Treatment of Trade in Korea’s FTAs

Abstract

The Republic of Korea was a relative latecomer towards concluding free trade agreements. However, once its first FTA with Chile came into force in 2004, its FTA network has rapidly expanded. Its 16 FTAs in force so far cover over 70 per cent of its exports and its partner countries account for a three quarter of world GDP. It has FTAs with three of its major trade partners- China, EU and the US- and is in the process of negotiating more that will further increase the coverage. Noting this rapid growth, this paper examines the interesting differences in these FTAs in relation to rules of origin and their verification, in dealing with standards and their compliance and trade remedies. Some of them may provide clues regarding possible ways in which future FTAs may evolve or even be a way for multilateral solutions to emerge on dealing with non tariff barriers.