New risks related to US global policies are now being debated by Korean Inc executives in places like the port of Ulsan, a key node in South Korea's world-class export infrastructure. Photo: Asia Times / Andrew Salmon

SEOUL – At a time when geopolitics is overshadowing geoeconomics in news media, there are overlooked bright spots in the global economy – bright spots trade powerhouse South Korea aims to capitalize on.

At first glance, the current world situation might appear threatening for any economy that is reliant upon global trade. Multilateralism is in crisis.

The threat of decoupling between Western economies and China has not yet been – and may never be – realized. But a massive does of risk has been injected by Russia’s invasion of Ukraine, which could feasibly fortify the partnership between Beijing and Moscow.