Trade Law and Regulation in Korea

Trade Law and Regulation in Korea

Elgar Korean Law series

Edited by Seung Wha Chang and Won-Mog Choi

In the face of rapid development of the Korean economy, Korean trade laws and regulations have changed in many different ways over the last few decades. This comprehensive book introduces the laws and regulations affecting trade with Korea.

Chapter 3: Trade Remedy Laws and Regulations of Korea: Anti-dumping and Countervailing Measures

Won-Mog Choi

Subjects: asian studies, asian economics, asian law, economics and finance, asian economics, international economics, law - academic, asian law, international economic law, trade law


Won-Mog Choi INTRODUCTION Trade Remedy Laws and Regulations 1. 1.1. The term “trade remedy laws and regulations” refers to certain rules that impose restrictions on imports which inflict injury upon domestic industries. In general, such injury may be incurred under certain circumstances in which exporters engage in dumping practices in the market of the importing country, or if an imported good subsidized by a foreign government is introduced into the market of the importing country. “Anti-dumping laws” prescribe rules on anti-dumping duties that are tariffs in addition to ordinary customs duties imposed to counteract such dumping practices, while “subsidy and countervailing laws” are rules on countervailing duties that are imposed in the form of additional tariffs in order to countervail the effects of certain subsidies bestowed by foreign governments. The principal laws governing the system of trade remedy in Korea are the Act on the Investigation of Unfair International Trade Practices and Remedy against Injury to Industry (Trade Remedy Act) and the Customs Act. The former act is the first comprehensive trade remedy law, covering such matters as the investigation of unfair trade activities, safeguard actions, investigation of injury to a given industry caused by dumping and/ or subsidies, investigation of the impact on industry competitiveness, and the organization and function of the Korea Trade Commission (KTC).1 The stated legislative goals of this law include the following: (i) to establish a trade remedy system that conforms to the WTO global standard, 1 Which comprises 8 chapters and 42 articles....

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