The economy of North Korea is a centrally planned economy, following Juche, where the role of market allocation schemes is limited, although increased to an extent. As of 2024, North Korea continues its basic adherence to a centralized planned economy. With a total gross domestic product of $28.500 billion as of 2016, there has been some economic liberalization, particularly after Kim Jong Un assumed the leadership in 2012, but reports conflict over particular legislation and enactment. Since the 1990s, informal market activity has increased, which the government has tolerated. These markets are referred to as 'Jangmadang', and were formed as a result of the economic collapse during the 1990s, which made the regime unable to distribute food to its people.
A trade agreement is a wide-ranging taxes, tariff and trade treaty that often includes investment guarantees. It exists when two or more countries agree on terms that help them trade with each other. The most common trade agreements are of the preferential and free trade types, which are concluded in order to reduce tariffs, quotas and other trade restrictions on items traded between the signatories.
The term "Cinema of Korea" encompasses the motion picture industries of North and South Korea. As with all aspects of Korean life during the past century, the film industry has often been at the mercy of political events, from the late Joseon dynasty to the Korean War to domestic governmental interference. While both countries have relatively robust film industries today, only South Korean films have achieved wide international acclaim. North Korean films tend to portray their communist or revolutionary themes.
The film industry or motion picture industry comprises the technological and commercial institutions of filmmaking, i.e., film production companies, film studios, cinematography, animation, film production, screenwriting, pre-production, post-production, film festivals, distribution, and actors. Though the expense involved in making film almost immediately led film production to concentrate under the auspices of standing production companies, advances in affordable filmmaking equipment, as well as an expansion of opportunities to acquire investment capital from outside the film industry itself, have allowed independent film production to evolve.
The Australia – United States Free Trade Agreement (AUSFTA) is a preferential trade agreement between Australia and the United States modelled on the North American Free Trade Agreement (NAFTA). The AUSFTA was signed on 18 May 2004 and came into effect on 1 January 2005.
The Korean Wave or Hallyu is a cultural phenomenon in which the global popularity of South Korean popular culture has dramatically risen since the 1990s. Worldwide interest in Korean culture has been led primarily by the spread of K-pop, K-dramas and films, with keystone successes including K-pop group BTS, television series Squid Game (2021), and Oscar-winning film Parasite (2019). The Korean Wave has been recognized as a form of soft power and as an important economic asset for South Korea, generating revenue through both exports and tourism.
A free trade agreement (FTA) or treaty is an agreement according to international law to form a free-trade area between the cooperating states. There are two types of trade agreements: bilateral and multilateral. Bilateral trade agreements occur when two countries agree to loosen trade restrictions between the two of them, generally to expand business opportunities. Multilateral trade agreements are agreements among three or more countries, and are the most difficult to negotiate and agree.
The Busan International Film Festival (BIFF), formerly the Pusan International Film Festival (PIFF), held annually in Haeundae-gu, Busan, South Korea, is one of the most significant film festivals in Asia. The first festival, held from 13 to 21 September 1996, was also the first international film festival in Korea.
South Korean films have been heavily influenced by such events and forces as the Korea under Japanese rule, the Korean War, government censorship, the business sector, globalization, and the democratization of South Korea.
The United States–Korea Free Trade Agreement, also known as KORUS FTA, is a trade agreement between the United States and South Korea. Negotiations were announced on February 2, 2006, and concluded on April 1, 2007. The treaty was first signed on June 30, 2007, with a renegotiated version signed in early December 2010.
The cinema of Indonesia refers to films produced domestically in Indonesia. The statutory Indonesian Film Board, or BPI, defines Indonesian films as "movies that are made by or using Indonesian resources whose Intellectual Property Right is owned either entirely or partly by Indonesian citizen or Indonesian legal entity".
The Blum–Byrnes agreements were a series of commercial French–American agreements, signed May 28, 1946, by the Secretary of State James F. Byrnes and representatives of the French government Léon Blum and, especially, Jean Monnet. The agreements aimed to eradicate France's debt to America and obtain new credit in exchange for opening France's markets to American products, especially film productions.
A commercial policy is a government's policy governing international trade. Commercial policy is an all encompassing term that is used to cover topics which involve international trade. Trade policy is often described in terms of a scale between the extremes of free trade on one side and protectionism on the other. A common commercial policy can sometimes be agreed by treaty within a customs union, as with the European Union's common commercial policy and in Mercosur. A nation's commercial policy will include and take into account the policies adopted by that nation's government while negotiating international trade. There are several factors that can affect a nation's commercial policy, all of which can affect international trade policies.
At various points in South Korea's history, the social influence of film prompted the government to place strict regulations setting out guidelines that films must follow in order to be viewed by the public. There are two major periods where film censorship strongly impacted the growth of the film industry in South Korea: the period of colonial Korea under Japanese rule and the period of military dictatorship in the mid-twentieth century, when the film industry was heavily surveilled. During these two periods, filmmakers were barred from freely expressing their creativity, thoughts, and ideas, some believe these restrictions led to the decline of the film industry in South Korea.
This article is intended to give an overview of the trade policy of South Korea. In 1945 Korea was liberated from the Empire of Japan at the end of World War II. A destructive drought in 1958 forced Korea to import large amounts of food grains. In 1950, the Korean War broke out, which destroyed more than two-thirds of the nation's production facilities and most of its infrastructure. Trade policy of South Korea has taken many shifts, from import substitution to globalization and there has been significant impact on the economy for the same.
Hallyuwood, a compound word combining the word Hallyu with wood from Hollywood, is the informal term popularly used to describe the Korean-language entertainment and film industry in South Korea. Koreans use the term Hallyu to describe the growth in popularity of South Korean cultural export, prevalent in most countries of Asia and many others around the world. The trend has been reported by CNN as "hallyu-wood". The term Hallyuwood has been used and quoted in various news articles, journals, books and symposiums to describe people, places and events related to the Korean Wave such as a planned "Hallyuwood Walk of Fame" in the glitzy Gangnam District in Seoul to a bibimbap dish called Bibigo: The Hallyuwood hopeful.
The Korea–Australia Free Trade Agreement (KAFTA) is a bilateral free trade agreement designed to diminish barriers to trade and investment between Australia and South Korea, effective from the 12th December 2014. The agreement confers substantially improved market access for Australian exporters of goods and services, as well as for investors seeking opportunities within the South Korean market. KAFTA builds upon several decades of bilateral relations, rooted in diplomatic, trade, and security cooperation, which have evolved since 1962. During that year, President Park Chung-Hee introduced a series of five-year economic plans aimed at fostering South Korea's industrial development and accelerating its integration into the global economy in the aftermath of the Korean War.
The South Korean government enacted the Minimum Wage Act on December 31, 1986. The Minimum Wage System began on January 1, 1988. At this time the economy was booming, and the minimum wage set by the government was less than 30 percent of that of real workers. The Minister of Employment and Labor in Korea asks the Minimum Wage Commission to review the minimum wage by March 31 every year. The Minimum Wage Commission must submit the minimum wage bill within 90 days after the request has been received by the 27 committee members. If there is no objection, the new minimum wage will then take effect from January 1. The minimum wage committee decided to raise the minimum wage in 2018 by 16.4% from the previous year to 7,530 won (US$7.03) per hour. This is the largest increase since 2001 when it was increased by 16.8%.
Movie theaters have existed in what is now South Korea for over a century now. The earliest theaters arrived in the peninsula beginning in the late Joseon period. The first known dedicated theater was Ae Kwan Theater, which was founded in 1895 and is still in operation as of 2023. Other notable early theaters include the 1907 Dansungsa and the 1910 Umigwan. During the 1910–1945 Japanese colonial period, theaters became naturally divided along the lines of language, with Japanese audiences attending some theaters and Korean audiences attending others. This caused Korean theaters to become forums for Korean independence activism, which led to frequent arrests during movie screenings.
South Korea and the International Monetary Fund (IMF) partner together to assist the country in managing its financial system. South Korea's economy is considered fundamentally sound because of the balance of their banking sector and their aim toward a zero structural balance without compromising their ability to sustain debt. The IMF Board in 2019 assessed that the policy framework and financial system in place are sturdy and firmly set.
