Republic of Korea

Abstract

Wikipedia Country Information

South Korea (Southern Korean: 남한, MR: Namhan, RR: Namhan; Northern Korean: 남조선, MR: Namjosŏn, RR: Namjoseon), officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korean Peninsula and sharing a land border with North Korea. The name Korea is derived from Goguryeo which was one of the great powers in East Asia during its time, ruling most of the Korean Peninsula, Manchuria, parts of the Russian Far East and Inner Mongolia under Gwanggaeto the Great. Its capital, Seoul, is a major global city and half of South Korea's over 51 million people live in the Seoul Capital Area, the fourth largest metropolitan economy in the world.The Korean Peninsula was inhabited as early as the Lower Paleolithic period. Its first kingdom was noted in Chinese records in the early 7th century BC. Following the unification of the Three Kingdoms of Korea into Silla and Balhae in the late 7th century, Korea was ruled by the Goryeo dynasty (918–1392) and the Joseon dynasty (1392–1897). The succeeding Korean Empire was annexed into the Empire of Japan in 1910. After World War II, Korea was divided into Soviet and U.S.-administered zones, with the latter becoming the Republic of Korea in August 1948. In 1950, a North Korean invasion began the Korean War and after its end in 1953, the country's economy began to soar, recording the fastest rise in average GDP per capita in the world between 1980 and 1990. Authoritarian rule ended in 1987 and the country is now the most advanced democracy with the highest level of press freedom in Asia. South Korea is a member of the OECD's Development Assistance Committee, the G20 and the Paris Club.
South Korea is a highly developed country and the world's 11th largest economy by nominal GDP. Its citizens enjoy the world's fastest Internet connection speeds and the longest years of tertiary education in the world, along with the world's second most equal access to quality healthcare, resulting in the third highest health adjusted life expectancy in the world. The world's 5th largest exporter and 8th largest importer, South Korea is a global leader in many technology and innovation driven fields. Since 2014, South Korea has been named the world's most innovative country by the Bloomberg Innovation Index for 6 consecutive years. Since the 21st century, South Korea has been renowned for its globally influential pop culture such as K-pop and K-dramas, a phenomenon referred to as the Korean Wave.


Summary
Instruments ratified: 153 / 282
World Average Ratifications: 114 / 282
Ratification rate: 57.31%
World Average Rate: 41.25%
Weighted score: 63.37%
World Average Weighted Score: 41.25%
World rank: 30 / 194
Developing country rank: 2 / 87
Developing country Avg. Ratifications: 109 / 282
Eastern Asia rank: 2 / 5
Eastern Asia Avg. Ratifications: 135 / 282
Comparative Statistical Analysis
CONTRACTSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Agency0/20.00%2.00%8Weak
Conflict of laws0/70.00%3.00%27Weak
E-commerce1/3 (33.33%)33.33%18.00%33Strong
Franchising0/10.00%0.00%1Average
Leasing/Factoring0/20.00%5.00%13Weak
Principles, trade usages and standards0/20.00%0.00%1Average
Procurement0/40.00%3.00%31Weak
Sale of Goods1/5 (20.00%)45.45%25.00%29Strong
Travel contracts0/10.00%3.00%7Weak
Total214.49%9.00%37Strong
 
CUSTOMSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Customs Codification2/3 (66.67%)100.00%78.00%1Strong
Customs Cooperation1/6 (16.67%)33.33%26.00%71Strong
Exemption from Duties3/9 (33.33%)25.93%30.00%89Weak
Temporary Admission6/11 (54.55%)52.94%28.00%42Strong
Transit1/4 (25.00%)27.27%28.00%62Weak
Total1341.30%31.00%60Strong
 
DISPUTE RESOLUTIONInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Arbitration2/6 (33.33%)50.00%32.00%29Strong
Judicial cooperation3/5 (60.00%)78.95%36.00%42Strong
Recognition of foreign judgments0/20.00%2.00%6Weak
State court jurisdiction0/40.00%14.00%29Weak
State court procedure0/10.00%6.00%12Weak
State immunities 0/10.00%11.00%22Weak
Total550.00%29.00%44Strong
 
ENVIRONMENT AND PRODUCTSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Air4/5 (80.00%)80.00%86.00%59Weak
Chemicals1/1 (100.00%)100.00%78.00%1Strong
Energy0/20.00%25.00%50Weak
Flora and fauna9/10 (90.00%)89.13%68.00%17Strong
Foodstuff2/2 (100.00%)100.00%79.00%1Strong
General1/1 (100.00%)100.00%95.00%1Weak
International watercourses0/10.00%18.00%36Weak
Maritime and Law of the Sea19/26 (73.08%)79.35%46.00%28Strong
Protected geographical areas 1/1 (100.00%)100.00%27.00%1Strong
Waste1/1 (100.00%)100.00%93.00%1Weak
Total3883.33%61.00%21Strong
 
FINANCE, PAYMENTS AND INSOLVENCYInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Assignment of receivables0/10.00%1.00%2Weak
Bankruptcy and insolvency1/1 (100.00%)100.00%21.00%1Strong
Bills of exchange and promissory notes0/40.00%8.00%43Weak
Cheques0/30.00%13.00%36Weak
Credit transfers0/10.00%0.00%1Average
International guarantees0/30.00%20.00%75Weak
Total112.20%12.00%85Weak
 
GOOD GOVERNANCE Inst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Corruption3/4 (75.00%)75.00%50.00%6Strong
Cultural Property2/4 (50.00%)50.00%54.00%61Weak
Drugs3/3 (100.00%)100.00%95.00%1Weak
Insider Trading0/10.00%4.00%9Weak
Organized crime2/2 (100.00%)100.00%80.00%1Strong
Total1076.92%68.00%50Strong
 
HUMAN RIGHTS AND LABOUR STANDARDSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Human Rights7/7 (100.00%)100.00%96.00%1Weak
Labour Standards7/8 (87.50%)87.50%86.00%134Weak
Total1493.33%91.00%126Weak
 
INSTITUTIONAL PARTICIPATIONInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Dispute Resolution1/1 (100.00%)100.00%39.00%1Strong
International Trade Law 10/10 (100.00%)100.00%73.00%1Strong
Trade support institutions6/6 (100.00%)100.00%51.00%1Strong
Total17100.00%63.00%1Strong
 
INTELLECTUAL PROPERTYInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Broadcasting1/1 (100.00%)100.00%47.00%1Strong
Copyright3/3 (100.00%)100.00%65.00%1Strong
Industrial designs2/2 (100.00%)100.00%31.00%1Strong
Integrated circuits0/10.00%2.00%4Weak
Neighboring Rights3/3 (100.00%)100.00%46.00%1Strong
Origin0/30.00%14.00%51Weak
Patents4/5 (80.00%)85.71%57.00%30Strong
Trademarks5/6 (83.33%)86.36%33.00%20Strong
Varieties of plants1/1 (100.00%)100.00%37.00%1Strong
Total1983.16%42.00%25Strong
 
INVESTMENTSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Investment disputes1/2 (50.00%)50.00%39.00%2Strong
Investment guaranty1/1 (100.00%)100.00%93.00%1Weak
Total266.67%57.00%2Strong
 
PRODUCTSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Marine Resources1/1 (100.00%)100.00%24.00%1Strong
Timber1/1 (100.00%)100.00%31.00%1Strong
General1/1 (100.00%)100.00%92.00%1Weak
Total3100.00%53.00%1Strong
 
TRANSPORT AND TELECOMMUNICATIONSInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Air transport3/7 (42.86%)52.38%59.00%110Weak
Aircrafts and civil aviation 5/9 (55.56%)76.00%74.00%80Weak
Maritime shipping and load lines 10/13 (76.92%)85.71%66.00%55Strong
Maritime transport3/12 (25.00%)20.83%27.00%103Weak
Multi modal transport 0/20.00%4.00%15Weak
Rail transport0/30.00%22.00%50Weak
Road transport0/40.00%31.00%86Weak
Space3/4 (75.00%)83.33%40.00%16Strong
Telecommunications2/2 (100.00%)100.00%47.00%1Strong
Total2651.35%50.00%92Weak
 
TREATIES LAWInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
General1/4 (25.00%)41.67%30.00%41Strong
Total141.67%30.00%41Strong
 
WTOInst. ratifiedCountry scoreWorld avg. scoreCountry rank in worldStrength
Plurilateral Agreements1/2 (50.00%)50.00%18.00%26Strong
WTO Agreements1/1 (100.00%)100.00%81.00%1Strong
Total272.73%47.00%26Strong
 
Strengths and Weakness
Strong
ContractsE-commerce
ContractsSale of Goods
CustomsCustoms Codification
CustomsCustoms Cooperation
CustomsTemporary Admission
Dispute resolutionArbitration
Dispute resolutionJudicial cooperation
Environment and productsChemicals
Environment and productsFlora and fauna
Environment and productsFoodstuff
Environment and productsMaritime and Law of the Sea
Environment and productsProtected geographical areas
Finance, payments and insolvencyBankruptcy and insolvency
Good Governance Corruption
Good Governance Organized crime
Institutional ParticipationDispute Resolution
Institutional ParticipationInternational Trade Law
Institutional ParticipationTrade support institutions
Intellectual propertyBroadcasting
Intellectual propertyCopyright
Intellectual propertyIndustrial designs
Intellectual propertyNeighboring Rights
Intellectual propertyPatents
Intellectual propertyTrademarks
Intellectual propertyVarieties of plants
InvestmentsInvestment disputes
ProductsMarine Resources
ProductsTimber
Transport and telecommunicationsMaritime shipping and load lines
Transport and telecommunicationsSpace
Transport and telecommunicationsTelecommunications
Treaties lawGeneral
WTOPlurilateral Agreements
WTOWTO Agreements
 
Average
ContractsFranchising
ContractsPrinciples, trade usages and standards
Finance, payments and insolvencyCredit transfers
 
Weak
ContractsAgency
ContractsConflict of laws
ContractsLeasing/Factoring
ContractsProcurement
ContractsTravel contracts
CustomsExemption from Duties
CustomsTransit
Dispute resolutionRecognition of foreign judgments
Dispute resolutionState court jurisdiction
Dispute resolutionState court procedure
Dispute resolutionState immunities
Environment and productsAir
Environment and productsEnergy
Environment and productsGeneral
Environment and productsInternational watercourses
Environment and productsWaste
Finance, payments and insolvencyAssignment of receivables
Finance, payments and insolvencyBills of exchange and promissory notes
Finance, payments and insolvencyCheques
Finance, payments and insolvencyInternational guarantees
Good Governance Cultural Property
Good Governance Drugs
Good Governance Insider Trading
Human Rights and Labour StandardsHuman rights
Human Rights and Labour StandardsLabour Standards
Intellectual propertyIntegrated circuits
Intellectual propertyOrigin
InvestmentsInvestment guaranty
ProductsGeneral
Transport and telecommunicationsAir transport
Transport and telecommunicationsAircrafts and civil aviation
Transport and telecommunicationsMaritime transport
Transport and telecommunicationsMulti modal transport
Transport and telecommunicationsRail transport
Transport and telecommunicationsRoad transport
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