• East Asian Economic Review
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• v.25 no.1
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• pp.33-71
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• 2021

Many different approaches and databases have been developed for the evaluation of non-tariff measures (NTMs) and free trade agreements (FTAs). This paper is devoted to the EU-South Korea agreement, which is the first 'second-generation' FTA of the EU, addressing a wide array of non-tariff policies. We review the evolution of NTM types applicable to the EU-South Korea trade relationship and the role of NTMs in ex-ante and ex-post analyses of the agreement. Subsequently a structural gravity model is employed to assess the value added of information on different aspects of FTAs and types of NTMs by evaluating their ability to predict the trade effects of the EU-South Korea FTA. Our results show that, when accounting for information on the components common in modern deep trade agreements, no additional trade effect is attributable to the EU-South Korea FTA. The evolution of NTMs differs considerably across indicators used, but trade predictions are hardly affected. Most specifications point towards a negative effect of bilateral differences in the number of technical barriers to trade (TBT) applied and sanitary and phytosanitary measures (SPS) against which trading partners issued complaints at the WTO.

• Korea Trade Review
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• v.43 no.3
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• pp.47-74
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• 2018

The United States is often perceived as a free-trading nation as it significantly contributed to the establishment of the GATT and WTO in the 20th century. With the inauguration of the Trump Administration in 2017, however, trading partners of the United States are faced with great concerns over the 'new' aggressive, protectionist and above all, unilateral trade threats posed by the United States under the name of 'America-First' trade policy. However, the recent unilateral trade actions by the United States are not new, but has historically and continuously been used to protect its key industries, like the automobile sector. This paper analyzes the historical cases of the unilateral trade policy of the United States in the automobile industry, targeting Korea and Japan in the 1980s, 1990s and 2010s. Then, we draw future implications for other key industries of the United States such as IT, intellectual property, services and agricultural sectors. This study evaluates whether such unilateral practices have brought successful and expected outcomes in favor of the United States.

• Journal of Korea Trade
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• v.27 no.5
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• pp.153-166
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• 2023

Purpose - This research empirically analyzes the influence of economic policy uncertainty and free trade agreements (FTAs) on bilateral trade volumes between Korea and its trading partners. The study investigates whether fluctuations in the Economic Policy Uncertainty Index (EPUI) for both Korea and its trading partners significantly impact trade volumes and whether the implementation of FTAs mitigates these effects. Design/methodology - The study employs dynamic panel data analysis using the system generalized method of moments (system GMM) estimation method to achieve its research objectives. It utilizes country-month-level panel data, including the EPUI, trade volume between Korea and its trading partner countries, and other pertinent variables. The use of system GMM allows for the control of potential endogeneity issues and the incorporation of country-specific and time-specific effects. Findings - The analysis yields significant results regarding the impact of economic policy uncertainty on Korea's exports and imports, particularly before the implementation of FTAs. An increase in the EPUI of trading partners leads to a notable increase in Korea's exports to them. Conversely, an increase in Korea's EPUI negatively affects its imports from trading partners. However, post-FTA implementation, the influence of each country's EPUI on trade volume is neutralized, with no significant difference observed. Originality/value - This research contributes to the existing literature by providing empirical evidence on the interaction effects between economic policy uncertainty and FTAs on bilateral trade volumes. The study's uniqueness lies in its examination of how FTAs mitigate the impact of economic uncertainty on trade relations between countries. The findings underscore the importance of trade agreements as mechanisms to address economic risks and promote international trade relations. In a world where global market uncertainties persist, these insights can aid policymakers in Korea and other countries in enhancing their trade cooperation strategies and navigating challenges posed by evolving economic landscapes.

• Korean journal of communication and information
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• v.35
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• pp.36-86
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• 2006

The industrialization and globalization in the field of broadcasting are rapidly proceeded by extension of multilateral agreement as GATT and WTO, and by expansion of bilateral FTA. The broadcasting gets important in the industries according to the change of broadcasting environment grounded on industrial logic. As the broadcasting products become an important article of trade, broadcasting industry is the best bet in the cultural industries. In the international trade, the USA and Japan will treat cultural products the same as common goods and keep in the frame of free trade. On the contrary, the EU nations and Canada take a position that the cultural products are common goods and also public goods at the same time, and that therefore the cultural products will be excepted from the free trade. But this so called cultural exception, which is formed in the multilateral free trade agreement, is merely a temporal countermeasure, not a fundamental alternative especially in the present circumstances of DDA negotiation of WTO and of enlargement of FTA by the USA. So a nation shall carry out policies for cultural identity and cultural autonomy by the guarantee of Cultural Diversity Agreement of UNESCO, and organize a new cultural exchange order which substitutes the trade order by trade agreements.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.58
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• pp.313-328
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• 2013

Today FTA extends over the world and Korea as a main member of international trade is no exception. In the past Korea, as the developing countries, has made endlessly effort to induce foreign investment from foreign enterprise and/or government to be a truly OECD countries today and made it. Korea's trade economy was reached 1 trillion dollars in 2012. Now we have to find a new way to produce, process, procure goods from foreign investment and also need to protect our profit and/or rights within foreign judicial territory. There are two method to protect foreign enterprise or government. First they rely on general principles in WTO or Bilateral Investment Treaty that the principle of equality, national treatment, and most-favored-nation treatment, you can create a predictable environment to protect foreign enterprise and/or government. Second they need to incorporate contractual clauses in their agreement such as stabilization clause, force majeure, arbitration, governing law or sovereign immunity. Of course there are many things left behind to consider I hope it will be helpful to those who prepare foreign investment contract.

• International Commerce and Information Review
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• v.8 no.3
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• pp.23-42
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• 2006

Services, despite the difficulty of its exact definition, can be defined as deeds, efforts, or performances by economical bodies, attributing to four unique characteristics - intangibility, inseparability, heterogeneity, and perishability. This study aims to research the global competition and problems of the local professional services, especially educational services and health services, and to suggest some devices for increasing the exportation of both educational services and health services. Educational services and health services were reserved in the multilateral negotiation to open the WTO parties' markets because of its national public benefits. But it is indispensable to open our local market by the bilateral FTA negotiation. Legal restrictions, therefore, related to both education and health should be erased according to the basic rule of the market competition, and it is advisable to control the national public benefit of these services by enacting the different legal systems. For recovering from minus balance of payment in the educational services or health services, furthermore, it is necessary to drive rather some offensive exporting policies than the defensive policy against supply from the foreign countries. In conclusion, the korean Foreign Trade Act and other relative acts should be revised, and both educational services and health services should be contained within the definition of "the international trade" for the governmental benefits of supporting the services exportation.

• Journal of Arbitration Studies
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• v.13 no.2
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• pp.123-156
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• 2004

Settlement of investment disputes is quite different from that of commercial disputes arising from ordinary commercial transactions in view of disputing parties, applicable laws and rules, etc.. Therefore, it is very important to consider the Convention on the Settlement of Investment Disputes between States and Nationals of Other States(Washington Convention) of 1965. The creation of the International Centre for Settlement of Investment Disputes(ICSID), which was established under the Washington Convention, was the belief that an institution specially designed to facilitate the settlement of investment disputes between governments and foreign investors could help to promote increased flows of international investment. Pursuant to the Washington Convention, ICSID provides facilities for the conciliation and arbitration of disputes between member countries and investors who qualify as nationals of other member countries. Recourse to ICSID conciliation and arbitration is entirely voluntary. However, once the parties have consented to arbitration under the Washington Convention, neither can unilaterally withdraw its consent. Moreover, all Contracting States of the Washington Convention are required by the Convention to recognize and enforce ICSID arbitral awards. Provisions on ICSID arbitration are commonly found in investment contracts between governments of member countries and investors from other member countries. Advance consents by governments to submit investment disputes to ICSID arbitration can also be found in many bilateral investment treaties including the Korea-China Agreement on the Encouragement and Reciprocal Protection of Investments(1992), the Korea-Japan Agreement for the Liberalization, Promotion and Protection of Investment(2003) and the Korea-Chile FTA, the latter was signed as of February 15, 2003 and is still pending in the National Assembly for its ratification. Arbitration under the auspices of ICSID is similarly one of the main mechanism for the settlement of investment disputes under the bilateral treaties on investment. Therefore, it is a problem of vital importance that Korean parties interested in investment to foreign countries should understand and cope with the settlement mechanism of investment disputes under the Washington Convention and bilateral investment treaties.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.43
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• pp.481-507
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• 2009

Along with continuous increase in international investments encouraged by wide spread bilateral investment treaties (BIT) including free trade agreements (FTA), international investment disputes have been also increasing. This means that a host State, an importer of foreign investments, and a investor who exports its investment to foreign State, need to take measures to prevent international disputes arising from international investment or to prepare for the arbitration for resolving the disputes. Under these circumstances, this paper compares ICSID arbitration rules and UNCITRAL arbitration rules in respect of (i) the institution of arbitration, (ii) the appointment of arbitrators and the composition of arbitral tribunal, and (iii) the procedures for, and the form of, arbitral awards. On base of this comparison, this paper further suggests certain practical issues that the host State's government and the foreign investors should be aware of in order to be ready for the resolutions of disputes by ICSID or UNCITRAL arbitrations.

• Journal of The Institute of Information and Telecommunication Facilities Engineering
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• v.8 no.4
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• pp.163-169
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• 2009

Recently, the concern of the FTA (Free Trade Agreement) have shifted to the promotion of the professional service's trade via the bilateral and reciprocal agreement of its professional laws. In the construction industry, this policy has intended to make the standardization of the construction manager's profession in the world. The purpose of this paper is 1) first to define the general model of professions in the U.S., UK and Japan, 2) then to declare the construction manager's model of the profession in them to apply the general model of professions, and 3) finally to analyze the identity of Korean construction managers and acquirement of its construction manager's law comparing with construction manager's model of the profession in the U.S., UK and Japan.

• Journal of International Area Studies (JIAS)
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• v.22 no.2
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• pp.81-110
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• 2018

In this paper, we examined the regional economic integration, the trade negotiation strategy and bargaining power of the European Union through the logical structure of the three - dimensional game theory. In the three - dimensional game theory, the negotiator emphasized that the negotiation strategy of the triple side existed while simultaneously operating the game standing on the boundary of each side game, constrained from each direction or occasionally using the constraint as an opportunity. The study of three-dimensional game theory is aimed at organizing the process of coordinating opinions and meditating interests at the international level, regional level and member level by the regional union as a subject of negotiation. This study would compare and analyze the recently concluded EU-Japan EPA (Economic Partnership Agreement) negotiation process with the case of the EU FTA, and summarize the logic of the three-dimensional game theory applicable to the FTA of the regional economic partnership. Furthermore, the study would illustrate the strategies of the regional economic cooperatives to respond to negotiations. The area of trade policy at the EU level has already been completed by the exclusive power of the Union on areas where it is difficult to politicize with technical features. Moreover, the fact that the policy process at the Union level has not been revealed as a political issue, and that the public opinion process is a double-step approach. In conclusion, the EU's trade policy process constitutes a complicated and sophisticated process with the allocation of authority by various central organizations. The mechanism of negotiation is paradoxically simplified because of the common policy decision process and the structural characteristics of the trade zone, and the bargaining power at the community level is enhanced. As a result, the European Commission would function as a very strong negotiator in bilateral trade negotiations at the international level.