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Development Overview

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Overview of Korea’s development experience

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Development Overview
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Import liberalization through FTAs

Since the establishment of the FTA Roadmap in 2003, Korea has actively engaged in FTA negotiations with over 50 countries. Korea’s first FTA partner was Chile. The FTA negotiation with Chile started in 1999 and an agreement was reached in 2002. The National Assembly ratified the FTA with Chile in March 2004. The first FTA negotiations boosted confidence in pursuing FTA negotiations with other countries. FTAs with Singapore (2006), EFTA (2006), ASEAN (2007) and India (2009) have gone into force since then. The FTA negotiation with the United States was concluded in April 2007 and currently awaits ratification by the legislatures in both countries. FTAs were concluded with the EU and Peru in September 2010. FTA negotiations are currently being conducted with Canada, Mexico, the Gulf Cooperation Council (GCC), Australia, New Zealand, Colombia and Turkey.

Source : SaKong, Il and Koh, Youngsun, 2010. The Korean Economy Six Decades of Growth and Development. Seoul: Korea Development Institute.
 

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