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A Decade of FTAs: Evaluation and Policy Implications
- 저자 Young Gui Kim
- 발간일2014-10-31
Korea’s FTA policy has been based on an FTA Roadmap formulated in 2003, which includes strategies, criteria and priorities in FTA partner selection, and so forth. The three principles are: multi-track approach with simultaneous negotiations, as opposed to phased or sequential; FTAs with comprehensive and high-quality coverage; and promotion based on public consensus. Looking back on the past decade, in terms of extensive growth Korea has managed to successfully build an FTA network thanks to the simultaneous promotion of multiple FTAs with comprehensive and high-quality coverage. However, discussions on regional economic integration involving multiple countries have recently been in full swing, and it has become more important to serve as an intermediary in the FTA network to create a more favorable trade order.
While FTAs were overall beneficial for exports and economic growth, there were some limitations in diversifying export markets or items. Thus, Korea should go beyond its focus on the trade of competitive goods to reflect the counterpart’s market or growth potential in FTA negotiation strategies.In the eyes of the Korean public, the past decade’s FTA policy has not fully lived up to expectations. On one hand, negotiation procedures did not involve smooth internal communication, and on the other hand the benefits of FTAs were not shared equally. More attention should be directed toward the equal distribution of FTA achievements, via supportive measures for exporting SMEs which are vulnerable to external shock, and effective safety nets for domestically-oriented SMEs harmed by liberalization.
While FTAs were overall beneficial for exports and economic growth, there were some limitations in diversifying export markets or items. Thus, Korea should go beyond its focus on the trade of competitive goods to reflect the counterpart’s market or growth potential in FTA negotiation strategies.In the eyes of the Korean public, the past decade’s FTA policy has not fully lived up to expectations. On one hand, negotiation procedures did not involve smooth internal communication, and on the other hand the benefits of FTAs were not shared equally. More attention should be directed toward the equal distribution of FTA achievements, via supportive measures for exporting SMEs which are vulnerable to external shock, and effective safety nets for domestically-oriented SMEs harmed by liberalization.
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