Reshaping the Multilateral Trade Policy for Korea

4 Pages Posted: 20 Jun 2019 Last revised: 21 Jul 2019

See all articles by Jin Kyo Suh

Jin Kyo Suh

Korea Institute for International Economic Policy

Jong Duk Kim

Korea Institute for International Economic Policy

Ji Hyun Park

Korea Institute for International Economic Policy

Min-Sung Kim

Korea Institute for International Economic Policy

Dukgeun Ahn

Seoul National University

Date Written: May 23, 2019

Abstract

This brief discusses the implications of the recent WTO reform efforts led by leading economies and provides a guideline for Korea's multilateral trade policy under fast-changing global economic environment. In particular, the following three areas are of interest in this brief.

First, the achievements and limitations of the current multilateral trading system, represented by the WTO are reviewed. Even though the WTO, the legitimate heir and successor of the GATT regime, began with great ambition for greater trade liberalization, its first negotiation round, the Doha Development Agenda (DDA), has failed to deliver as many outcomes as it was expected to. Reasons for such hardship and challenges the WTO faces are examined.

Second, this brief asks the implications of the recent WTO reform efforts led by advanced economies such as the U.S, EU, Canada, and Japan. The current WTO reform efforts are different from previous reform discussions in that they are based on more specific demands and requests. Facing such difference in reform efforts, the strategies and policy options of Korean government to respond to such movement are mulled over.

Third, an extensive guideline for Korea's multilateral trade policy are suggested. In addition to the aforementioned WTO reform discussion, economies around the world including Korea face fast-evolving global trading environment since the range of trade issues are greatly extending to digital economy, inclusive trade and furthermore. Such trends of global trading environment are identified and summarized, and possible policy suggestions surmounting challenges from those new economic changes are provided.

Keywords: Multilateral Trade Policy, Korea

Suggested Citation

Suh, Jin Kyo and Kim, Jong Duk and Park, Ji Hyun and Kim, Min-Sung and Ahn, Dukgeun, Reshaping the Multilateral Trade Policy for Korea (May 23, 2019). KIEP Research Paper, World Economy Brief 19-10, Available at SSRN: https://ssrn.com/abstract=3407221 or http://dx.doi.org/10.2139/ssrn.3407221

Jin Kyo Suh (Contact Author)

Korea Institute for International Economic Policy ( email )

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

Jong Duk Kim

Korea Institute for International Economic Policy ( email )

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

Ji Hyun Park

Korea Institute for International Economic Policy ( email )

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

Min-Sung Kim

Korea Institute for International Economic Policy ( email )

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

Dukgeun Ahn

Seoul National University ( email )

Graduate School of International Studies
Sillim, Kwanak-gu
Seoul, 151-742
82-2-880-9249 (Phone)

HOME PAGE: http://gsis.snu.ac.kr

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