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Evaluation of the Korea-Chile FTA and Its Implications
- Author Yeo Joon Yoon
- Date2015-04-10
The Korea-Chile FTA, Korea’s first FTA, has contributed to quantitatively and qualitatively upgrading trade relations between Korea and Chile. First, the FTA not only led to trade expansion but also to the diversification of trading items. Second, the Korea-Chile FTA contributed to expanding exports of SMEs. Latin America is a market that Korean SMEs typically avoid entering, owing to psychological barriers caused by the linguistic and cultural differences and long distance. Under these circumstances, signing an FTA between the two countries has acted on closing the psychological distance. Third, the FTA between Korea and Chile showed a high rate of utilization. A high utilization rate indicates that firms in both countries are actively enjoying preferential tariffs. These rates surpassed the overall average utilization rate of Korea’s preferential import and export tariffs.
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