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(KPL/ Yonhap) The government has revised the trade investigation law to include Manila in the list of countries subject to safeguard measures, ahead of the implementation of a bilateral free trade agreement (FTA) with Southeast Asian country, the industry ministry said Tuesday.
(KPL/ Yonhap) The government has revised the trade investigation law to include Manila in the list of countries subject to safeguard measures, ahead of the implementation of a bilateral free trade agreement (FTA) with Southeast Asian country, the industry ministry said Tuesday.
The revised enforcement decree on the investigation of unfair international trade practices comes as the bilateral FTA is set to go into effect next Tuesday, according to the Ministry of Trade, Industry and Energy.
Under the rule, Republic of Korea can implement measures to protect domestic industries, including adopting an emergency tariff or suspending a tariff-free policy, should certain imports from the Philippines surge following the FTA.
The ministry, however, added that safeguard measures lasting more than one year will be gradually eased over a set period since the goal of the FTA is to promote bilateral trade.
"The revision will serve as a safeguard against potential issues caused by lowering tariffs," the ministry said in a release. "The revised enforcement decree will also be implemented on Dec. 31," along with the Republic of Korea-Philippines FTA.
The FTA with the Philippines, meanwhile, is Republic of Korea's fifth bilateral free trade deal with a member of the Association of Southeast Asian Nations (ASEAN), after those with Singapore, Vietnam, Malaysia and Cambodia.
Republic of Korea has an FTA with ASEAN but has also been pushing for separate deals with individual member nations to deepen diplomatic and economic cooperation with these emerging countries.
KPL
