The year 2005, the target year for Japan and Korea to conclude their FTA, will be the 40th anniversary of the establishment of diplomatic ties after their painful history. During the last four decades, Japan-Korea relations have matured gradually, promoted in part by miraculous development and catch-up by the Korean economy. In 1996, Korea became an OECD member, the second country in Asia following Japan. As an OECD member, Korea is expected to share common global responsibilities to promote economic growth and liberalization. Although the Korean economy was hit by the Asian financial crisis in 1997, Korea surprised the world by instigating a comprehensive structural reform and subsequent speedy economic recovery led by a strong political will and swift business initiatives. Korea has accomplished the IMF conditionality, while receiving the IMF financial assistance package. (The rest is omitted.)

Preface
Editors' Biographical Notes
Contributors

I. Political Economy of Korea-Japan Free Trade Arrangement: A Korean
Perspective / Taeho Bark and Chong Sup Kim
II. Political Economy of Japan-Korea FTA from Japanese perspective: Strategic
approach, gains, and implications for the East Asian integration / Takatoshi
Ito and Yukiko Fukagawa
III. Modality of Korea-Japan FTA: From the Perspective of Korea / Dukgeun Ahn
IV. What Kind of Free Trade Arrangement? Modality and Contents: Japanese
Perspective / Eiji Ogawa
V. Economic Assessment of Korea-Japan FTA / Inkyo Cheong
VI. The Impacts of Japan-Korea FTA and CU on Economy, Industry and Trade in
Japan and Korea / Shujiro URATA and Kazutomo ABE
VII. Liberalization of the Agriculture and Fishery Sectors / Yoocheul Song
VIII. Agricultural Issues on Japan-Korea FTA / Masayoshi Honma
IX. Liberalization of Trade in Services: A Korean Perspective / June-Dong Kim
X. Economic Analysis on Japan-Korea FTA: Service Trade / Fukunari Kimura
XI. How to Measure Non-tariff Barriers? A Critical Examination of the
Price-Differential Approach / Kyoji Fukao
XII. Non-Tariff Barriers, Real Obstacles or False Perceptions?: Korean
Perspective / Yang-Hee Kim
XIII. Exchange Rate Uncertainty and Free Trade Agreement between Japan and
Korea / Kwanho Shin and Yunjong Wang
XIV. How Wide is the Border Between Japan and Korea? / Takatoshi ITO and
Noriyuki KAJII

Epilogue