APEC Regional Economic Integration and Policy Implication (APEC 경제통합 논의와 정책 시사점)

Posted: 3 Nov 2017

See all articles by Sangkyom Kim

Sangkyom Kim

Korea Institute for International Economic Policy (KIEP)

Date Written: September 29, 2017

Abstract

English Abstract: Since the turn of the 21st century, the growing interdependence and interconnectedness of the global economies intensified the need for individual economies to engage in regional economic cooperation and integration. Recent statistics indicate that the number of regional trade agreements notified to the WTO by APEC economies has reached 265 cases, making it the most prolific period in APEC history. Given this upsurge, the significance of policy coordination and cooperation within the framework of APEC’s Regional Economic Integration activities ― inter alia, discussion on implementing “Free Trade Area of the Asia-Pacific (FTAAP)” ― has attracted considerable attention from Korean policy makers and stakeholders.

APEC’s vision to create a single economic community was designed not only to reduce obstacles of trade in goods and services but also to adopt more advanced trade- and investment-related rules and measures to increase the transparency and efficiency of the economic system. Successful regulatory reforms and conformity to the international rules and standards embodied in the FTAAP framework, therefore, would help accelerate the regional economic restructuring and opening of the Asia-Pacific economy. These will eventually provide the Korean economy with increased participation in global value chains (GVCs), the export and investment markets, and strengthen political and economic ties among members. In this context, the opportunity cost of being excluded from the general trend of economic integration has become a tangible threat.

Korea Abstract: 한국 대외교역의 70% 이상이 집중되어 있는 아시아·태평양 지역의 경제가 높은 수준으로 통합된다면 한국에 새로운 무역기회가 창출될 것으로 기대된다. 한국은 APEC 경제공동체 논의 활성화에 보다 주도적인 역할을 담당함으로써, 아시아·태평양 시장의 안정적 확보와 외연확장의 기회로 삼아야 할 것이다. 이와 같은 맥락에서 본 연구는 최근 APEC에서 전개되고 있는 경제통합 관련 논의 현황, 쟁점 및 통합효과를 검토·분석함으로써 한국의 APEC 경제통합 사업 참여와 기여방안을 제시할 목적으로 수행되었다.

Keywords: APEC, FTAAP, GVCs

Suggested Citation

Kim, Sangkyom, APEC Regional Economic Integration and Policy Implication (APEC 경제통합 논의와 정책 시사점) (September 29, 2017). KIEP Research Paper, No. Policy References 17-02. Available at SSRN: https://ssrn.com/abstract=3063832

Sangkyom Kim (Contact Author)

Korea Institute for International Economic Policy (KIEP) ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

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