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BUSINESS IN ASIA TODAY - JAN 1, 2004.
Business in Asia on Jan 1, 2004. A summary prepared by Asia Pulse (http://www.asiapulse.com), the real-time, Asia-based wire with exclusive news, market intelligence and business opportunities:
SOUTH KOREA'S 2003 EXPORTS HIT ALL-TIME HIGH
SEOUL - Helped by shipments of cars, petrochemicals and electronic products, South Korea exported a record US$194.33 billion worth of goods last year, officials said. Provisional figures compiled by the Ministry of Commerce, Industry and Energy showed that the 2003 exports were 19.6 per cent up from the previous record of US$172 billion in 2000. Imports also rose by 17.5 per cent to a record US$178.78 billion on a customs clearance basis but was still low enough to help South Korea record a trade surplus of US$15.54 billion, up nearly 50 per cent from a year ago, ministry officials said.
N. KOREA VOWS TO REBUILD SHATTERED ECONOMY AMID NUCLEAR CRISIS
SEOUL - North Korea urged its people Thursday to unite around its communist leadership to rebuild the country's shattered economy but gave no fresh indications how it would achieve the goal. Describing its past 10 years as "full of trials and hardships which defy descriptions," the impoverished country said its future will depend largely on whether it would be able to lift its economy out of trouble. The message, issued as before in the form of a joint newspaper editorial, said, however, that the North has no immediate plans to undertake any drastic reforms of its inefficient economic command system.
US-SINGAPORE FREE TRADE PACT TAKES EFFECT JAN 1
SINGAPORE - A free-trade agreement between Singapore and the United States is set to come into effect today, according to the Singaporean Ministry of Trade. The agreement, the United States' first with an Asian state, is expected to kick off a sweeping liberalization of trade in goods and services and enhance the protection of intellectual property rights. From Jan. 1, 78.7 per cent of goods from Singapore will immediately enjoy duty-free entry into the United States, rising to 92 per cent within four years. All U.S. goods entering Singapore will be duty-free immediately.
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Source: HighBeam Research, BUSINESS IN ASIA TODAY - JAN 1, 2004.