The country is the world’s ninth-largest exporter and ninth-largest importer. Its armed forces is ranked as one of the world’s strongest militaries and is the world’s second-largest standing army by military and paramilitary personnel. Since the 21st century, South Korea has been renowned for its globally influential pop culture, particularly in music (K-pop), TV dramas (K-dramas) and cinema, a phenomenon referred to as the Korean wave. It is a member of the OECD’s Development Assistance Committee, the G20, the IPEF, and the Paris Club.