The competitive liberalization of world trade and Korea's foreign trade policy

Chulki Ju

Global Economic Review, 2003, vol. 32, issue 2, 1-19

Abstract: The purpose of this paper is to shed light on the existing relationship between multilateralism and regionalism in international trade and the process of competitive liberalization of world trade, and to draw useful lessons for the foreign trade policy of the Republic of Korea. The author first analyzes the deepening process of multilateral trade and the proliferation of regional trade mechanisms at the global level. Subsequently, he comparatively analyzes recent characteristics of the trade policies of the U.S. and the EU as major players in international trade, pursuing parallel track of multilateral and regional approaches. In Asian context, the recent trade policies of Japan and China show that they also have embarked on the dual trade policies of multilateralism and regionalism. In this era of competitive liberalization of world trade, Korea should not be left behind in this process. As a widely trading nation, Korea should promote active trade policies of combining multilateral, regional and bilateral approaches.

Keywords: competitive liberalization; multilateralism; regionalism; Doha Development Agenda (DDA); Free Trade Area (FTA); Korea-Japan-China FTA; Northeast Asian Economic Cooperation Organization (NAECO) (search for similar items in EconPapers)
Date: 2003
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DOI: 10.1080/12265080308422915

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