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Fruits of Korea's Completed FTAs and Tasks Ahead

Fruits of Korea's Completed FTAs and Tasks Ahead

KIM Hwa-Nyeon

Dec. 10, 2009

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Originally released on October 16, 2009

1. The Effects of Korea's Completed FTAs

Following the KOR-Chile FTA, Korea signs a total of seven FTA deals and four of them enter into effect

As of August 2009, Korea, a latecomer to FTAs, has successfully completed seven FTAs after tackling a number of FTA negotiations in a relatively short period of time. Among these, four FTAs have entered into effect (KOR-Chile in 2003, KOR-Singapore in 2005, KOR-EFTA in 2006 and KOR-ASEAN in 2006). Since then, Korea has enjoyed a stable trade relationship with the respective partner countries. In particular, the FTAs with two major economic blocs, US (2007) and the EU (2009) amid the weakening of the Doha Development Agenda, raised Korea's status in international trade negotiations. Korea also signed the Closer Economic Partnership Arrangement (CEFA) with India, which expands free trade and economic exchanges with India. This agreement strengthened Korea's competitiveness in India's vast market of 1.2 billion people. Currently, trade with the free trade partners (incl. economic blocs) accounts for 35.3% of Korea's total trade and the combined size of partner economies takes up 59.8% of the world's total G DP.

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