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Chang, Seung Wha --- "Preface: Trade laws and regulations in Korea Â… Introduction and overview" [2011] ELECD 186; in Chang, Wha Seung; Choi, Won-Mog (eds), "Trade Law and Regulation in Korea" (Edward Elgar Publishing, 2011)

Book Title: Trade Law and Regulation in Korea

Editor(s): Chang, Wha Seung; Choi, Won-Mog

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781847209221

Section Title: Preface: Trade laws and regulations in Korea Â… Introduction and overview

Author(s): Chang, Seung Wha

Number of pages: 8

Extract:

Preface: Trade laws and regulations in
Korea ­ Introduction and overview
Seung Wha Chang

In 1967, Korea became a signatory to the General Agreement on Tariffs
and Trade (GATT), which paved the way, for the first time, for Korea
to formally live with international or multilateral rules of world eco-
nomic relations. It is well known that, in the 1960s­1980s, the Korean
government put heavy emphasis on export-driven economic policies.
During that era Korea enjoyed developing country status and, under the
relatively loose trade rules of the GATT for such countries, Korea was
able to achieve substantial economic success. For instance, the Korean
government protected key domestic industries from foreign competition
by establishing tariffs or non-tariff barriers. In addition, Korean export
industries benefited from direct or indirect subsidies, and became world-
wide leaders in several key sectors, such as semiconductors, shipbuilding
etc. Korea is currently in transition from a developing country to a devel-
oped country.
In light of its small domestic market and high level of exposure to the
international economy, trade is the most important aspect of the Korean
economy. In consequence, it is not surprising that Korea was an active
and enthusiastic negotiator at the Uruguay Round and has continued to
be actively involved in the post-Uruguay Round negotiations. Although
the Korean government has not been particularly forward-thinking with
regard to the country's position in the agricultural industry, its basic
trade position is that Korea must work within the internationally prevail-
ing ...