Research Reports
Results of Trans-Pacific Partnership Agreement and Policy Implications
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AuthorLee, Sanghyeon
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Publication Date2016.03.31
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Original
The 12-country’s Trans-Pacific Partnership (TPP) negotiations were finally concluded on 5 October 2015 through 19 times of official meetings as well as several ministerial meetings and informal meetings. The text of TPP agreement consists of 30 chapters including elimination of tariff and non-tariff barriers. In addition, it includes provisions on Rules of Origin, Trade Remedies, Sanitary and Phytosanitary Measures (SPS), Technical Barriers to Trade (TBT), Investment, Cross Border Trade in Services, Financial Services, Telecommunications, Electronic Commerce, Government Procurement, Competition Policy, State-Owned Enterprises, Intellectual Property, Labour, Environment, Cooperating and Capacity Building, Competition and Business Facilitation, Development, Small and Medium-sized Businesses, Regulatory Coherence, Transparency and Anti-Corruption, Administrative and Institutional Provisions, Dispute Settlement, Exceptions etc.
Since TPP negotiations were focused on opening markets of all goods, TPP was a pressing issue for Korea to which the agricultural industry responds very sensitively. Most of the TPP participants including the US have put efforts to consider internal sensitiveness using various ways. Thus, when we enter TPP, it is expected that Korea will secure a certain level of sensitiveness. On the other hand, it would be not easy to present its bargaining power if Korea participates alone. Moreover, Korea has already concluded Free Trade Agreements (FTA) with most of the TPP participants and the level of tariffs varies depending on the FTAs. This may cause higher level of tariff reduction. Therefore, it is needed to establish a strategy which can secure Korea’s sensitiveness enough by referring to negotiation results among the TPP members.
Given that there are countries which have intention to participate in TPP negotiations such as Taiwan, the Philippines, Colombia, Thailand etc., the second round would be better for Korea to negotiate with new members. Besides, since TPP has set stronger and stricter standards on Rules than existing WTO level, it is expected for Korea to change its overall system. Thus, Korea needs to analyse impact of TPP and prepare more throughly.
Researchers: Sang Hyeon Lee, Dae Hee Chung, Soojung Ahn
Research Period: 2015. 6. ～ 2015. 12.
E-mail address: shlee@krei.re.kr
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