South Korea to explore potential of Northern Sea Route
The state-run Busan Port Authority noted Tuesday that it has established a dedicated team to prepare for the commercial use of the Arctic route.
The newly structured team is projected to lead the strategic development of Arctic route initiatives and oversee related policies from planning to implementation, according to the BPA.
"To address pressing challenges of Busan Port, including the Arctic Sea Route, a swift and flexible execution-oriented organization is essential," BPA President Song Sang-Keun said in a statement.
The measure is in line with the policy direction of new President Lee Jae Myung.
Lee is a strong proponent of Arctic shipping. During a presidential rally in May, he stressed the need to stay competitive with neighboring countries, including China and Japan.
Lee was elected to become the nation's 21st president by winning the June 3 by-election, which took place due to the impeachment of his predecessor Yoon Suk-yeol. Yoon was ousted from the post after his controversial martial decree declaration late last year.
Global warming is credited for opening the Northern Sea Route, which is expected to become commercially viable in the 2030s.
If a vessel departs from Busan Port, around 200 miles southeast of Seoul, and travels to Rotterdam in the Netherlands via the Suez Canal, the total distance is about 12,400 miles, However, using the Northern Sea Route shortens the distance to some 8,700 miles.
In his recent book, Seoul National University honorary professor Kim Tai-yoo wrote that the Northern Sea Route offers significant growth potential for South Korea.
"If South Korea can take the lead in forming a strategic alignment among the U.S., Russia, and itself -- securing early access to the Arctic route and establishing key port hubs -- it could position itself at the very core of the new global order the United States seeks to build," Kim wrote.
Copyright 2025 UPI News Corporation. All Rights Reserved.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UPI
7 hours ago
- UPI
Khamenei seen publicly for first time since end of war with Israel
A handout photo made available by the office of the Supreme Leader of Iran shows Ayatollah Ali Khamenei speaking to the crowd after the Eid al-Fitr prayers in Tehran, Iran, in 2019. File Photo by Iran Supreme Leader Office/EPA-EFE July 6 (UPI) -- Iran's Supreme Leader Ayatollah Ali Khamenei was seen in public over the weekend for the first time since Israel began its war on Iran on June 13. The Iranian leader appeared Saturday at the Hosseiniyeh of Imam Khomeini, a mosque in Tehran named after the founder of the Islamic Republic, to lead the commemoration on the eve of Ashura, which marks the anniversary of the death of the Prophet Muhammad's grandson Husayn ibn Ali. Khamenei, the longest-ruling leader in the Middle East, did not deliver any remarks during the event, Press TV reported, but did call over prominent eulogist Mahmoud Karimi and whisper something in his ear. Throughout the brief war, Khamenei reportedly spent his time in a bunker and delivered three televised addresses to the country. "We know exactly where the so-called 'Supreme Leader' is hiding. He is an easy target, but is safe there. We are not going to take him out (kill!), at least for now," Trump said on his Truth Social platform during the brief conflict. It was later confirmed by CBS News that Israel had the opportunity to assassinate Khamenei but Trump had opposed the plan. Khamenei's appearance in Tehran was praised by senior Iranian authorities and political figures on social media, including President Masoud Pezeshkian and Foreign Minister Abbas Araqchi -- who is in Brazil for the annual BRICS summit. Separately, Aragachi published remarks he delivered to the summit in which he emphasized Iran's position on the question of Palestine. Instead of a two-state solution that would establish a Palestinian state alongside Israel, Aragachi called for the establishment of a new democratic state that would encompass Israel and Palestine. "We all know that as long as the Palestinian issue is not resolved in a just manner, their right to self-determination is not guaranteed, and the crimes of the Zionist regime against the Palestinians are not stopped, insecurity and tension will not end in our region, and peace and stability will not be established," Aragachi said. He said that talks for a two-state solution, supported by the United Nations and the former administration of President Joe Biden, "has not reached anywhere" and said that the Israeli government is the biggest impediment to the creation of a Palestinian state. "The Islamic Republic of Iran considers a just solution for Palestine to be a referendum with the participation of all the original inhabitants of Palestine, including Jews, Christians, and Muslims," Aragachi said. "This is not an unrealistic or out-of-reach solution, just as the apartheid regime in South Africa was stabilized through a referendum and democracy, and not by dividing South Africa into two parts, white and black." Aragachi said that resolving the Palestinian problem is the primary issue keeping the region from peace and that Iran hopes to see the formation of a single democratic state in which Jews, Muslims and Christians live together in peace.
UPI
7 hours ago
- UPI
Trump administration extends timeline for tariff negotiations
U.S. Secretary of the Treasury Scott Bessent speaks to press at the podium before Democratic and GOP luncheon press conferences in the U.S. Capitol in Washington, on June 24. Photo by Annabelle Gordon/UPI | License Photo July 6 (UPI) -- Tariffs are set to return to previous levels on the first of August for countries that haven't agreed on new deals, Treasury Secretary Scott Bessent said Sunday. Bessent said on CNN's "State of the Union" Sunday, just three days prior to the Trump administration's July 9 deadline for tariffs to return, that it would be notifying 100 smaller countries that "if you don't move things along, then on August 1, you will boomerang back to your April 2 tariff level." The tariffs were originally set to take effect in April but were pushed back to this Wednesday while countries worked with the Trump administration to reach new deals on products from their countries, a window that allowed dozens of countries to work out the details of between 10% and 50%. The Trump administration has said reaching deals with some countries has been increasingly difficult. August 1st is not a new deadline, Bessent said Sunday, but an opportunity to arrive at new tariff deals. "We are saying this is when it's happening," Bessent said Sunday. "If you want to speed things up, have at it. If you want to go back to the old rate, that's your choice." The administration has signaled that there may be some flexibility around the new timeline for key trading partners, but National Economic Council Director Kevin Hassett said on CBS's "Face the Nation" President Donald Trump would make the ultimate decision. "There are deadlines, and there are things that are close, and so maybe things will push back the dead, past the deadline," Hassett said. "In the end the president's going to make that judgment." The administration did not name the 12 countries that it would be communicating with this week about the tariff negotiations.
Los Angeles Times
7 hours ago
- Los Angeles Times
South Korea passes extra budget before tariff deadline
South Korea's parliament and cabinet approved a 31.8 trillion won ($23.3 billion) extra budget as new President Lee Jae Myung seeks to revive an economy struggling with weak consumption and mounting trade risks from US tariffs. The figure is up from the 30.5 trillion won initially proposed by the government, with more money allocated for cash coupon handouts, the Finance Ministry said. Of the overall figure, 10.3 trillion won is set aside to cover revenue shortfalls for this year's existing budget, as taxation income fell due to weak corporate performance and subdued consumer spending. The opposition party boycotted Friday's vote over policy differences. The stimulus package is the first since Lee took office last month after winning a snap vote with a pledge to boost growth. It's also the second supplementary budget this year after a 13.8 trillion won budget was approved by parliament in May. The passage comes just days ahead of a July 9 deadline for trade negotiations. US President Donald Trump said late Friday that his administration plans to send out letters to a dozen trading partners on Monday setting tariff rates. South Korea's Trade Minister Yeo Han-koo will be traveling to the US this weekend for a last-minute bid to extend the deadline. 'It's still not clear to each side what the other side wants,' Lee said at a press conference in Seoul on Thursday, adding that the negotiations have not been easy so far. Without an agreement or an extension, across-the-board reciprocal tariffs on exports to the US will rise to 25% from 10%. South Korea, a key US ally and major exporter of cars, semiconductors, and batteries, has seen its companies and its economy caught in the cross hairs of Trump's tariff campaign. Shipments abroad are equivalent to more than 40% of the size of the economy, making South Korea particularly vulnerable to US duties and any impact they have on global trade. The government plans to fund the extra budget through a mix of spending cuts and debt issuance. The bulk will be financed through new sovereign bond sales, but there will also be a restructuring of existing outlays, the Finance Ministry had said before the extra budget was finalized. Authorities will start distributing the cash coupons later this month. Korean households will receive 150,000 won worth per person from July 21, with socially marginalized groups to get more, the government said Saturday. A second round of smaller coupons of 100,000 won will be rolled out to most citizens in September. Even before the election, the need for more fiscal stimulus was clear. Bank of Korea Governor Rhee Chang-yong warned that additional measures would likely be required in 2025, underscoring the challenges facing Asia's fourth-largest economy. Choi writes for Bloomberg.
