Political Conflict and Economic Integration
Edited by Jehoon Park, T. J. Pempel and Gérard Roland
Chapter 5: The Progress of Korea’s FTA Policy in the Context of Northeast Asian Economic Cooperation
5. The progress of Korea’s FTA policy in the context of Northeast Asian economic cooperation Inkyo Cheong One of the motives behind Korea’s active approach towards FTAs is its strategy for developing the nation to be an open trading country in the world. Since the enactment of the Korea–Chile FTA in 2004, the Korean people have become more conﬁdent about the liberalization of the market through FTAs. The FTA with Chile enabled the public to realize that the beneﬁts of the FTA were greater than expected, with smaller losses for its weak industry (agriculture). The government introduced an ‘open trading country’ as one of its policy goals in 2005, and began to regard FTAs as being one of the most eﬃcient policy tools in achieving the goal. The Korea–Chile FTA also helped the people to realize that the promotion of FTAs is one of the essential trade policy tools in order to secure the growth engine of the Korean economy and to create the foundation for becoming an advanced economy with high national and per capita incomes. Korea’s pursuit of FTAs will help it to become the business hub in Northeast Asia, and will ﬁnally result in creating a foundation for an advanced and more competitive trading power. This chapter will summarize current progress of Korea’s FTA policy in terms of its open trading country goal and FTA roadmap, a US–Korea FTA, and Korea’s position regarding FTAs with Japan and China. Finally, a conclusion...
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