Vital Link between Korean and Global Trading Communities Approaching the end of 2005, Korea is sure to attain to its trade volume of US$500 billion. This means Korea is about to become an advanced trading nation. Among the 148 member nations of the WTO (World Trade Organization), only 11 nations including G7 and China exceed the trade volume of US$500 million as of 2004. On the occasion of "Trade Day" on November 30, 2005, Korea International Trade Association (Chairman & CEO: Kim Jae-chul, http://global.kita.net) held a gathering with reporters, explaining the meaning of the $500 billion trade volume and recent trends in export markets, and KITA's efforts to guide domestic trading firms as foremost link between Korean and international trade communities. Significance of Achieving $500 Billion Trade Volume At the end of October this year, Korea's trade volume had reached $440 billion, and so it is expected to exceed $500 billion during the coming December. As of 2004, only 11 nations among 148 member nations of the WTO had the trade volume exceeding $500 billion: G7 countries, China, Netherlands, Belgium, and Hong Kong. It is noticeable that most of these nations except China are advanced countries with a national income per capita of over $30,000. Steady Increasing Trend of Exports In spite of difficult conditions such as high oil prices and won appreciation, Korea's exports have shown a steadily increasing trend. As of October, exports have increased at the average rate of 12.3 percent year on year, reaching US$233.2 billion, and expected to record a new high of $280 billion at year-end. The reasons of this favorable trend are summarized as follows: the first reason is that the world economy is showing a steady growth. The USA is showing a 3 percent growth rate, Japan and Europe are also on the recovery, and China, Korea's largest export market, is enjoying a high growth rate of 9 percent. Secondly, Korea's mainstream products such as semiconductors, electronics appliances, and automobiles are receiving favorable responses from the world markets due to its high competitiveness in quality and strengthened marketing ability. Incessantly Supporting its Member Trading Firms In 2005, KITA tackled many new projects, such as "Bio-Medi Symposium," "Professor Lee Eo Ryong's Lecture," and "God of Sea Jang Bo- Go Seminar." Also, it has held a "Korean Wave Product Planning and Marketing Session in association with KTO (Korea Tourism Organization), and "2005 Traders' WTO DDA Agenda Workshop." Not content with the role of building a bridge between the private sector and public sector, KITA is striving to be the world's best trade business center. Its vision is to be the guiding star for Korean trade in the 21st century. E-Trade Platform Construction and Trade Academy In an effort to cut costs and save time, KITA is continuing its plan of promoting e-Trade. E-Trade is an activity that carries out international goods and service trade transactions electronically and information-intensively by utilizing IT means, including the Internet. If the e-trade platform plan is implemented, it will bring diverse direct and indirect benefits for domestic trading firms. It is expected to save about 2.8 trillion won each year, including the cost saving of 1 trillion won coming from its existing trade automation. Another of KITA's efforts catching people's attention is its "Trade Academy," which has been established to bring up trade specialists. It fame is growing with the passage of time, and recently the graduates from this academy are being warmly welcomed not only by domestic companies but also overseas ones, Japanese firms in particular.