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 8: Korea’s Institutional Framework for FTA Negotiations and Administration: Tariffs and Rules of Origin

Jong Bum Kim

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

Extract

Jong Bum Kim INTRODUCTION 1. Korea’s efforts to enter into free trade agreements (FTAs) with its trading partners have been bearing fruits with the enactment of the KoreaSingapore FTA and the Korea-EFTA FTA in 2006 and the Agreement on Trade in Goods of the Korea-ASEAN FTA in 2007. The continued drive to conclude FTAs culminated with the signing of the KORUS FTA with the United States in April 2007.1 As more FTAs are concluded, each FTA requires implementation of preferential tariff concession schedule and rules of origin. The increasingly complex web of FTAs has necessitated the development of an institutional framework for both more effective negotiation and administration of FTAs. In this chapter, we review Korea’s legislative framework of FTA negotiations and administration of FTAs against the backdrop of the increasing need to safeguard due process and democratic participation in the administration of trade policy. In particular, we focus our attention on the trade in goods, including the administration of rules of origin and tariff reduction chapters of enacted FTAs. We also examine the potential areas of disputes involving rules of origin under Korea’s FTAs and the mechanisms available to resolve and settle disputes under the domestic implementation laws of FTAs. 1 The FTA between the United States and Korea is named the KORUS FTA. 163 M2509 - CHANG PRINT.indd 163 27/01/2011 10:19 164 Trade law and regulation in Korea 2. FRAMEWORK FOR FTA NEGOTIATIONS2 2.1. Overview Under the Korean Constitution, the President has the authority to conclude FTAs...

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