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North Korea Economy KDI Review of the North Korean Economy, March 2024 March 29, 2024

North Korea Economy

Monthly published paper on the current status of the North Korean Economy and major
issues on inter-Korean economic cooperation assisting academia, policy makers and corporate sectors to better understand North Korea

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LanguageKOR
KDI Review of the North Korean Economy, March 2024
March. 29. 2024
Summary
The March issue analyzes North Korea's tariff and non-tariff regulations, identifying areas requiring reform for international integration. Through examining North Korea's 2005 tariff schedule, the study grasps its tariff policies and stance and proposes a staged approach to free trade agreements should it open up, recommending: Korea-DPRK CEPA → Korea-China-Japan FTA → Northeast Asia FTA → WTO accession. An assessment of consumer goods production and distribution under Kim Jong-un cites the provincial industry-centered production and coexistence of planned/market distribution systems as fundamental causes of pervasive consumer goods shortages. These ineffectual policies are projected to keep backtracking economic policy reforms. The 2023 4th year "Mid-to-Long-Term Roadmap for Agricultural Integration on the Korean Peninsula in the Peace Era" discusses tasks and policy measures for full-fledged economic/agricultural integration, expected to usefully inform the government's unification and North Korea policies. North Korea’s surging merchant fleet since 2020 is viewed as a strategic response to overcome economic woes and achieve self-sufficiency. Given maritime trade’s importance, this trend warrants close monitoring of its maritime economic activities. Embracing a cross-cutting approach to inter-Korean cooperation, anchored in the UN SDGs, could bolster sustainability and fairness. This approach has the potential to mitigate adverse ramifications, ensure an equitable distribution of benefits and burdens, and facilitate scientific collaboration that meets global standards of excellence.
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