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S. Korea Tops Connectivity, E-trade Lists
Source: korea.net
Source Date: Monday, July 21, 2014
Focus: Institution and HR Management
Country: Korea (Republic of)
Created: Jul 22, 2014

Korea has recently been assessed as having the most developed international trading environment and Internet environment among the Group of Twenty (G20) economies, according to the “e-Trade Readiness Index,” published on July 15 by the Economist Intelligence Unit (EIU), a research institute that is part of the British weekly The Economist.

In the report, the EIU assessed the G20 countries' e-trade readiness across five categories: investment climate, Internet environment, international trading environment, regulatory and legal framework and e-payment systems.

In the report, Korea came first in two categories: the international trading environment and the Internet environment. The country was ranked fifth in terms of e-payment systems, eighth in the regulatory and legal framework and 12th, tied with Russia, in terms of investment climate.

The report stated that, “Developed countries exhibit mature and efficient international trade mechanisms which place them near the top of this category in the e-Trade Readiness Index.” It mentioned Korea, which took the top spot in this regard.

The EIU praised Korea by saying that it is, “one of the top three countries for customs efficiency for imports and exports in both cost and the time it takes,” the other two being Australia and the U.S.

The report also highly valued Korea’s international trade environment, saying that, “South Korea, which ranks at the top of the Internet environment category, exemplifies the link between policy efforts to get people and businesses online in the first instance and then to encourage them to use the Internet.”

“The top three countries in the Index -- Australia, South Korea and the US -- generally score well across the five components of the Index,” said the EIU. The report said that these countries have “wealthy middle classes with good broadband access and skilled Internet usage.” In regard to e-commerce, the report said that the three countries have, “strong infrastructure and efficient customs administration,” and a competitive environment for e-payments with high usage. 

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