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Korea-Japan Free Trade Agreement and Korea’s Countermeasures

초록/요약

Korea has faced new international economic environment from the start of 1990s. Korea is losing its competitive power in the world market because of the enlargement of regionalism and the rapid rise of China. The movement for the integration of regional economy is accelerated even after the inauguration of the WTO. As for EU, its member countries increased up to 25 as of May 11, 2004 with additionally joining 10 member countries, and the North American nations and 34 countries in Latin American continents are trying to establish Free Trade Area of America (FTAA) aiming the year of 2005. These regional trade agreements are enforced aiming benefits among member countries so that non-member countries receive relatively smaller benefits than those of member countries. That is, tariff and non-tariff barriers are released among member countries even though they are maintained among non-member countries making non-member countries hard to advance into the markets of member countries. The example of NAFTA that its member countries' exporting amount increased greatly within the region after its start disproves that the enlargement of regional trade agreement of this kind may cause direct damage to the export of Korea. Meanwhile, Korea is faced with severe crisis due to rapid development of China. As being incorporated into global system through reform and opening in gradual manner from the end of 1970s, China has rapidly grown based on export mainly in labor-centered industries. Though it is growing based mainly on export, China is prospected to continuously grow further thanks to its gigantic domestic market with 1.3 billions of population and inflow of foreign investment. This rapid growth of China has great influence upon the competitive power of Korea actually encroaching its major markets such as the US, Japan and Asian region. Korea and Japan who couldn’t step with these rapid changes in global situation is facing major crisis. The Korean export market is conti

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목차

I. Introduction ------------------------------ 1

II. Korea’s need for the pursuit of an FTA ---- 3
1. Rapid spread of and positive global acknowledgment for the Regionalism------------------------------------- 4
2. Development of economic structure by continuous market opening---------------------------4
3. Securing the exporting market------------- 5
4. Strengthening the economic alliance by the intense inter-dependency---------------------------- 5
5. The need to join to the prevalence of regionalism----------------------------------------- 6

III. FTA policies and current situations of Korea and Japan----------------------------------------------- 7
1. FTA policies of Korea and Japan----------- 7
2. The scope and present situation of Korea-Japan FTA-16
2.1 The process of Korea-Japan FTA negotiations------16
2.2 The coverage of the Korea-Japan FTA--------------18

VI. Current Status of Korea-Japan Economic Relations---------------------------------------------19
1. Recent Changes in Korea-Japan Relations---19
2. Characteristics of the Korea and Japan Economic Relationship--------------------------------20
3. Export and Import Structure-----------------22
4. Tariff Barriers-------------------------------22

V. Analysis of the Economic Effects of a Korea-Japan FTA--------------------------------------------------------23
1. Increases in Korea’s export to Japan are insignificant-------------------------------------------23
2. Huge increase in trade deficit is expected----24
3. Effects on an agricultural sector are positive for Korea------------------------------------------------26
4. Effects on auto industry are negative for Korea26
5. Dynamic Effects----------------------------27
5.1. The KIEP report-----------------------------------28
5.2. The KIET report-----------------------------------28

VI. A plan for the direction of Korea-Japan FTA-----------29
1. Major sectors for negotiations-------------------------30
2. Restructuring of uncompetitive industry in

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