Trade Policies by Measure: Introduction

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Introduction to Trade Agreements between Korea and its Trading Partners

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Korea's trade policies have been shaped significantly by various agreements it has signed with its trading partners. These agreements often focus on specific areas such as tariffs, non-tariff barriers (NTBs), and other trade-related measures.

One of the key aspects that require careful consideration is the application of Most-Favored-Nation (MFN) tariff rates. The Secretariat Report notes that Korea has room for maneuver in applying higher MFN tariff rates than those bound under its WTO commitments, particularly with respect to certain agricultural products.

Furthermore, Korea's trade policies also cover issues such as sanitary and phytosanitary measures (SPS), which are crucial for ensuring food safety standards. The country needs to ensure that these SPS measures do not create unnecessary barriers to trade while maintaining high levels of protection for its domestic producers.

In conclusion, understanding the complexities surrounding Korea's trade policies is essential in navigating today's increasingly interconnected global economy.

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References

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1. Secretariat Report: paragraph 3.3, page 47

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