 and ‘reshoring’ for the purpose of strategic autonomy. Nationalization and localization of supply chains through reshoring in the EU deprives suppliers of opportunities to diversify their exports. Meanwhile, despite the spread of COVID-19, conflicts between the U.S. and China are intensifying in various aspects. The United States and China are making efforts to devise an international order with their own worldview and make EU member states on their side. From the EU’s point of view, the deepening U.S.-China economic hegemony war caused by the COVID-19 may be an opportunity to increase the autonomy of choice. In other words, since the EU and member states have switched from being chosen to choosing, the possibility of cooperation with Korea will increase. The EU is expected to accelerate policies to support ‘fourth industries’ at the level of EU and member countries, such as digital transformation using AI and big data. Especially, demand for new cooperation is expected around eco-friendly vehicle parts, materials, and equipment. An important part of the competitiveness of developing countries in the future is their proximity to large-scale consumer markets. Accordingly, Korea needs to aggressively promote its plan to enter the regional production system in preparation for the increase in EU intra-regional trade.
Abstract
This paper attempted to analyze the impact of the EU’s RVC (Regional Value Chain) on Korea’s export market to the EU. The COVID-19 pandemic is rapidly changing the global trade environment. It has broken down the global supply chain and is widening the economic gap between developed and developing countries. The EU is pushing for ‘compulsory digitalization’ in Europe as one of its economic revitalization policies due to the spread of COVID-19 and ‘reshoring’ for the purpose of strategic autonomy. Nationalization and localization of supply chains through reshoring in the EU deprives suppliers of opportunities to diversify their exports. Meanwhile, despite the spread of COVID-19, conflicts between the U.S. and China are intensifying in various aspects. The United States and China are making efforts to devise an international order with their own worldview and make EU member states on their side. From the EU’s point of view, the deepening U.S.-China economic hegemony war caused by the COVID-19 may be an opportunity to increase the autonomy of choice. In other words, since the EU and member states have switched from being chosen to choosing, the possibility of cooperation with Korea will increase. The EU is expected to accelerate policies to support ‘fourth industries’ at the level of EU and member countries, such as digital transformation using AI and big data. Especially, demand for new cooperation is expected around eco-friendly vehicle parts, materials, and equipment. An important part of the competitiveness of developing countries in the future is their proximity to large-scale consumer markets. Accordingly, Korea needs to aggressively promote its plan to enter the regional production system in preparation for the increase in EU intra-regional trade.
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