• 한국의류산업학회지
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• 제16권4호
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• pp.588-595
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• 2014

The purpose of this study was to investigate the awareness levels of Korean textile companies and develop appropriate response plans for the Korea-US Free Trade Agreement. Through such, the study aims to explore practical and realistic directions that the Korean textile industry must take in the future. As for the research method, a survey on the Korea-US Free Trade Agreement was conducted to 50 Korean textile companies which mainly deal in textile exports. Results showed that Korean textile companies possess above average awareness for the Korea-US Free Trade Agreement and carry the perception that the FTA has thus far had a positive effect of market revitalization and contributions to sales. Nonetheless, perceptions on the needs for the Korea-US Free Trade Agreement and level of awareness were below average while government assistance seen to be unsatisfactory. Such results suggest that measures for successful access to the U.S. market require developing products customized for the U.S. market and creating new market opportunities by participating in U.S. exhibits and shows. In addition, textile companies must develop their abilities for self-sustainability through continuous FTA related programs provided by government in addition to investing efforts to understand global markets within companies through response measures on the FTA as a whole.

• 고려인삼연구와산업
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• 제1권2호
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• pp.3-8
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• 2007

• East Asian Economic Review
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• 제20권3호
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• pp.311-338
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• 2016

In the race for establishing trading architecture consistent with new landscape of the global economy, the US is ahead of the game by concluding the Trans Pacific Partnership Agreement with 11 countries. To make it reality, the ratification is essential. In the battle for ratification in the US, declining globalism confronts rising protectionism. This paper models the ratification process as contest between globalism and protectionism, and analyzes the optimal timing for ratification. Based on this framework, various ratification scenarios are analyzed. The paper argues less likelihood for the lame-duck session passage and more likelihood for prolonged and protracted delay, due to changing political dynamics and declining intellectual support for globalism. Hence, the future of Trans Pacific Partnership Agreement may prove different, compared to the North American Free Trade Agreement and the Korea-US Free Trade Agreement, both of which were renegotiated and ratified eventually. Then, the US would lose the first move advantage. The paper also discusses strategic implications of delayed ratification on the evolution of trading architecture in East Asia.

• East Asian Economic Review
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• 제25권3호
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• pp.233-272
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• 2021

The Regional Comprehensive Economic Partnership (RCEP) agreement, signed in November 2020, comes shortly after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) entered into force and the US-China Trade War escalated. We use a computable general equilibrium model to assess the long-term effects of these three developments on income, trade, economic structure, factor returns and employment across the world, and especially in Asia-Pacific countries. The results suggest that RCEP could generate income gains that will be almost twice as large as those of the CPTPP, and that the two agreements together will largely offset the substantial negative effects of the US-China Trade War for the world as a whole. All three policy developments, but especially RCEP, will deepen East Asian production networks and will raise productivity and increase wages and employment in much of East Asia. At the sectoral level, regional trade in non-durable and durable manufactures will experience the most growth.

• 통상정보연구
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• 제15권1호
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• pp.309-330
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• 2013

4개 국가의 지역 무역협정으로 시작된 환태평양연대협정(TPP)은 미국의 적극적 참여와 일본이 참여 의사를 밝히면서 거대규모의 무역협정으로 확대되었다. 한국은 아직 유보적인 입장이지만 미국의 꾸준한 요청과 아시아 태평양 지역을 아우르는 규모를 감안하여 참여를 타진할 것으로 생각된다. 미국이 주도하는 TPP의 협정내용은 기존에 체결된 FTA를 기반으로 하여 구성될 것으로 예상되고 있다. 꾸준한 발전이 기대되는 전자상거래 분야는 이를 선도하고 있는 미국이 자신들이 유리한 부분을 적극적으로 제시할 것으로 예상되는 바, 한국이 참여한다면 한 미 FTA 등의 기존 협정 분야에서 우리에게 유리했던 부분 등을 적극 제시하고 향후 한국이 전자상거래 시장을 선도하는 방향으로 협상에 임하는 것이 중요하다.

• 무역학회지
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• 제45권4호
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• pp.171-194
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• 2020

Although there is a lot of literature on the effectiveness of regional trade agreements(RTAs), it is usually analyzed only using trade-related theories and data. However, this paper has a differentiation in that we examine the linkage between international trade and financial markets through the stock markets reactions when the trade agreements related news arrived. Specifically, using an event study, we look into the Korea-US free trade agreement(KORUS FTA) which is the most commercially significant FTA in almost two decades for both the countries. Korean stock market generally responded more sensitively to FTA news than the US stock market, especially in 'Auto & Parts', 'Electrical Equipment' and 'Chemicals' industries. And the investors' perception toward the effect of KORUS FTA on Korean industries changed from negative to positive as negotiations proceed. Korea has a comparative advantage in the production of labor-intensive goods relative to US, but the economies of scale hypothesis does not hold.

• 한국의류산업학회지
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• 제17권6호
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• pp.978-987
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• 2015

This study investigates the awareness levels of Korean textile companies and develops appropriate response plans for the Korea-US Free Trade Agreement. The study also explores practical and realistic directions that the Korean textile industry must initiate. A qualitative study was conducted on 10 individuals for a more in-depth and demonstrative understanding that provide a better awareness on the responses of the textile industry towards the Korea-US FTA. The results of this study are as follows. First, the effect of the Korea-US FTA on the textile industry was insignificant. Second, industry members determined that fabric sectors and specialized fabrics (such as industrial materials and finished clothing products) could realize benefits through the Korea-US FTA. Third, industry members emphasize that the current focus is on FTAs by countries that have solidified their positions as manufacturing and sewing bases for the US and Europe (such as Southeast Asia) and not the Korea-US FTA. Based on results acquired through this study, the response measures to enter the U.S. market are as follows. First, the industry must develop high-performance and high value-adding direct export products suited to the needs of the US market in order to realize the benefits of the Korea-US FTA. Second, the industry and government must cooperate to actively host and participate in overseas trade shows that can actively open sales channels within the US. Third, the self-sustainability of textile companies must be cultivated through continuous and focused government training.

• Journal of Korea Trade
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• 제27권1호
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• pp.139-158
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• 2023

Purpose - The study of co-movements between stock markets is a crucial area of finance and has recently received much interest in a variety of studies, especially in international finance. Stock market co-movements are a major phenomenon in financial markets, but they are not necessarily independent of the real market. Several studies support the idea that bilateral trade linkages significantly impact stock market correlations. Motivated by this perspective, this study investigates whether real market integration due to trade agreements brings about financial market integration in terms of stock market co-movement. Design/methodology - Over the 10 free trade agreements (FTAs) signed by the United States, using a dynamic conditional correlations (DCC) multivariate GARCH (MGRACH) model, we empirically measure the degree of integration by finding DCCs between the US market and the partner country's market. We then track how these correlations evolve over time and compare the results before and after trade agreements. Findings - According to the empirical results, there are positive return spillover effects from the US market to eight counterpart equity markets, except Jordan, Morocco, and Singapore. Especially Mexico, Canada, and Chile have large return spillover effects at the 1% significance level. All partner countries of FTAs generally have positive correlations with the US over the entire period, but the size and variance are somewhat different by country. Meanwhile, not all countries that signed trade agreements with the United States showed the same pattern of stock market co-movement after the agreement. Korea, Mexico, Chile, Colombia, Peru, and Singapore show increasing DCC patterns after trade agreements with the US. However, Canada, Australia, Bahrain, Jordan, and Morocco do not show different patterns before and after trade agreements in DCCs. These countries generally have the characteristic of relatively lower or higher co-movements in stock markets with the US before the signing of the FTAs. Originality/value - To our knowledge, few studies have directly examined the linkages between trade agreements and stock markets. Our approach is novel as it considers the problem of conditional heteroscedasticity and visualizes the change of correlations with time variations. Moreover, analyzing several trade agreements based on the United States enables the results of cross-country pairs to be compared. Hence, this study provides information on the degree of stock market integration with countries with which the United States has trade agreements, while simultaneously allowing us to track whether there have been changes in stock market integration patterns before and after trade agreements.

• 한국가금학회지
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• 제39권4호
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• pp.269-271
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• 2012

The chicken has been growing in Korea for more than a thousand years according to the history book and commercially rising for broiler meat only since 1960's. As income increased mainly due to improved economy, it changes the habit of eating especially chicken meat. The structure changes into a coordinated production and marketing system which forced the prevailed small and independent producers to become a contract farmer under the vertically controlled practices. This coordinated structure began in 1970's and evolved continually to occupy around 90 percent of the market in 2010 with some ten (10) private brands being advertising. The industrial organizations have also conducted the generic promotion by a farmer's check-off program. Over the past 20 years, chicken import steadily increased to meet about 25 percent of the domestic market while the export showed negligible growth. As a whole, the structure change and international trade devoted to increased chicken consumption from 2 kg with the independent operation to 11 kg currently under the coordinated system and import. It is predicted that chicken consumption will grow in years to come and the import will also increase in addition to local productions, considering the free trade agreement that has already been in practice with EU and US to open the market eventually from all sources of supply worldwide.

• 한국항만경제학회지
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• 제36권4호
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• pp.93-106
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• 2020

무역은 국가 경제에 중요한 경제활동이다. 특히, WTO 출범 이후 2001년 중국의 WTO 가입, 다자간 무역체계의 확립, 자유무역협정(FTA) 등으로 무역의 범위가 확대되고, 국가 간 무역장벽의 완화 및 통합화로 인해 무역시장의 규모가 확대되고 있다. 그러나 무역시장 규모가 확대됨에도 불구하고, 2008년 글로벌 금융위기, 2016년 브렉시트, 2018년 미·중 무역전쟁과 같은 극단적인 사건 발생하여 무역시장이 직접적으로 타격받고 있다. 이에 본 연구는 무역활동을 대변하는 변수인 국제 해운 운임지수와 미국, 중국 무역 불확실성 사이의 의존구조를 분석 하였다. 분석 결과를 요약하면 다음과 같다. 첫째, 미국, 중국 무역 불확실성과 국제 해운 운임지수 조합의 결합분포가 각각 Frank copula, rotated Clayton copula 270°으로 나타나, 미국, 중국 국가별로 동일한 분포 구조를 보이는 것으로 나타났다. 둘째, Kendall's tau 상관관계를 살펴보면, 국제 해운 운임지수와 미국, 중국 무역 불확실성 사이에 음(-)의 의존성을 갖지만, 의존성 정도는 중국 무역 불확실성과 국제 해운 운임지수의 조합에서 더 크게 나타났다. 즉, 전 세계 수요와 무역 불확실성의 의존성은 미국보다 중국이 더 강하다는 것을 확인하였다. 마지막으로, 꼬리 의존성 결과를 살펴보면, 미국, 중국 무역 불확실성과 국제 해운 운임지수가 서로 독립적인 관계로 나타났다. 이는 무역 불확실성의 극단적인 사건 혹은 국제 해운 운임지수의 극단적인 사건이 발생해도 서로 영향을 받지 않는 것으로 의미한다.