Over the past decade, the rise in the Hallyu Wave led to an increase in the trade of various Korean Commodities worldwide, especially official Korean Pop merchandise. Such an increase in trade happens due to the increase in demand from global consumers and small businesses who, in turn, sell the same domestically and internationally at a lower price, making South Korea expand its global value chain across the world. The trade process does not address numerous socio-economic implications based on the imposition of taxation, tariffs and quotas on the merchandise and irregularities faced by the consumers and producers in buying and selling them. Therefore, this paper emphasises the need to establish an independent research and development sector to provide transparency in regulating the trade of these merchandise. This sector is also required to formulate and influence policies from a socioeconomic perspective and influence the market in determining the price of these merchandise to make them accessible to a vast population. The paper also focuses on two major domains of this sector, the process of management and advocacy. Establishing this sector would ensure the effective management of the trading system annually through routine reporting of the product’s status by the manufacturing and private companies, as well as the shipping company. It also advocates for the accessibility of these merchandise to reduce inequality and the efficient usage of resources to prevent stock exhaustion of these merchandise. The paper highlights future economic developments and achievements after the sector’s establishment, at the end.

Authors:
Smiti Iyer, Symbiosis School of International Studies, India

About the Presenter(s)
Ms. Smiti Iyer is a second year student pursuing her masters in International Studies from the Symbiosis School of International Studies, Pune. My research interest and my current project focuses on Climate and Cultural Diplomacy and Korean Studies.

Connect on Linkedin
https://www.linkedin.com/in/smiti-iyer-298aa1212/

See this presentation on the full schedule – Friday Schedule

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