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Korea's Policy Response to Its GATT Article 11 Nation Status multilateral negotiations

Author Hak-Su Kim Series 90-01 Language Korean Date 1990.03.01

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Korea became a signatory country to the IMF Article 8, giving up its foreign exchange controls. Furthermore, in 1989, Korea announced that it would no longer restrict trade to control its balance of payments and that it would follow Article XI of GATT, further increasing its pace of import liberalization.
This paper comprehensively recommends Korea's policy response to its GATT Article 11 nation status and makes some policy recommendations for the Korean government. In particular, by classifying GATT rules and an inflectional paradigm of advanced nations, this paper seeks to the direction for Korea's foreign trade policies. In light of the Korea's recent trade pressures with advanced nations, corresponding policy and institutional devices are suggested in this paper.

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