Time to Concentrate Efforts on Effective FTA Utilization

Abstract

On December 20, 2015, Korea's FTAs with New Zealand, Vietnam, and China entered into effect. As a result, Korea has successfully built an FTA network comprising of 14 bilateral FTAs with its trading partners including major economies such as the US, EU, ASEAN, and China by adopting a multi-track approach since the Korea-Chile FTA in 2004. Meanwhile, discussions on regional economic integration have been further inspired as the Trans-Pacific Partnership (TPP) was signed in February and 12 TPP member countries initiated ratification procedures. This is a clear illustration of the current shifts in the global trade environment. In such times, we should seek to benefit more from FTAs and prepare for regional integration by looking back on how FTAs have been performing.