Free Trade Negotiations: The South Korea Experience

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Free Trade Agreement Negotiations: Korea's Experience in Response to the New World Trading System

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Free Trade Negotiations: The South Korea Experience

  1. 1. Free Trade Agreement Negotiation: Korea’s Experience in Response to the New World Trading System Ambassador HYE MIN LEE Dusit Thani Hotel, Makati City February 10, 2012
  2. 2. Multilateral Trading system vs. FTA <ul><li>WTO </li></ul><ul><ul><li>Principle of non-discrimination </li></ul></ul><ul><ul><ul><li>Most-Favored-Nation (MFN) </li></ul></ul></ul><ul><li>FTA </li></ul><ul><ul><li>An exception to the MFN principle </li></ul></ul><ul><ul><ul><li>shall cover “ substantially all the trade ” </li></ul></ul></ul><ul><ul><ul><li>shall carry out liberalization within “ reasonable length of time ” </li></ul></ul></ul>
  3. 3. Global Expansion of FTAs Until July 2009 World Trade Share under FTA Effective FTAs (2011.5) 297 More than 50%
  4. 4. Global Expansion of FTAs <ul><li>Success stories of regional integration </li></ul><ul><ul><li>EU </li></ul></ul><ul><ul><li>NAFTA </li></ul></ul><ul><li>Delays in multilateral trade liberalization </li></ul>
  5. 5. Korea’s FTA policy <ul><li>First FTA negotiations with Chile in 1998 </li></ul><ul><li>Establishment of the “FTA Roadmap” in 2003 </li></ul><ul><li>Policy Objectives </li></ul><ul><ul><li>To secure overseas market access </li></ul></ul><ul><ul><li>To enhance transparency and predictability </li></ul></ul>
  6. 6. Under preparation Under negotiation Negotiation concluded Effective Korea’s FTA Partners Malaysia Vietnam Mongolia Canada Peru EU India USA Chile Singapore EFTA ASEAN Turkey Colombia Mexico GCC Australia New-Zealand China MERCOSUR Indonesia Israel Japan
  7. 7. Recent developments of Korea’s FTA <ul><li>KOREA-US FTA </li></ul><ul><ul><li>Ratified in November 2011 </li></ul></ul><ul><li>KOREA-EU FTA </li></ul><ul><ul><li>Effective on July 1, 2011 </li></ul></ul><ul><li>KOREA-INDIA CEPA </li></ul><ul><ul><li>Effective on January 1, 2010 </li></ul></ul><ul><li>KOREA-ASEAN FTA </li></ul><ul><ul><li>Trade in Goods Agreement in effect June 1, 2007 </li></ul></ul><ul><ul><li>Trade in Services Agreement in effect May 1, 2009 </li></ul></ul><ul><ul><li>Trade in Investment Agreement in effect in September 1, 2009 </li></ul></ul>
  8. 8. The End

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