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 4: Trade Laws and Regulations in Korea: Safeguard Measures

Dukgeun Ahn

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

Extract

Dukgeun Ahn HISTORIC DEVELOPMENT OF SAFEGUARD SYSTEMS IN KOREA 1. As in many other developing countries, the Korean government used to rely mainly on safeguard actions, rather than anti-dumping actions, at an early stage of its trade remedy system.1 The frequency to use safeguard actions was, however, substantially reduced after the World Trade Organization (WTO) was established in 1995. A more detailed account of historic development follows in the sections below. 1.1. Safeguard Measures in the General Agreement on Tariffs and Trade (GATT) Period After the Korea Trade Commission (KTC) was established in 1987 as the main trade remedy institution, the safeguard action had been the major trade remedy instrument for the Korean government particularly during 1989 to 1992. As shown in Table 4.1, many investigations initiated between 1989 and 1991 actually resulted in positive determination. Among the 25 investigation requests during 1987–1994, only nine requests Table 4.1 Annual trend of safeguard investigation under the GATT system 87 Investigation Request Positive Determination Negative Determination 1 0 1 88 2 2 0 89 7 6 1 90 5 3 2 91 4 4 0 92 3 0 3 93 0 0 0 94 3 1 2 1 The Korean government has never used a countervailing action yet. 79 M2509 - CHANG PRINT.indd 79 27/01/2011 10:19 80 Trade law and regulation in Korea ended up with no positive measures. Actually, investigation requests were withdrawn by petitioners in seven cases. It is also noted that the very first safeguard petition was...

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