Since the so-called mega-FTAs such as the Trans-Pacific Partnership (TPP) or the Transatlantic Trade and Investment Partnership (TTIP) launched their agendas, it appears that the weight of trade liberalization discussions has been swiftly moving from cutting the edges of existing tariffs towards regulatory harmonization. What looms large in the recent trade negotiations is also regulatory harmonization, and current discussions on this matter seem to boil down to non-tariff measures (NTMs).

Notwithstanding their importance, understanding about the NTMs are limited. SInce Korea is also one of the top ten most active notifying members in 2015. and already deeply involved in non-tariff issues, the Korean government must pay better attention to its own NTM issues as the focus of trade negotiations has shifted in this direction.

First and foremost, it is critical to know where we stand with regard to non-tariff measures. Once the current status of Koreas NTMs is apprehended to a certain extent, studies examining what regulatory reform or regulatory harmonization would bring to the Korean economy should follow.