Regionalism, Trade and Economic Development in the Asia-Pacific Region
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Regionalism, Trade and Economic Development in the Asia-Pacific Region

Edited by M. A.B. Siddique

This book is based on the premise that Regional Trade Agreements (RTAs) in the Asia-Pacific significantly impact on the material progress of the peoples of this region. These impacts – in terms of the benefits and costs associated with RTAs – will vary greatly from country to country. The internationally acclaimed contributors examine the theoretical perspective of RTAs in relation to exchange rates, the role and goals of the WTO and agriculture.
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Chapter 8: Korea’s Approaches to Regionalism

Inkyo Cheong


Inkyo Cheong INTRODUCTION The Asia-Pacific region including East Asia is the least developed region in terms of regionalism. However, many countries in East Asia began to be concerned with free trade agreements (FTAs) after the East Asian financial crisis. In 1998, Korea announced its plan to proceed with an FTA with Chile and also began a joint study with Japan. The Korea–Chile FTA negotiations were launched in December 1999 and concluded in October 2002. In addition to the FTA with Chile, Korea is under negotiation for bilateral FTAs with Japan and Singapore. In addition to these FTAs, Korea is studying or discussing the feasibilities of FTAs with other countries such as ASEAN, Mexico, Canada, India and so on. This chapter overviews Korea’s FTA policies, focusing on major issues present in a Japan–Korea FTA. It starts with the general discussion on Korea’s position towards FTAs. KOREA’S POSITION TOWARDS FTAs Korea concluded its first FTA with Chile in October 2002 and it was implemented in April 2004. The core issue for Korea’s trade policy was the ratification of its FTA with Chile by the Korean National Assembly in early 2004. Farmers believed that the Korean Government’s promotion of FTAs would prove a further blow to the agricultural sector and as a result, the agricultural sector opposed the FTA with Chile for fear of the consequences of other FTA promotion in general (rather than a specific objection to a partnership with Chile). Korea has opened the agricultural market...

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