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FTA/TBT Negotiation Status

> TBT > FTA/TBT Negotiation Status

Overview of FTA/TBT

  • A Free Trade Agreement (FTA) is an agreement regarding trade concluded between designated countries, and the scope of the agreement, aside from basic tariff exemption for imports and exports, is gradually expanding and becoming more comprehensive as regards aspects of international trade such as services, unrestricted investment and intellectual propert
  • To lower trade barriers and be an early mover in the global market, many countries have recently been actively pursuing FTAs based on their trade partner’s economic scale, trade relations or degree of technical advancement. While previous FTAs have largely been concluded among countries in Europe or Central/South America, the trend has spread around the globe in recent years. (Some 300 FTAs have been concluded around the world and reported to the WTO as of 2006.)
  • In Korea’s ongoing FTA negotiations, diverse subcommittees are engaged in a tug of war to secure a bridgehead for economic cooperation between the two nations that is as advantageous as possible for Korea.
  • Among these are active discussions taking place in the Technical Barriers to Trade (TBT) Subdivision that aim to mitigate technical regulations - a non-tariff trade barrier - and to promote trade between two countries.
  • As regards countries Korea has already signed an FTA with, efforts are being made to strengthen the level of cooperation in the area of TBT in order to promote trade between the two partners in accordance with the principles stated in the FTA/TBT Agreement. For effective implementation of the Agreement, in particular, issues between partner nations are consistently addressed through the installation of a TBT committee under the scope of FTA or the formation of a task force dedicated to a specific field.
  • The FTA/TBT Agreement is crucial because it can give Korea an advantage over its major competitors in trade with the other party to the Agreement, as consistency can be attained in the technical standards of the two countries and system transparency can be improved in key areas such as technical regulations, standards and conformity assessment procedures.

Global FTA Network : Global FTA Network of Korea (As of July 2008)

Global FTA Network of Korea (As of July 2008)