아시아·태평양의 경제협력과 한국의 선택

Development of APEC : Korea's Options

APEC is no longer 'talk only' but is working for visible achievement. The paper reviews the rapid development of APEC in the context of a series of trade regime arrangements in the Asia Pacific. One of the most important development is an APEC-wide liberalization of trade and investment, suggesting that APEC which has adopted an open regionalism needs a new paradigm inclined to the FTA approach. It is unlikely, however, that the across-the-board liberalization will be implemented in the foreseeable future, since there is a wide difference between Americans and ASEAN countries in the mode of trade liberalization within APEC. In addition, several ad hoc programmes are initiated for a freer intra-regional trade consistent with the GATT principle of general MFN treatment. The development is to provide a favourable environment for Korean economy's external relations. Taking account of deepening protectionism and regionalism, the strengthened APEC is one of the best options for Korea's commercial diplomacy. Korea has opportunity and capacity to play a considerable role for APEC to become a stronger institutional integration, but only at a high cost of its market opening. This requires increased transparency and consistency in Korea's trade regime and fair trade practices, and the underlying economic reform to support the trade regime.