Korea and the World Trade Organization: Problems and Prospects

Robert W. McGee () and Yeomin Yoon
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Yeomin Yoon: Seton Hall University

International Trade from EconWPA

Abstract: The World Trade Organization, which came into existence at the conclusion of the Uruguay Round, is in charge of administering a plethora of new trade rules. The main thrust of the new rules is to reduce or abolish tariffs and quotas on a wide range of products. Some tariffs and quotas were abolished immediately, but others will not be abolished, or even reduced, for several years. Unfortunately for Korea, several of Korea's major exports, especially in the area of textiles, will continue to face relatively unfavorable tariffs and quotas for many years to come, partly because of the successful efforts of protectionists to delay the implementation of tariff and quota reductions on these goods. The WTO rules also include some less obvious protectionist measures, most notably in the areas of environmental and labor standards and antidumping. Korean companies stand to be adversely affected by these hidden protectionist measures. This paper discusses some of the potentially adverse effects that WTO rules are likely to have on Korean companies and makes suggestions for reform.

Keywords: Korea; World; Trade; Organization; WTO; antidumping; protectionism (search for similar items in EconPapers)
JEL-codes: D6 D7 F1 F13 F14 K2 L5 (search for similar items in EconPapers)
Date: 1998-05-30
Note: Type of Document - Word 6.0 (Mac); prepared on Macintosh; to print on LaserWriter4/600PS; pages: 11 . This paper was presented at the Fifth International Conference on Korean Studies, International Society for Korean Studies, Osaka, Japan, August, 1997
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