By Choi Sung-jin
Major countries' foreign shipments through free trade agreements accounted for more than half of global exports last year, and Asia-Pacific nations are leading the trend, a report says.
Out of the 11 free trade accords that took effect last year, seven were between the Asia-Pacific rim countries, said the report from the Institute for International Trade, a think tank affiliated with the Korea International Trade Association.
The Trans-Pacific Partnership, led by the United States and joined by 11 other Asia-Pacific countries, has also finished signing procedures by governments and is waiting for ratification by their respective parliaments, it addded.
Major exporters' overseas shipments under the FTA rules accounted for 50.1 percent of worldwide exports in 2015. When all concluded FTAs, including TPP, go into effect, the comparable share is expected to rise to 53.2 percent, the report said.
"Korea also should actively cope with regional economic integration pivoting around mega-FTAs," it said. "The nation needs to strengthen cooperation with the existing partners by upgrading the concluded agreement, such as the Korea-ASEAN free trade agreement, and speeding negotiations for yet-to-be signed treaties, including a comprehensive economic partnership agreement (CEPA) with India."
Japan, which is a part of the TPP, is pushing for a similar accord with the European Union (EU). Vietnam signed three mega-FTAs, including TPP and bilateral accords with the EU and Eurasian Economic Union, last year.
"FTAs among Asia-Pacific countries will lead the changes in global trade," said Chung Hye-seon, a fellow at the think tank. "Seoul should work out a roadmap to join the TPP based on scrutiny of its content while also taking part in the bargaining for a China-led regional comprehensive economic partnership."
Major countries' foreign shipments through free trade agreements accounted for more than half of global exports last year, and Asia-Pacific nations are leading the trend, a report says.
Out of the 11 free trade accords that took effect last year, seven were between the Asia-Pacific rim countries, said the report from the Institute for International Trade, a think tank affiliated with the Korea International Trade Association.
The Trans-Pacific Partnership, led by the United States and joined by 11 other Asia-Pacific countries, has also finished signing procedures by governments and is waiting for ratification by their respective parliaments, it addded.
Major exporters' overseas shipments under the FTA rules accounted for 50.1 percent of worldwide exports in 2015. When all concluded FTAs, including TPP, go into effect, the comparable share is expected to rise to 53.2 percent, the report said.
"Korea also should actively cope with regional economic integration pivoting around mega-FTAs," it said. "The nation needs to strengthen cooperation with the existing partners by upgrading the concluded agreement, such as the Korea-ASEAN free trade agreement, and speeding negotiations for yet-to-be signed treaties, including a comprehensive economic partnership agreement (CEPA) with India."
Japan, which is a part of the TPP, is pushing for a similar accord with the European Union (EU). Vietnam signed three mega-FTAs, including TPP and bilateral accords with the EU and Eurasian Economic Union, last year.
"FTAs among Asia-Pacific countries will lead the changes in global trade," said Chung Hye-seon, a fellow at the think tank. "Seoul should work out a roadmap to join the TPP based on scrutiny of its content while also taking part in the bargaining for a China-led regional comprehensive economic partnership."
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