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Like Japan Inc, Korea Inc indicates that the role of Korea's central government to boost its exports was essential to the development of the Korean economy. In concrete, South Korean exporters played an important role in making 'the Miracle of Han River' by taking advantage of world's free trade trend in the postwar period and by increasing an export volume enormously. Adversely, both South Korea's foreign exchange crisis in 1997 and North Korea's breakdown of economic system proves that both countries' foreign trade had contributed to their economic development and supported their national economy, because those problems came from a shrinking volume of trade in the same way. In terms of foreign trade, both Koreas should pay large attention to a new drastic change, that is, China's entry of WTO in addition to a variety of existing big changes in the field of international trade, and structural reforms in the world economy. First of all, South Korea should shed light on a decrease in exports because of world's current recession, and take some following measures. Secondly, it has to set up stronger long-term strategies to increase exports and to cope with international trade challenges so as to support both higher growth rate and lower unemployment rate. Finally, it has to make an most effort to upgrade the structure of export industry by the development of new brand commodities and hi-tech products, and the introduction of higher quality goods. As for North Korea, the only way to overcome economic setbacks is to adopt a complete open-door policy and to make use of the advantages of free trade. In concrete, it has to enlarge the existing open-door measures, and accept a fundamental shift in the paradigm of international trade toward openness and free trade. In addition, it has to follow efficient market-economy techniques to run the broken economy, because the techniques are referred to an unavoidable way in the highly-competitive world market from now on.