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Tariff and non-tariff barriers to trade in Korea

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  • Tariff and non-tariff barriers to trade in Korea
  • Daly, Michael; Stamnas, Sergios
  • Sejong University


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Title Tariff and non-tariff barriers to trade in Korea
Similar Titles
Material Type Reports
Author(English)

Daly, Michael; Stamnas, Sergios

Publisher

[Seoul]:Sejong University

Date 2001-12
Journal Title; Vol./Issue Journal of Economic Integration:No. 16(No. 4)
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Trade
Economy < Economic Administration
Holding Sejong University

Abstract

Since the conclusion of the Uruguay Round (UR) negotiations, Korea has taken steps to reduce, if not remove, tariff and non-tariff barriers (NTBs) to trade as well as to encourage inward foreign direct investment, notwithstanding the Asian financial crisis that erupted in 1997. In the wake of the crisis, Korea has continued to pursue major reforms. Nonetheless, the customs tariff is the principal instrument of Korea's trade policy. It accords substantial and highly varied levels of protection at the border to domestic industry and is therefore a potentially important obstacle to the efficient allocation of resources and therefore sustained growth. The average applied most-favoured-nation (MFN) tariff is higher than in most other industrialised countries. Moreover, tariff "spikes" are pervasive, particularly as far as agricultural products are concerned; this is partly due to the "tariffication" of agricultural NTBs in accordance with the UR. (The rest omitted)