CURRENT AFFAIRS

Detailed explanation-1: -South Korea is heavily integrated into international trade and nance and is subsequently highly vulnerable to external influences, especially from China, which is its main trade partner (27% of total exports in 2021), followed by United States (15%), Vietnam (9.8%), Hong Kong (6.2%) and Japan (5.1%).

Detailed explanation-2: -Includes a list of goods that are prohibited from being exported to the country or are otherwise restricted. Guns, narcotics, pornography, subversive material, treasonous material, and counterfeit goods are prohibited from entering Korea.

Detailed explanation-3: -TOKYO, Aug. 28 (Xinhua) – Japan on Wednesday removed South Korea from its “whitelist” of nations entitled to simplified export control procedures as planned, further raising the stakes in a bitter diplomatic row between the two neighbors that encompasses issues of history and trade.

Detailed explanation-4: -What is FTZ(Free Trade Zone)? A Free Trade Zone refers to a designated area where the Korean Government supports and guarantees free manufacturing, logistics, distribution and trade activities with various benefits such as tax and rent reduction/exemption.