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Trade liberalization

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Title Trade liberalization
Similar Titles
Project Category Development Cases
Material Type Reports
Author(English)

Ahn, Dukgeun; Lee, HongShik

Publisher

Seoul:Korea Development Institute

Date 2011
Project Development Cases
Series Title; No Knowledge Sharing Program: KSP Modularization
ISBN 978-89-8063-580-1; 978-89-8063-573-3(SET 10)
Pages 162
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Trade
Holding KDI; KDI School
Supervisor Korea Development Institute
Organizer Ministry of Strategy and Finance; Korea Development Institute
Sponsor Ministry of Strategy and Finance
Project Term 2010-01-01 ~ 2010-12-31

Abstract

1. Korea’s Experience in the GATT/WTO System
In 1967, Korea officially acceded to the GATT as the 71st Contracting Party in the final phase of the Kennedy Round. For a poor country pursuing an export-oriented development strategy, the GATT membership was critical to Korea because it could secure most-favorednation (MFN) status with all 66 GATT Contracting Parties. Earlier, Korea concluded bilateral trade agreements with only a handful of countries such as the United States (1956), Philippines (1961), Taiwan (1961) and Thailand (1961). As exports grew, more trade agreements were negotiated. While this was a time-consuming and cumbersome procedure, securing GATT membership was a once-and-for-all solution to bypass negotiating endless bilateral agreements by gaining the MFN status in overseas markets. The GATT membership was also perceived by the Korean policy makers as an opportunity for cooperating with other developing countries. This allows to combat discrimination and protectionism against export items of interest to Korea, particularly in the agricultural and cotton textile sectors. (The rest omitted)

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