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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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Korea-US FTA

The Korea-US FTA has yet to be ratified by both governments, but it already has had a significant influence on the liberalization of the service sector. A “negative system” governing services was adopted, which helped to increase transparency. A “ratchet” mechanism was also included to prevent a backward slide in the liberalization of the service sector. Korea offered some preferential treatment to the U.S. in the areas of telecommunications, broadcasting, and legal and auditing services.

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

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