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Showing posts with label South Korea. Show all posts
Showing posts with label South Korea. Show all posts

Thursday 2 December 2021

Appointing the right people in South Korean Cabinet

Facing polls: Incumbent President moon Jae-in and his Cabinet saluting the South Korean flag before a meeting at the presidential blue House in Seoul - AP


CRITICS have always argued that South Korean presidents all have one serious flaw in common: They fill government posts with people from their own political faction or election ca mp only, regardless of their abilities. As a result, amateurs have run the country, making numerous, sometimes fatal mistakes.

Of course, there have been some outstanding, competent ministers. However, they often could not extend their abilities to their full capacity, blocked by a bunch of amateurs who wielded political power surrounding the president. If Korean presidents had appointed truly capable people to their Cabinets, South Korea would be a much more advanced nation today.

A great leader should have a vision for the future, not a fixation on grudges from the past. Someone who is too preoccupied with past grievances can never become a great leader.

More importantly, a great leader should transcend the gravity of his or her own faction, embracing a “rainbow coalition” of different people. Therefore, a great leader is one who can appoint capable people to important posts regardless of their political stance. And if a leader appoints an able person but does not listen to them, that leader too is not a good leader.

The late Steve Jobs, former CEO of Apple, offered sound advice for all leaders when he said, “It doesn’t make sense to hire smart people and then tell them what to do; we hire smart people so they can tell us what to do.”

Likewise, the president of a country should also appoint smart, capable men and women, and then listen to them and support them.

To the leader who does not like smart people and favours flattering, incompetent people instead, David Ogilvy, founder of renowned PR and marketing firm Ogilvy & Mather, has this to say: “If each of us hires people who are smaller than we are, we shall become a company of dwarfs. But if each of us hires people who are bigger than we are, we shall become a company of giants.”

A nation’s leader, too, can turn his or her country into a place of dwarfs if he or she does not appoint smart, competent people.

To the leader who only likes his/ her own kind from his/her own faction, the great Honda Soichiro of Honda Motor Co admonished, “If you hire only those people you understand, the company will never get people better than you are. Always remember that you often find outstanding people among those you don’t particularly like.”

That is why a great leader should not hesitate to appoint capable people to the Cabinet, even if they are not “one of our own”.

In a sense, the president of a country is like the president of a company. Both should have competent staff members to make their institutions flourish. The only difference between the two is that unlike a company president, a nation’s president should be diplomatic and embrace even political dissidents. If the president of a nation wants to work with ideological followers, school friends or hometown associates only, he or she cannot become a great leader and will consequently ruin the country.

At Seoul National University (SNU), I led three major institutions for eight years. At each institution, I appointed truly able specialists to help me run the institutions successfully. In fact, I helped them work freely to the full because they, not I, were the experts in their fields. Thanks to these extremely competent experts, my institutions thrived as among the best SNU institutions.

However, problems occurred when the administrative assistant, whom the university appointed, worked clumsily. For example, once my administrative assistant reported to me that since we needed more space, we should close down the big office for emeritus professors. As I had just taken office and did not know the situation well enough, I consented without giving it much thought. Alas! That was a bad idea and a fatal mistake.

You never disappoint or maltreat emeritus professors under any circumstance; they deserve our full respect and esteem. Unfortunately, I was too young to know it and, unwittingly, I became the target of harsh criticism due to the thoughtless administrative assistant. At that time, I came to realise how important it was to have smart, thoughtful staff members.

Recently, Koreans have become concerned about the country being divided into two main competing presidential election camps ahead of elections in 2022. If the newly-elected president follows in the footsteps of predecessors and appoints these partisans to important government posts despite their ineptitude and incompetence, South Korea will never be able to put an end to the evil cycle of nepotism. And amateurs will ruin the country once again.

We strongly hope that the new president finds and appoints truly capable professionals to his or her Cabinet and secretariat, regardless of their political background. Only then can South Korea be on the right track and prosperous. – The Korea Herald/asia News Network

By KIM SEONG-KON, A Professor emeritus of English at Seoul Nntional University and a visiting scholar at Dartmouth College, United States.

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Tuesday 12 October 2021

Singapore and Japan passports tied for most powerful in the world, Vaccination rates for Asean

 

Holders of Singapore and Japan passports can travel without a prior visa to 192 destinations.PHOTO: ST FILE


SINGAPORE - Singapore and Japan have the most powerful passports in the world, according to the latest update of a global index.

Holders of passports from the two countries can travel without a prior visa to 192 destinations, it noted last week.

This is a change from April, when Japan outstripped Singapore in having the world's most powerful passport, with Japanese passport holders able to travel to 193 destinations without a prior visa, while Singaporean passport holders had such access to 192 destinations.

In the latest update, South Korea and Germany are tied for second place, with such access to 190 countries. The two countries had been tied for third place in April, with access to 191 destinations.

Finland, Italy, Luxembourg and Spain are in third place, with access to 189 nations; while Austria and Denmark are in fourth, with access to 188 countries.

The index, administered by Henley & Partners and updated throughout the year, ranks passport power according to how many destinations their holders can travel to without a prior visa.

The global citizenship and residence advisory firm noted that the gap in travel freedom is at its widest since the index was started in 2006, with Singaporean and Japanese passport holders able to visit 166 more destinations than Afghan citizens, who can travel to only 26 nations worldwide without acquiring a visa in advance.

Britain and the United States have been facing eroding passport strength since they held the top spot in 2014. Both remain tied in seventh place, but have a score of 185, down from 187 in the first quarter of the year.

Egypt is ranked 97th, with its citizens having access to 51 countries without a prior visa, while Kenya is 77th, with access to 72 destinations visa-free.

Meanwhile, Singapore will be allowing vaccinated travellers to travel to nine more countries and return without quarantine, the authorities announced last Saturday (Oct 9).

From Oct 19, vaccinated travellers from Singapore will be able to fly to Canada, Denmark, France, Italy, the Netherlands, Spain, Britain and the US.

The scheme will be extended to South Korea from Nov 15, it was announced last Friday.

These are in addition to Brunei and Germany, which Singapore had already approved for quarantine-free travel for those fully vaccinated.

In total, there will be 11 countries that Singapore approves for quarantine-free travel.

 
Based on data from the International Air Transport Association, the index showed that countries in the global north with high-ranking passports have enforced some of the most stringent inbound Covid-19 travel restrictions.

On the other hand, many countries with lower-ranking passports have relaxed their borders without seeing this openness reciprocated, it noted.

Henley & Partners chairman Christian Kaelin said: "It is pivotal that advanced nations consider revising their somewhat exclusive approach to the rest of the world, and reform and adapt to overcome the competition and not miss the opportunity to embrace the potential."

 
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S'pore & Japan have most powerful passports for visa-free travel to 192 countries

 

Vaccination rates for Asean (%)

Source: Centre for Strategic & International Studies, Aminvestment Bank
 

Malaysia is ranked the 3rd highest among Asean countries. 

 This paves the way for more economic activities to resume although it may not be a full recovery, matching that of pre-covid times.

Analysts are positive on this as the high vaccination rate is a leading indicator that economic activities should recover faster in Malaysia as compared to most countries in Asean.

 

Monday 13 September 2021

Coronavirus: Singapore cases highest in over a year; South Korea plans to ‘live more normally’ with virus

Singapore on Wednesday reported 347 new Covid-19 cases, the highest since August 2020, as the first vaccinated German tourists arrived

Singapore’s health ministry reported 347 new local Covid-19 cases, higher than the 328 cases reported the previous day.

Wednesday’s number was the highest since early August 2020.

This came as the first planeload of Germans allowed into Singapore as part of a tentative reopening for coronavirus-vaccinated tourists arrived at Changi Airport on Wednesday afternoon.

Singapore last month said it would accept double-jabbed visitors from Brunei and Germany, starting in September. While the travellers must test negative for the virus, they do not have to quarantine.

Among the passengers on Wednesday’s maiden flight were Germany-based journalists invited by Singapore Airlines (SIA) and the Singapore Tourism Board.

The flight took longer than usual due to it having to avoid Afghan airspace, according to German reporter Andreas Spaeth, who was on board.

After closing its border during the first pandemic wave last year, Singapore began readmitting tourists, with strict quarantine rules, from a handful of countries, including New Zealand, Vietnam and regions in Australia and China, after it ended its sole pandemic lockdown in June 2020. The list has been amended several times in response to fluctuating coronavirus case numbers in countries of origin.

So-called “reciprocal green lanes” for business or official travel between Singapore and several countries were also set up last year, but most have since been suspended, including one for Germany. Singaporeans were again permitted to enter Germany in October last year, after Berlin eased pandemic border curbs.

Latest Updates:

Daily infections likely to exceed 1,000 | The Star


S'pore hospitals to defer non-urgent ... - The Straits Times

Hospitals prepping more ICU beds | The Star

https://www.thestar.com.my/aseanplus/aseanplus-news/2021/09/12/hospitals-prepping-more-icu-beds


South Korea aims to live normally with virus

     People sit at the Cheonggye Stream in Seoul. About 42.6 per cent of South Koreans are fully vaccinated. Photo: AP

People sit at the Cheonggye Stream in Seoul. About 42.6 per cent of South Koreans are fully vaccinated. Photo: AP

Elsewhere, South Korea plans to open up once it reaches its 80 per cent vaccination milestone, and Japan is expected to ease curbs in November

 Meanwhile, South Korea is drawing up a plan on how to live more normally with Covid-19, expecting 80 per cent of adults to be fully vaccinated by late October, health authorities said on Wednesday.


The country is in the middle of its worst wave of infections, but it has kept the number of severely ill cases under control through steadily rising vaccination rates.

“We’ll review measures that will allow us to live more normally, but any such switch will be implemented only when we achieve high vaccination rates and overall (Covid-19) situations stabilise,” Son Young-rae, a senior health ministry official, told a briefing.

The strategy will be implemented in phases to gradually ease restrictions, authorities said. Masks will still be required at least in the initial stage.

The government expects to implement the plan sometime after late October, when 80 per cent of the adult population is likely to have been vaccinated. As of Tuesday, South Korea had given at least one vaccine dose to 70.9 per cent of its adult population, while 42.6 per cent are fully vaccinated.

South Korea extended national social distancing curbs to October 3 this week as the country boosts its vaccination campaign ahead of a thanksgiving holiday that falls later this month. Restrictions in place include limited operating hours for cafes and restaurants and on the number of people allowed at social gatherings.

It reported 2,050 new Covid-19 cases for Tuesday, with 2,014 of those locally acquired. The country has registered 265,423 infections since the pandemic started, with 2,334 deaths.

The country has not seen a significant increase in coronavirus deaths, with a mortality rate of 0.88 per cent, largely due to high vaccination rates among the elderly and vulnerable. Severe or critical cases stood at 387 as of Tuesday.

 Worldwide total, from the most infected countries:  #1 USA,  

#2 INDIA,  #3 BRAZIL,  #4 UK,  #5 RUSSIA

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Tuesday 8 December 2020

South Korea urges vigilance as Covid-19 clusters emerge in third wave, boosts testing as coronavirus surge threatens ‘medical collapse’

South Korea has reported 38,161 cases, with 549 deaths.
South Korea has reported 38,161 cases, with 549 deaths.PHOTO: REUTERS

SEOUL (REUTERS) - South Korean authorities urged vigilance on Saturday (Dec 5) as small coronavirus clusters emerged in a third wave, centred in the Seoul area, with infections near nine-month highs.

The Korea Disease Control and Prevention Agency (KDCA) reported 583 new coronavirus infections, down from the previous day's 629, which was the highest since a first wave peaked in February and early March.

After implementing tighter restrictions on Saturday, the government is to decide on Sunday whether to further tighten curbs in a country that had seen initial success through aggressive contact tracing and other steps.

Infections of the virus that causes Covid-19 averaged 487.9 this week, up 80 cases from the week before.

This wave of infections is different from the first two, which were driven by large-scale transmission, said KDCA official Lim Sook-young.

"The recent outbreaks are small, multiple and is spread in people’s everyday lives," Ms Lim told a news briefing. "Please keep in mind that the current wave is not limited to a specific group or place but may be around our homes, family and acquaintances."

Seoul accounted for 235 of the new infections. More than half of South Korea’s 52 million people live in the capital and surrounding areas.

Among Seoul’s small but widespread clusters, confirmed cases linked to a dance class rose by nine to 249 in less than two weeks, while 21 people tested positive in a cluster related to a wine bar.

Seoul launched unprecedented curfews on Saturday, shuttering most establishments and shops at 9pm for two weeks and cutting back public transportation operations by 30 per cent in the evenings.

Tighter restrictions would be a blow to Asia's fourth-largest economy, which reported a seasonally adjusted unemployment rate of 4.2 per cent in October, the highest since July.

The number of people seriously or severely ill with Covid-19 rose by five to 121, using more of the nation's swindling sickbeds, KDCA reported.

The health authorities said on Friday there were just 59 sickbeds immediately available for serious or severe cases and that the beds might run out in less than two weeks.

South Korea has reported 36,915 coronavirus infections and 540 deaths, the KDCA said.

South Korea to boost testing as coronavirus surge threatens ‘medical collapse’


SEOUL - South Korean President Moon Jae-in has urged the country’s authorities to undertake more efforts in tracking and tracing coronavirus infections.

This comes as tightened measures have failed to reduce the rate of daily infections.

The country reported 615 new Covid-19 cases on Monday (Dec 7), raising the total to 38,161. Health officials have warned that the number of new daily cases could spike to over 900 next week if the pace of infection continues.

New restrictions to be imposed from Tuesday include a ban on gatherings of 50 or more people and closure of some 130,000 infection-prone facilities.

In meetings with aides on Monday, Mr Moon called on the government to mobilise “every available personnel”, from civil servants to those in the military and police, to provide on-site support for epidemiological investigations starting this week.

He also stressed the need to set up more drive-through test centres and expand the operating hours of testing facilities to allow office workers and young people to go for testing more conveniently, according to the presidential Blue House.

The President also instructed officials to push for the use of rapid antigen tests that can produce results in just 15 minutes, as compared to the six hours the usual polymerase chain reaction (PRC) tests require.

“We have overcome the coronavirus crisis several times, but the situation now is more serious than ever,” he said, citing the worrying trend of increased asymptomatic transmission.

Mr Moon also warned that an “uncontrollable nationwide pandemic” could ensue if the country failed to curb the spread of the virus this time.

His message came as South Korea imposed another round of measures against the virus in Seoul and greater Seoul. From Tuesday, the social distancing level will be raised one notch to 2.5 - the fourth in a five-tier system - for three weeks.

This means banning gatherings of 50 or more people, even at weddings and funeral halls, and closing karaoke rooms and indoor sports facilities, which were previously allowed to run until 9pm.

Sporting events can no longer allow spectators, and religious activities must go online.

Elementary schools can only run at one-third capacity, while middle and high schools continue to conduct lessons online.

From Tuesday, the subway in Seoul will cut capacity by 30 per cent after 9pm, in line with the city’s plan to “stop Seoul” at 9pm to curb the worst bout of infections since March.

In place since last Saturday, the curfew also applies to malls, movie theatres, beauty salons and supermarkets.

Health Minister Park Neung-hoo said Seoul and greater Seoul are already in a state of “war” against the virus, as their daily infection figure surged to a nine-month high of 470 on Sunday, before dropping to 440 on Monday.

He also voiced concern over two consecutive days of 600-plus caseloads, noting that the number usually declines over the weekend as testing centres are closed on Sundays and operate only half a day on Saturdays.

“Unless we curb the spread of the virus... we will see an explosive spread of infections and the country’s medical system will falter,” he said.

But small businesses that had to cut operating hours or close completely are more worried about their bottom line.

Mr Alexander Kim, 46, whose indoor golf simulator club will have to close for three weeks, said his earnings this month is just a fraction of his rent and management fees.

“Winter is peak season for us but now we cannot even open for business,” he told The Straits Times. “I just hope the third wave will be over soon. Meanwhile, I can spend more time with family.”

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Tuesday 24 November 2020

RCEP shows Asia can act independently of US

Malaysia and other partner nations are looking forward to better days ahead after signing the world’s largest trade deal.

THE Regional Comprehensive Economic Partnership (RCEP), eagerly awaited by 15 member nations and their 2.2 billion people, was finally signed last Sunday after eight years of negotiations and delays.

This regional free trade agreement has injected hope into the economies of member nations as they struggle to contain the second wave of Covid-19 pandemic.

The biggest trade deal in the world signed on Nov 15 during a virtual summit in Vietnam will, among others, allow participating countries to enjoy major tariff cuts.

Covering 30% of the global economy and global population, the RCEP will broaden and deepen economic linkages across the Asia Pacific region, ease trade in goods and services and facilitate the flow of investments.

The Geneva-based United Nations Conference on Trade and Development (Unctad) believes that the RCEP could give “a significant boost” to foreign direct investment (FDI) in the region.

“The provisions related to market access and disciplines in trade, services and e-commerce are highly relevant for regional value chains and market-seeking investment,” said the UN body in its special issue on investment trends last Sunday.

With China being a participating nation, others within the bloc will be able to gain easier access to China’s vast market of 1.4 billion people, including its 400-million strong middle-class income group.

And China, being the largest economy in Asia, will find it easier to export its capital to Asean and other RCEP nations after having faced political barriers in its investments in the West in recent years.

The RCEP comprises 10 Asean members (Indonesia, Malaysia, Singapore, Brunei, Vietnam, Laos, Cambodia, Myanmar, the Philippines and Thailand) and five others in the region – Australia, China, Japan, South Korea and New Zealand.

Indeed, Singaporean Prime Minister Lee Hsien Loong’s remark after the signing could best summarise the importance and impact of the trade agreement.

He described the signing of the RCEP as a “major step forward for the world at a time when multilateralism is losing ground and global growth is slowing”, according to The Straits Times.

“It signals our collective commitment to maintaining open and connected supply chains, and to promoting freer trade and closer interdependence, especially in the face of Covid-19 when countries are turning inwards and are under protectionist pressures,” he added at the virtual conference hosted by Vietnam.

Premier Li Keqiang of China, which has been suffering from the US-led trade war, said the RCEP “is a victory of multilateralism and free trade” and “it let people choose unity and cooperation in the face of challenges, rather than conflict and confrontation.” In its analysis, Global Times said: “The conclusion of the RCEP indicates that most Asian countries endorse free trade framework and see it as a landmark step toward achieving closer economic integration in East Asia and South-East Asia.

“The RCEP sends out the message that Asian countries are not willing to blindly follow the US and exclude China from the region’s integration process. A sound and healthy economic community in Asia cannot be achieved without China’s participation.”

For China, the RCEP is the first multilateral free trade agreement it has ever participated in. China already has bilateral trade deals with many RCEP members, and it has been trying to seal an obstacle-filled trilateral pact with Japan and South Korea.

For Malaysia, the cheer is that the RCEP will provide greater access to regional markets and more opportunities for local small and medium-sized enterprises (SMEs) to expand into foreign markets, said Senior Minister Datuk Seri Azmin Ali.

The lowering of barriers and streamlining of rules in trade facilitation will boost Malaysia’s trade with RCEP countries and attract foreign firms keen on entering into a more integrated Asean, said the Associated Chinese Chamber of Commerce and Industry of Malaysia (ACCCIM).

“This will enhance transparency in trade and investment, as well as facilitate the greater inclusion of Asean’s SMEs in global and regional supply chains,” said ACCCIM president Tan Sri Ter Leong Yap in a statement.

Wanita MCA national chairperson Datuk Heng Seai Kie said the RCEP provides “new hope for Malaysian entrepreneurs and national economic recovery to counter the current pandemic”.

“The RCEP trade deal will help stimulate the economy by integrating the various participating nations in the Asia-Pacific while introducing lowered tariffs, standardised customs rules and procedures and widened market access, especially among countries that don’t have trade deals,” she said in a statement.

Describing the free trade agreement as “an incredibly important agreement in terms of the timing”, Australian Trade Minister Simon Birmingham said: “This agreement signifies that our region is still committed to openness and to trade and that we will use that as a platform and a springboard for recovery in the post-Covid era… Better access for our farmers and businesses means more jobs for Australians overall.”

Birmingham noted that Australian businesses in education, healthcare, accountancy, engineering and legal service industries would benefit most from the deal, which will allow them to open offices in RCEP countries.

Most importantly, the trade pact may facilitate Australia’s exports to China – its largest trading partner – if Australia tones down its two-year long hostility towards Beijing. Canberra’s ongoing spat with Beijing has hurt Australia’s economy deeply.

For Japanese exporters, the agreement means that China and South Korea will gradually eliminate tariffs on sake and shochu, according to Japan Times. The reduction from China’s current 40% tariff on both will fall to zero after 21 years, and South Korea’s 15% tariff on both goods now will be eliminated after 15 years.

The RCEP may help reduce the adverse impact of trade wars waged on any member country in the deal, according to prominent YouTuber Yang Fong.

“Once the RCEP comes into force in two years, the US cannot simply wage trade wars on China and other members. The deal will also bring major changes to supply-chains in China and the region,” said the economic analyst.

While all member nations are excited about RCEP, India left the negotiation table last year.

In November 2019, Prime Minister Narendra Modi said the pact would not benefit India’s core interest. Indian dairy farmers, as well as SMEs, are worried of losing out to China in the trade of manufactured goods, and to Australia and New Zealand on dairy products.

But despite this, the RCEP welcomes the return of India once it is ready to join.

To the Western world, the concern is that the world’s largest trade deal has left out the United States.

“Notably, the agreement excludes the US and can potentially allow China to cement its position as a key trade partner for South-East Asia and other countries,” CNBC said in its report.

The US Chamber of Commerce in Washington has expressed concern that the US is being left behind in the world’s largest free-trade bloc, reported Reuters.

However, the absence of US in the RECP could be easily explained. The world’s biggest economy was never a part of the trade pact from the very beginning.

The RCEP’s formation in 2012 is seen as an Asean response to the Trans-Pacific Partnership (TPP), a US-led free trade agreement that excluded China – the world’s second largest economy and largest trading partner for most Asian countries.

At the beginning, TPP membership included the United States, Malaysia and several Asean countries, Japan, South Korea, Canada, Mexico and Australia.

While setting up the RCEP, Asean invited China, India, Japan, South Korea, Australia and New Zealand to be partners in this free trade agreement.

For countries like Malaysia that believe in multi-lateralism, they can gain tremendously from having membership in both US-led TPP and Asean-led RCEP.

However, when Donald Trump became president, he rejected multilateralism and the Trump administration withdrew from the TPP in 2016.

Trump’s “America First” policy and the trade wars he has waged against China and others have also raised doubts about the US’ willingness to trade with Asian countries on mutually beneficial basis.

Without US participation, the West is worried that China will dominate RCEP and expand its influence in the region.

China’s state-linked Global Times is prompt to supply answers and address the concern.

Noting that major US allies (such as Australia, New Zealand and Japan) are part of the RCEP, Global Times said: “China cannot dominate the attitude of these countries or Asean as many major US allies are in the deal.”

In fact, Japan and Australia – which have enjoyed very close ties with the US – are likely to keep a close eye on China in the RCEP, while championing their own interests in the deal.

Global Times added: “If China is the so-called winner this time, then it is a win-win situation for all other RCEP members because these countries have strived for their own benefits during the past eight years of negotiations. All countries can only be winners since they have signed this agreement.”

Analysis by HO WAH FOON wahfoonho@thestar.com.my 

 

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Azmin showing the RCEP agreement document during the signing ceremony witnessed by Muhyiddin on Nov 15. – fotoBERNA..

 

Sunday 15 November 2020

Asia-pacific 15 economies signed world's biggest free trade agreement , RCEP without US

 

 


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China and 14 other economies signed the world's largest trade deal, the Regional Comprehensive Economic Partnership (RCEP), on Sunday to form a free trade zone in the Asia-Pacific region that will encompass a third of the global economy, in what Chinese officials and experts call a historic win for multilateralism that would help the regional and global economies cope with the COVID-19 pandemic and rising protectionism.

Chinese Premier Li Keqiang said that signing of the RCEP is not only an achievement of landmark significance in East Asian regional cooperation, but is also a victory of multilateralism and free trade.

"Signed after eight years of negotiation, the RCEP lets people see brightness and hope in shadows, proving that multilateralism and free trade remain the main and correct course as well as the right direction for the global economy and mankind," Li said.

Signed at a critical turning point in the global political climate – when the next US administration is set to come into office and the world is grasping for solutions to tackle challenges arising from the coronavirus pandemic, the new regional deal would also help the Asia Pacific region take the global lead in recovering from the COVID-19 pandemic and reduce US hegemony in the region, experts said.

The deal, which encompasses Japan, China, South Korea, Australia and the 10 members of the Association of Southeast Asian Nationals, will create what is believed to be the world's largest free trade zone, covering about one-third of the world's total population and GDP. It will be also Japan's first free trade framework with its vital trading partners China and South Korea.

Notably, two major economies – the US and India – were left out of the trade pact. The US, under President Donald Trump, has been pushing for bilateral deals rather than multilateral ones. India was part of the negotiations, but did not join the final agreement.

The RCEP, which contains 20 chapters covering a wide range of areas from merchandise trade to investment to e-commerce, is “modern, comprehensive and high-level win-win agreement,” China’s Finance Ministry said on Sunday, adding that under the deal, members will aim to reduce tariffs to zero in the coming decade.

Bao Jianyun, professor of the School of International Studies and director of the Center for International Political Economy Studies at Renmin University of China, said that signing of the RCEP showed China, which played a very active role in pushing for the deal, has led the way in liberalizing trade and promoting a global market order of free competition.

"At the same time, China provides the world with a Chinese model and a Chinese solution on the open platform, where it serves the world," Bao told the Global Times, explaining that China as an emerging power has been a major promoter of trade and investment integration of RCEP.

Chen Fengying, a research fellow at the China Institutes of Contemporary International Relations, also stressed that the successful and long-awaited signing of the megapact has rekindled the world's 'hope and confidence" about a model of cooperation.

"Global cooperation has been defeated in recent years because of rising protectionism and China-US trade friction. But the RCEP's signing is a signal that cooperation does work today, which I think is even more important withthe lift it gives to specific countries' GDP growth," Chen told the Global Times.

Liu Kuikui, a Beijing-based consultant of international transport and trade, told the Global Times that the RCEP will establish a common framework of rules of origin for Asia-Pacific countries, reduce investment barriers, and expand trade and investment. The participation of Japan, South Korea, Australia and New Zealand, allies of the US, demonstrates that the four countries are opposed to the trade protectionism and the economic bullying launched by the US.

Signing of RCEP a victory of multilateralism and free trade: Chinese Premier Li Keqiang RCEP will end US hegemony in West Pacific Not joining RCEP a strategic blunder that will lead to India’s isolation in globalization 

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RCEP to give momentum to virus-hit world economy: experts

The signing of the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement (FTA), will give strong momentum to the development of the world's COVID-19-battered economy and cement regional cooperation within East Asia, which has emerged strongest from the pandemic, observers predicted, noting that China, with its economic and market size, will play a driving role in this partnership, yet every member will benefit equally under such framework.

 

 

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Monday 13 May 2019

South Korea's latest big export: Jobless college graduates


South Korea's latest big export: Jobless college graduates - Reuters

Left: A jobseeker stands as he gets into the 2018 Japan Job Fair in Seoul, South Korea. Jobseekers attend the 2018 Japan Job Fair in Seoul, South Korea. (Filepics)


SEOUL: Cho Min-kyong boasts an engineering degree from one of South Korea's top universities, a school design award and a near-perfect score in her English proficiency test.

But she had all but given up hope of finding a job when all her 10 applications, including one to Hyundai Motor Co, were rejected in 2016.

Help came unexpectedly from neighboring Japan six months later: Cho got job offers from Nissan Motor Co and two other Japanese companies after a job fair hosted by the South Korean government to match the country's skilled labor with overseas employers.

"It's not that I wasn't good enough. There are just too many job seekers like me, that's why everyone just fails," said the 27-year-old, who now works in Atsugi, an hour southwest of Tokyo, as a car seat engineer for Nissan.

"There are numerous more opportunities outside Korea."

Facing an unprecedented job crunch at home, many young South Koreans are now signing up for government-sponsored programs designed to find overseas positions for a growing number of jobless college graduates in Asia's fourth largest economy.

State-run programs such as K-move, rolled out to connect young Koreans to "quality jobs" in 70 countries, found overseas jobs for 5,783 graduates last year, more than triple the number in 2013, its first year.

Reuters Graphic
(Graphic: Korea's young talents going abroad png - https://tmsnrt.rs/2LwlSUU)

Almost one-third went to Japan, which is undergoing a historic labor shortage with unemployment at a 26-year low, while a quarter went to the United States, where the jobless rate dropped to the lowest in nearly half a century in April.

There are no strings attached. Unlike similar programs in places such as Singapore that come with an obligation to return and work for the government for up to six years, attendees of South Korea's programs are neither required to return, nor work for the state in the future.

"Brain drain isn't the government's immediate worry. Rather, it's more urgent to prevent them from sliding into poverty" even if it means pushing them abroad, said Kim Chul-ju, deputy dean at the Asian Development Bank Institute.

In 2018, South Korea generated the smallest number of jobs since the global financial crisis, only 97,000.

Nearly one in five young Koreans was out of work as of 2013, higher than the average 16 percent among the member countries of the Organization for Economic Cooperation and Development.

In March, one in every four Koreans in the 15-29 age group was not employed either by choice or due to the lack of jobs, according to government data.

Reuters Graphic
(Graphic: S.Koreans landing overseas jobs by country 2018 png - https://tmsnrt.rs/2DZCTR9)

LABOR MISMATCH

While India and other countries face similar challenges in creating jobs for skilled labor, the dominance of family-run conglomerates known as chaebol makes South Korea uniquely vulnerable.

The top 10 conglomerates including world-class brands such as Samsung and Hyundai, make up half of South Korea's total market capitalization.

But only 13 percent of the country's workforce is employed by firms with more than 250 employees, the second lowest after Greece in the OECD, and far below the 47 percent in Japan. "The big companies have mastered a business model to survive without boosting hiring," as labor costs rise and firing legacy workers remains difficult, said Kim So-young, an economics professor at Seoul National University.

Yet while increasing numbers of college graduates are moving overseas for work, South Korea is bringing in more foreigners to solve another labor problem – an acute shortage of blue collar workers.

South Korea has the most highly educated youth in the OECD, with three-quarters of high school students going to college, compared with the average of 44.5 percent.

"South Korea is paying the price for its overprotection of top-tier jobs and education fervor that produced a flood of people wanting only that small number of top jobs," said Ban Ga-woon, a labor market researcher at state-run Korea Research Institute for Vocational Education & Training.

Even amid a glut of over-educated and under-employed graduates, most refuse to "get their hands dirty", says Lim Chae-wook, who manages a factory making cable trays that employs 90 people in Ansan, southwest of Seoul. "Locals simply don’t want this job cause they think its degrading, so we're forced to hire a lot of foreign workers," Lim said, pointing to nearly two dozens workers from the Philippines, Vietnam and China working in safety masks behind welding machines.

In the southwestern city of Gwangju, Kim Yong-gu, the chief executive of Kia Motor supplier Hyundai Hitech, says foreign workers are more expensive but he has no choice as he can't find enough locals to fill vacancies.

"We pay for accommodation, meals and other utility costs in order not to lose them to another factory," said Kim. Out of a staff of 70, 13 are Indonesian nationals, who sleep and eat at a building next to his factory.

NO HAPPY ENDING FOR EVERYONE

For those who escaped Korea's tough job market, not all has been rosy.


Several people who found overseas jobs with government help say they ended up taking menial work, such as dishwashing in Taiwan and meat processing in rural Australia, or were misinformed about pay and conditions.

Lee Sun-hyung, a 30-year old athletics major, used K-move to go to Sydney to work as a swim coach in 2017 but earned less than $A600 ($419) a month, one-third what her government handlers told her in Seoul.

"It wasn't what I had hoped for. I could not even afford to pay rent," said Lee, who ended up cleaning windows at a fashion store part-time before she returned home broke less than a year later.

Officials say they are making a "black list" of employers and improving the vetting process to prevent recurrence of such cases. The labor ministry also established a "support and reporting center" to better respond to problems.

Many on the programs lose touch once they go overseas. Almost 90 percent of the graduates who went abroad with the government's help between 2013-2016 didn't respond to the labor ministry's requests about their whereabouts or changed their contact details, a 2017 survey showed.

Still, the grim job market at home is driving more Koreans to the program every year. The government has also increased relevant budget to support rising demand - from 57.4 billion won ($48.9 million) in 2015 to 76.8 billion won in 2018, data released by lawmaker Kim Jung-hoon shows.

"The government isn't scaling up this project to the extent we would worry about brain drain," said Huh Chang, head of the development finance bureau at South Korea's finance ministry, which co-manages state-run vocational training programs with the labor ministry. Rather, the focus was on meeting growing demand for overseas experience given so many graduates are outside the workforce, Huh added.

A hopeful scenario would be for the economy to one day make use of the resources these graduates bring home as experienced returnees, Huh said.

For 28-year-old K-move alumni Lee Jae-young, that feels like a distant prospect.

"The one year abroad added a line in my resume, but that was about it," said Lee, who returned to Korea in February after working as a cook at the JW Marriott hotel in Texas. "I'm back home and still looking for a job." - Reuters

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