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Legal analysis of Korea - ASEAN regional trade integration
- Legal analysis of Korea - ASEAN regional trade integration
- Choi W.-M.
- Ewha Authors
- SCOPUS Author ID
- Issue Date
- Journal Title
- Journal of World Trade
- vol. 41, no. 3, pp. 581 - 603
- SSCI; SCOPUS
- Economic integration will benefit the economies of South Korea and the Association of Southeast Asian Nations (ASEAN). It will enable both economies to reform their agricultural and industrial sectors, and it will create a strategic coalition that can mitigate any adverse effects arising from the acute China-Japan rivalry in the Southeast Asian region. Despite these benefits, there are three major challenges facing the integration of South Korea and ASEAN's economies. First, South Korea is trying to retain trade barriers for its major agricultural products, and ASEAN wants to retain trade barriers against some Korean exports. This mutual retainment of trade barriers is inconsistent with World Trade Organization (WTO) rules, and it would reduce the benefits of trade liberalization, which is the purpose of economic integration. Second, not all ASEAN countries are WTO Members, and South Korea may find it difficult to obtain INTO approval for the Korea-ASEAN Free Trade Area (KAFTA) treaty. As a result, Korea needs to ensure that its agreements with non-WTO countries comply with WTO rules. Third, KAFTA is expected to include special rules of origin for a South and North Korean economic cooperation project. In order to be compatible with WTO regulations, KAFTA must ensure that the rules are used only for preferential tariff purposes. For a legitimate economic integration that will benefit the economies of South Korea and ASEAN, all parties must ensure that this treaty complies with WTO rules. © 2007 Kluwer Law International.
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