RESTRICTED  
  
WT/TPR/W/197  
26 October 2021  
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Trade Policy Review Body    
 
* In Original language only/ En langue originale seulement /En el idioma original solamente . 
  
THE REPUBLIC OF KOREA 
DRAFT MINUTES  OF THE MEETING* HELD ON 13 AND 15 OCTOBER 2021  
Delegations are invited to submit factual corrections, if any, on their own statement to the 
Secretariat ( Mrs Barbara Blanquart: barbara.blanquart@wto.org , or to  tprd@wto.org ) no later 
than 9 November 2021 . 
 
Organe d'examen des politiques commerciales  
 
RÉPUBLIQUE DE CORÉE 
PROJET DE COMPTE RENDU DE LA RÉUNION* TENUE LES 13 ET 15 OCTOBRE 2021  
Les délégations sont invitées à soumettre  leurs éventuelles corrections factuelles concernant leurs 
propres déclarations au Secrétariat ( Mme Barbara Blanquart: barbara.blanquart@wto.org , ou 
tprd@wto.org ) le 9 novembre 2021  au plus tard.  
 
Órgano de Examen de las Políticas Comerciales  
 
REPÚBLICA DE COREA 
PROYECTO DE ACTA DE LA REUNIÓN* CELEBRADA LOS DÍAS 13 Y 15 DE OCTUBRE DE 2021  
Las delegaciones pueden enviar a la Secretaría (Sr a. Barbara Blanquart: 
barbara.blanquart@wto.org , o tprd@wto.org ) a más tardar el 9 de noviembre de 2021  las 
correcciones fácticas que deseen introducir en sus propias declaraciones.  
 
 
_______________  
 
  WT/TPR/W/ 197 • Republic of Korea  
 
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  TRADE POLICY REVIEW  
 
REPUBLIC OF KOREA 
DRAFT  MINUTES OF THE MEETING  
Chairperson: H.E. Mr . Didier Chambovey (Switzerland)  
CONTENTS  
 
1  INTRODUCTORY REMARKS BY THE CHAIRPERSON  ................................ ......................  3 
2  OPENING STATEMENT BY THE REPRESENTATIVE OF THE REPUBLIC OF KOREA  ..........  5 
3  STATEMENT BY THE DISCUSSANT  ................................ ................................ ...............  8 
4  STATEMENTS BY MEMBERS  ................................ ................................ .......................  15 
5  REPLIES BY THE REPRESENTATIVE OF THE REPUBLIC OF KOREA  AND ADDITIONAL 
COMMENTS  ................................ ................................ ................................ ....................  60 
6  CONCLUDING REMARKS BY THE CHAIRPERSON  ................................ ........................  69 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: Advance written questions and additional questions by WTO Members, and the replies provided 
by the Republic of Korea are reproduced in document WT/TPR/M/414/Add.1 and will be available 
online at http://www.wto.org/english/tratop_e/tpr_e/tp_rep_e.htm.  WT/TPR/W/ 197 • Republic of Korea  
 
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  1  INTRODUCTORY REMARKS BY THE CHAIRPERSON  
1.1.  The eighth Trade Policy Review of the Republic of Korea was held on 15 and 17 October  2021. 
The Chairperson, H.E. Mr Didier Chambovey (Switzerland), acting on behalf of the current TPRB 
Chair, Ambassador Molokomme, welcomed the delegation of the Republic of Korea, headed by 
Honourable Mr. Jeongil Kim, Deputy Minister for International Trad e and Legal Affairs; 
H.E. Ambassador Taeho Lee, Permanent Representative of Korea to the WTO; the rest of the 
delegation; and the discussant, H.E. Ambassador Mathias Francke (Chile).  
1.2.  The Chairperson was pleased that, in addition to physical presence, the m eeting also benefited 
from the Interprefy online connection, allowing for a wider participation of the Membership.  
1.3.  The Chairperson recalled the purpose of TPRs and the main elements of procedures for the 
meeting. The report by the Republic of Korea is con tained in document WT/TPR/G/414, and that of 
the WTO Secretariat in document WT/TPR/S/414.  
1.4.  Questions by the following delegations were submitted in writing before the deadline: Iceland; 
Hong Kong, China; Israel; the United States; Singapore; China; Guatema la; Switzerland; Chile; the 
European Union; Norway; Colombia; Malaysia; Saudi Arabia; Brunei Darussalam; Canada; Japan; 
Chinese Taipei; Philippines; Australia; Costa Rica; Argentina; and Thailand. The following delegations 
submitted written questions after  the deadline: Indonesia; Brazil; Dominican Republic; Mexico; the 
United Kingdom; Viet Nam; Ecuador; Uruguay; and Turkey.  
1.5.  During the previous TPRB meeting on 11 and 13 October 2016, Members had commended 
Korea for its solid economic fundamentals, its incre asingly important role in international trade and 
continued growth, albeit at a slower pace. At the same time, they had, inter alia , encouraged Korea 
to reduce the various FDI limitations and restrictions as well as to overcome productivity gaps by 
impleme nting productivity -enhancing reforms. For the current Review, Members, through their 
advance written questions, sought information regarding: trade -related policy developments, 
structural reforms and foreign direct investment (FDI) levels; COVID -19 impact to the economy and 
related support measures; and actions promoting inclusiveness.  
1.6.  Members also recalled that, at the time of the previous Review, Korea had rapidly expanded 
its network of preferential agreements, while remaining fully committed to the mult ilateral trading 
system. This trend continued during this review period. Some Members thus raised the question 
whether there were any WTO -plus elements and provisions in its RTAs negotiations. Several 
Members wished more details on: Korea's participation i n negotiations at the multilateral level; 
whether all its bilateral and/or plurilateral agreements would complement or impact the ongoing 
WTO discussions; the activities to reinforce the trade capabilities of developing countries; and, recent 
developments in the Regional Comprehensive Economic Partnership (RCEP) Agreement.  
1.7.  With regard to trade policy, at the time of the previous Review, Members had encouraged 
Korea to continue harmonizing its industrial standards with international ones. Concern had been 
expressed over continued discrepancies between the SPS legislation, multilateral provisions and 
international standards. Some Members had noted the authorities' recent focus on food safety. For 
this Review, in their advance written questions, some Members e xpressed interest in learning more 
about developments in several areas, such as: customs clearance, customs valuation and trade 
facilitation; import tariffs, contingency measures; export promotion, finance and insurance; taxation 
and incentives; standards and technical regulations; SPS measures; state trading and state -owned 
enterprises; government procurement; competition policy; and intellectual property rights.  
1.8.  In terms of sectoral trade policies, Members were interested in having more clarity on: the 
New Direct Payment Program in the agriculture sector; the efforts to combat overfishing and IUU 
fishing; the subsidies and the plans to privatize SOEs in the energy sector, and the acceleration of 
the transition path to renewable energy; the industrial ecosy stem and the promotion of innovation 
in the manufacturing sector; the fast development of e -commerce and the digitization of various 
services subsectors. In addition, Members raised questions on measures envisaged to achieve 
carbon neutrality by 2050.  
1.9.  In total, Korea received over 800 advance written questions from 32  delegations for this 
Review, out of which 616 were sent within the established deadline, covering a broad range of topics. WT/TPR/W/ 197 • Republic of Korea  
 
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  Prior to this meeting, Korea had already provided written replies to almost a large part of these 
questions and the Chairperson was looking forward to hearing Korea's updates on these issues 
during the two -day meeting.  
1.10.  This meeting was a good opportunity for Members to discuss in greater detail issues of interest 
to them and of systemic importance to the multilateral trading system. It was also an opportune 
moment for Korea to update the Membership on the impact of COVID -19 on its economy and 
measures it had taken in response. The Chairperson was looking forward to a fruitful exchange.  
  WT/TPR/W/ 197 • Republic of Korea  
 
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  2  OPENING STATEMENT BY THE REPRESENTATIVE OF THE REPUBLIC OF KOREA 
(HONOURABLE MR. JEONGIL KIM)  
2.1.  I am very pleased and honoured to share with you the economic and trade policy achievements 
of the Korean Government on the occasion of the 8 th Trade Policy Review of the Republic of Korea.  
2.2.  I would like to begin by expressing my sincere appreciation to Chairman Didier Chambovey - 
the Ambassador of Switzerland, as well as Ambassador Mathias Francke - the Ambassador of Chile.  
2.3.  Let me also thank th e TPR team of the WTO Secretariat for their tremendous work in preparing 
for the Korean TPR report.  
2.4.  This year marks Korea's 8th TPR.  
2.5.  Korea received 843 questions from 32 Member countries as of October 12th, which I believe 
confirms the vast interest of Me mber countries in Korea.  
2.6.  Korea has answered most of the questions among the 617 questions that we received before 
the September 29th deadline. We will also continue to reply with sincerity, with respect to the 
questions that we received after this date.  
2.7.  I hope this opportunity will enhance the understanding of Member countries in the various 
policies and practices of the Korean Government since 2016.  
2.8.  As you are all well aware, the global economy last year went through a period of great shock 
and significant  change due to the outbreak of the COVID -19 pandemic.  
2.9.  As a result, world trade decreased by 5.3% last year, and world GDP recorded negative growth 
of minus 3.8%, compared to the previous year (2019). There is no doubt that the pandemic has had 
a profound i mpact on the lives of people around the world.  
2.10.  Fortunately, major economic indicators such as trade and growth have been recovering this 
year thanks to the development of vaccines and active countermeasures from governments 
worldwide.  
2.11.  However, to fully ove rcome the pandemic, I believe WTO Members should focus on the 
following three core tasks.  
2.12.  First, we need to ensure the free trade of essential medical supplies. In particular, efforts 
should be made to provide prompt and equitable access to vaccines around  the world.  
2.13.  Second, we need to further solidify the free trade order, so that active international trade can 
lead to global economic recovery and job creation.  
2.14.  Lastly, we need to find a new driving force for continuous innovation and growth in the 
post-pandemic era. The digitalization trend - accelerated by the pandemic - could be one of the 
major sources of such innovation and growth.  
2.15.  In light of these global challenges, Korea has joined forces to strengthen the multilateral trade 
system and overcome the p andemic.  
2.16.  First of all, Korea is a founding Member of the WTO, and has achieved remarkable economic 
growth under the multilateral trading system of GATT and WTO.  
2.17.  Therefore, Korea deeply sympathizes with the importance of a free and fair trade environment 
that the WTO aims for, and will continue to faithfully implement the WTO rules, and contribute to 
strengthening the multilateral trading system.  
2.18.  In addition, Korea engages in diverse activities to ensure the smooth supply of food, essential 
medical supplies,  and services to overcome COVID -19 pandemic worldwide.  WT/TPR/W/ 197 • Republic of Korea  
 
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  2.19.  By February 2021, Korea exported about USD 3.38 billion worth of COVID -19 diagnostic kits 
to 180 countries worldwide. Moreover, under the "ODA Strategy for COVID -19 Response," Korea 
donated quarantine products worth USD 130 million to 120 countries, and provided USD 480 million 
of emergency loans to 13 different countries.  
2.20.  Korea has also emphasized the need for international coordination in responding to the 
pandemic via statements issued during the G20  Summit and the Ottawa Group Trade Ministerial 
Meeting.  
2.21.  Going forward, Korea will spare no efforts to help the world overcome the pandemic and 
achieve economic recovery in an expeditious manner.  
2.22.  I will now provide an overview of the major direction and out comes of Korea's economic 
policies between 2016 and 2021.  
2.23.  Looking at the overall macroeconomic indicators, Korea has maintained stable levels in terms 
of GDP, employment rates, prices and inflation since the last TPR in 2016.  
2.24.  As regards trade, Korea was the world's 7th largest exporter and 9th largest importer in  2020, 
accounting for around 3% of global trade. In this sense, Korea was able to ensure its position as one 
of the key players in international trade.  
2.25.  Following its inauguration in May 2017, the current Administration has put three core values 
of "innovat ion, inclusiveness, and fairness" at the center of its economic policy, and is endeavouring 
to (1) lift unnecessary regulations, (2) enhance economic inclusiveness and (3) establish a sound 
market economy foundation.  
2.26.  First, for deregulation, the Korean Gov ernment introduced a Regulatory Sandbox, which 
exempts or suspends existing rules for a certain period of time when new products or services are 
first released in the market. Korea adopts a comprehensive negative list approach in terms of 
regulations.  
2.27.  Next, to enhance economic inclusiveness, Korea has been actively creating high -quality and 
customized jobs for vulnerable members of society, including the youth, women, and the elderly.  
2.28.  Finally, to establish a sound market economy, Korea has strived to preven t large companies 
from abusing their unfair economic clout and improve corporate governance by enacting and 
amending relevant laws.  
2.29.  In addition, the Korean Government announced the Korean New Deal policy package in 2020, 
to overcome the crisis triggered by  the COVID -19 pandemic and usher in the post -pandemic era.  
2.30.  Under this policy, we have exerted all -out efforts for the expansion of the digital economy, 
the transition to a low carbon society, and the strengthening of the social safety net.  
2.31.  As regards forei gn investment, the Korean Government made efforts to promote and facilitate 
foreign investment by amending the Foreign Investment Promotion Act.  
2.32.  Regarding the services industry, we have endeavoured to achieve a more balanced economic 
structure, by establis hing innovative strategies for the service industry and accelerating relevant 
regulatory innovations.  
2.33.  Also, recognizing the importance of the data, 5G, and AI – core areas for the 4th industrial 
revolution – Korea is continuing its policy efforts to streng then the ecosystem and infrastructure for 
them.  
2.34.  Furthermore, Korea continues to pursue innovation and openness in various areas - such as 
agriculture, fisheries, manufacturing, energy, and services - through diverse policy measures.  
2.35.  Moving on to trade poli cies, Korea is actively participating in multilateral and plurilateral 
negotiations, under the principle of "market openness and trade liberalization".  WT/TPR/W/ 197 • Republic of Korea  
 
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  2.36.  Currently, the Korean Government is faithfully implementing WTO trade facilitation rules, and 
is activel y participating in the fisheries subsidies negotiations, the only ongoing multilateral 
negotiations in the WTO.  
2.37.  Korea is also engaged in plurilateral negotiations (JSIs) such as e -commerce, investment 
facilitation, services domestic regulation, TESSD, and MSMEs.  
2.38.  Regarding e -commerce, Korea joined the discussions in the very early stages of negotiations 
in 1999, and submitted a proposal on data transfer and the moratorium on electronic transmissions.  
2.39.  Next, on investment facilitation, Korea was the first coun try to suggest a proposal regarding 
"Firewall provisions", to break off relations between the IFD and IIAs.  
2.40.  As for services domestic regulation, Korea joined the establishment of a Working Group for 
services domestic regulations in 1999, and has been prom oting transparency in service -related rules.  
2.41.  Lastly, Korea deeply understands the significance of the environmental issues and MSMEs, 
and is actively participating in relevant discussions.  
2.42.  Korea also has established and expanded its trade networks with a l arge number of countries.  
2.43.  During the period of review of the 8th TPR, Korea concluded FTAs with six countries, including 
the United Kingdom and five Central American countries. So far, Korea has a FTA network spanning 
across 57 countries, through 17 differ ent agreements.  
2.44.  Since 2017, Korea has pushed through the new policy to diversify its trading partners into 
ASEAN, India, and the Eurasian region, in line with the New Southern Policy and the New Northern 
Policy, establishing mutually beneficial trade and i nvestment relations.  
2.45.  Korea is also actively supporting developing and least -developed countries to strengthen their 
trade capacity, assisting them to better integrate into the multilateral trading system.  
2.46.  Korea has been making contributions to the DDA Glob al Trust Fund since 2002, and is 
operating various projects such as consulting and training programs to enhance the trade and 
customs -related capabilities of developing countries.  
2.47.  Also, Korea joined the Food Aid Convention (FAC) in 2018 and is taking part in the global 
community's efforts for global food security and hunger eradication.  
2.48.  In addition, by establishing the Global Green Growth Institute Trust Fund, Korea is assisting 
developing countries to improve their climate change response capacities and em issions reduction.  
2.49.  Concluding my remarks, I would like to underline that Korea, as a responsible WTO Member 
State, will continue to pursue the principles and goals of the WTO multilateral trading system.  
2.50.  Korea, as always, will contribute to the constructiv e development of the WTO, including the 
modernization of the WTO rules and the restoration of its negotiating function, by focusing its effort 
to achieve progress in the ongoing WTO negotiations, and by actively taking part in the WTO 
discussions on newly emerging trade issues – such as responses to the pandemic and climate 
change.  
2.51.  Once again, I would like to express my sincere appreciation for the interests shown by all 
Members in Korea's TPR, and the Korean delegation will make our best efforts to sufficiently address 
your inquires and comments. Thank you very much.  
  WT/TPR/W/ 197 • Republic of Korea  
 
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  3  STATEMENT BY THE DISCUSSANT  
3.1.  Thank you, Mr. Chairman, for giving me this opportunity to be the discussant for Korea's TPR, 
an important player in this Organization and one of the top trading partners in the world as well as 
for my country.  
3.2.  I welcome H.E. Jeongil Kim, De puty Minister for International Trade and Legal Affairs who is 
heading an impressive and gender balanced delegation. Welcome also to H.E. Ambassador Taeho 
Lee, Permanent Representative of Korea to the WTO and other International Organizations and his 
team here in Geneva. They are doing an excellent job. And I hope this was ratified by the recent 
parliamentary audit.  
3.3.  Mr. Chairman, before I start, let me stress a couple of points as way of disclosure.  
3.4.  I was a Panellist in one of the almost 20 WTO Dispute Set tlement cases brought by Members 
against Korea. After two years of proceedings, including the participation of scientific experts, the 
Korea Beef case was solved through a mutually agreed solution and the Panel report – that was 
ready - was never circulate d.  
3.5.  But on the other hand, I love Korean BBQ and at home in Santiago I have a Samsung 
refrigerator and washing machine and here at the residence a Samsung TV. I even had a Korean 
built Renault SUV. Not a good car but I blame it on the French technology.  
3.6.  Having said that, let me get serious and objective in my comments. Throughout my 
intervention I will put some questions (all of which I will give then in writing to the Korean delegation)  
3.7.  Korea is an impressive country. In 60 years, it has become:  
• One of the  10 largest economy in the world, and one of the most diverse.  
• Ranks 7th among top manufacturing hubs in Global Value Chains.  
• It is also the seventh largest exporter (and ninth largest importer).  
• 7th largest producer of cars.  
• Second largest shipbuilder in the world.  
• It is a Maritime power, ranking among the top 10 in terms of carrying capacity.  
• One of the most energy -intensive nation despite the fact that it relies almost entirely on 
imports.  
• The second highest hours worked per employee among OCDE countries .  
• This year it reached the top 10 in the Global Innovation Index.  
• It has become an important cultural reference for us all: from Gangnam Style to K -Pop to 
The Squid Game. Congratulations.  
3.8.  But it is also an economy with relatively high State intervention i n business operations, 
including but not limited to SOEs and with important concentration in some productive sectors. Its 
manufacturing sector, specialized in a few industries, represents a big share of the economy and 
highly export dependent hence subject  to uncontrollable external risks. As is also the case for GVC 
to which the Korean economy is deeply integrated to. And while the services sector continues to 
grow, its participation in GDP is well below the OECD average. Adding to that are high labour cos ts, 
low productivity compared to other countries, an aging population, and geopolitical factors.  
3.9.  Question: as the report of the Secretariat states, despite commitments there has been no 
privatization efforts. Are there any targets set out to reduce concentration and the role of the State 
in the economy and particularly in the manufacturing sector?  
Macroeconomic outlook  
3.10.  Korea's economy, dominated by electronics, cars and ships has been faring well throughout 
the COVID pandemic and it returned to pre -COVID levels faster than most OECD economies. This, 
thanks to important fiscal measures, good handling of the Pandemic as we ll a strong external 
demand for semiconductors, consumer electronics and cars. Expansion should continue in the short 
term thanks to digital and green oriented policies.  WT/TPR/W/ 197 • Republic of Korea  
 
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  3.11.  Private consumption - in part due to progress in vaccination numbers as well as resum ption 
of commercial activity - will continue to drive economic growth but fuelling inflationary pressures 
and household debt. Recently the Bank of Korea tighten its monetary policy raising the policy rate 
to control inflation due to higher food and energy costs, rising household debt and property prices.  
Challenges  
3.12.  Slow vaccination will hamper further economic growth, employment, and the reopening the 
country as well. I understand the aim is to have the majority of the country fully vaccinated by March 
next year.  
3.13.  Question: what are the reasons for the low vaccination numbers considering that Korea wants 
to become an important vaccine producing actor in the world.  
3.14.  Relatively low productivity, and high labour costs. In fact, the minimum wage has risen faster 
than other OECD economies and what is more worrisome faster than the projected increase in 
productivity. Labour productivity of the services sector – that only accounts for less than 2/3 of GDP 
- is lower than that of the manufacturing sector and 85% below  the OECD average, with productivity 
even lower in wholesale, retail, transport, and accommodation.  
3.15.  Inequality above OECD average with COVID -19 adding pressure despite social and support 
measures. Worth mentioning is the 2020 tax reform aiming to reduce i nequality. I would also like 
to highlight recent measures to increase the participation of women in the labour market and to 
encourage their participation in leadership positions.  
3.16.  Growing pensions expenditures due to aging population.  
3.17.  Strong dependence on fossil fuels, particularly if Korea wants to achieve carbon neutrality by 
2050. The Government is encouraging investment in electric vehicles and clean energy sources that 
today account only for 4%.  
3.18.  To address some of these challenge the Government is spen ding more for job creation and 
social welfare as well as facilitate business investment, industrial upgrade and innovation with 
associated infrastructure development. In addition, the Korean Digital, Green and Human New Deals 
provides for measures to incen tive investment in digital technologies and infrastructure, to improve 
competitiveness in the manufacturing sector particularly in semiconductor, EV, bio -health and 
artificial intelligence as well as promote MSMEs. On the green side, Korea is promoting bus inesses 
to lead the green industry, establishing low carbon and green industrial complexes, promoting 
renewable energy use, supporting a fair transition, and expanding the supply of electric and 
hydrogen vehicles.  
3.19.  As the Government's report states, Korea is making efforts to shift towards a "human -centric 
economy" based in three concepts. Promoting innovation across the industrial ecosystem by lifting 
unnecessary regulations. Working to enhance the quality of jobs and strengthening safety nets for 
the low -income and vulnerable population, in an effort to reduce inequality and build a more inclusive 
economy. And building a fairer economy combatting unfair business practices and encouraging 
cooperation among large and small and medium -sized companies.  
3.20.  As a co nsequence of policy decisions and measures taken the fiscal deficit has increased lately 
to 3.7% of GDP and public debt is 50% of GDP, both below OECD standards.  
Trade Regime  
3.21.  Korea is a key Member of the WTO. It strongly supports a rules -based multilateral  trading 
system, and as such it is member of the Friends of the System and the Ottawa Group. It actively 
participates in WTO negotiations particularly in fisheries and agriculture as well as in all the Join 
Statement Initiatives. In this sense, I take spec ial note of paragraph 4.7 of the Government report 
regarding its participation in the Investment Facilitation for Development discussions. Let me take 
this opportunity to commend the active and constructive work of Sungwan Lee in those negotiations, 
partic ularly on critical systemic issues such as the firewall provisions and the legal architecture of WT/TPR/W/ 197 • Republic of Korea  
 
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  the agreement. I really appreciate his knowledge. In agriculture, Korea is an active participant in 
the Cairns Group, G-10 and G -33. 
3.22.  Although the numbers confi rmed that long time ago, officially Korea is no longer a developing 
country having announced, two years ago, its commitment not to seek S&DT in ongoing and future 
negotiations. And some months ago it asked UNCTAD to be moved from the list of Asian and Afri can 
member countries to the list of developed nations. In parallel, Korea has increased its Technical 
Assistance and Capacity Building activities and continue contributing to the WTO DDA Global Trust 
Fund. Bilaterally, it has helped developing countries to  build e -commerce platforms, improve 
customs procedures, strengthen capacities to respond and to adapt to climate change and reduce 
greenhouse emissions. It has provided financing for infrastructure projects as well.  
3.23.  Korea’s economy is highly dependent on  foreign trade, representing around 2/3 of its GDP. 
Its exports are concentrated on manufactures, and among them machinery, chemicals, plastic and 
rubber, electrical equipment.  
3.24.  Foreign trade reached double digit growth during the last months due to foreign  demand of 
semiconductors (a fifth of the country’s exports) and petrochemicals.  
3.25.  72% of its trade is under Regional Trade Agreements, although the percentage of usage in 
some cases is relatively low. The FTA with Chile was signed in early 2003 the first on e for my country 
with an Asian economy and the first one ever for Korea. A learning exercise with a partner that 
wasn't a big problem in terms of potential source of products sensible for certain sector particularly 
in agriculture. According to the Secreta riat report, the utilization rate of our FTA was 78.4% while 
for Chile. But our figures show that 85% of Korean imports into my country used the FTA 
preferences, almost all of them duty free.  
3.26.  Question: according to the reports, Korean authorities have bee n implementing different tools 
and programs to increase the knowledge about the RTAs network so as to increase its utilization by 
economic operators. For example, YES FTA Mobile Consulting Service to support SMEs who cannot 
go to a customs office for help in utilizing and FTA. It has also distributed online and free of charge 
a self -origin management solution which determines the origin of goods. And has provided economic 
operators with information and education tools such as Website with information and da ta about 
RTAs, seminars and workshops. What is the assessment of these tools, have they helped to increase 
the use of FTAs preferences by Korean exporters and importers?  
3.27.  Tariff structure is overly complex with:  
• High bound rates, particularly in the agricul ture sector where 3 -digit tariffs are not unusual. 
Especially out of quota tariffs.  
• Tariff dispersion and escalation.  
• Alternate duties in the case of ad valorem tariffs.  
• Flexible tariffs (between bound and MFN), allowing to increase or decrease protection at the 
discretion of the authorities (according to the Secretariat’s report).  
3.28.  Question: what are the criteria for imposing flexible tariffs?  
3.29.  The DDA is being used as a condition for liberalization of flexible tariffs, ad valorem duties 
and to e xclude certain products from liberalization in RTAs pending the conclusion of the DDA. If the 
DDA dies or doesn't produce the results expected, will Korea comply with its commitments and 
reduce or remove those tariffs?  
3.30.  Adjustment duties upon request from c ompetent authorities to protect industries from import 
surges and lighten the shock from trade liberalization.  
3.31.  Question: according to their description they are similar to safeguard measure although within 
the bound tariff. Does the relevant government au thority investigate each case so as to establish 
that there was a surge or a shock to justify the adjustment tariff?  
3.32.  There is ample room for tariff simplification and rationalization.  WT/TPR/W/ 197 • Republic of Korea  
 
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  3.33.  Korea is also an active member of APEC. During our host year in 2019, Ko rea supported all 
our priorities including digital trade and sustainable and inclusive trade (women and MSMEs). Some 
of Korea's initiative in the forum are the review of measures facilitating essential movement of people 
across borders during COVID; and a services restrictiveness index for the Asia Pacific region.  
3.34.  Let me now address 5 specific topics.  
COVID  
3.35.  The country managed well the pandemics and took correct and speedy sanitary responses as 
well as important fiscal and economic stimulus actions. Among t hem four supplemental budgets, 
temporary taxation measures to facilitate economic recovery, loans and guarantees for households 
and MSMEs and spending coupons for families. Taxation measure have also been used to benefit 
individuals to mitigate the negativ e impacts of COVID.  
3.36.  Manufacturers of medical supplies, mobile telephone distribution and telecommunication 
equipment and 5G infrastructure benefited from additional support.  
3.37.  Korea also adopted trade -related measures, both positive and negative.  
3.38.  Among the first ones, trade facilitation measures to further expedite customs clearance and 
procedures, tax benefits for companies importing raw materials, greater collaboration among 
agencies, with focus on safeguarding the global supply chain for example with a 24 /7 customs 
clearance system for speedy clearance of sanitary products, medical devices and equipment and raw 
materials imported into the country. Furthermore, cargo was allowed to be transported directly to 
manufacturing plants.  
3.39.  In addition, tariffs were t emporarily eliminated on surgical and sanitary masks and some 
filters.  
3.40.  Question: are these measure going to be extended on a permanent basis?  
3.41.  On the other hand, Korea applied temporary export bans on surgical masks, filtering 
respirators and filters. Those  bans were lifted for exports that did not exceed 15 or 50% of the local 
production of the good in question. Additionally, price controls measures were taken to stabilize the 
prices and or mitigate the shortage of masks and filtering respirators.  
3.42.  Question s: What was the rationale for adopting those restrictions and is there any assessment 
of the effects of those measures, and when the restrictions will be completely lifted?  
SMES  
3.43.  According to the Secretariat's report, Small and Medium Seize Enterprises acco unt for around 
99% of companies and 88% of employment.  
3.44.  One of the highlights from the period was the creation of the Ministry of SMEs and Start -ups, 
recognizing the role that they can play in an innovative economy and that they need support to 
prosper.  
• Initiatives have been taken to reduce regulatory burden and compliance costs for SMEs.  
• SMEs enjoy much larger tax credits for investment in technology and human resources 
development particularly to enhance the quality of jobs (for example increase wages, 
shortening working hours).  
• SMEs are benefited with the big intervention of the State in the large venture capital market.  
• Help is given by State agencies to guarantee financing for SMEs and to obtain direct financing 
from the capital market, including through low -interest loans for working capital 
development, productivity improvement or automation, constructing facilities and buying 
plants and machinery. In addition, even lower interest rates are offered to SMEs for example, 
willing to reloca te their production facilities to rural areas.  
• Since they are more affected by high labour a Job Stabilization Fund was established to 
reduce the impact if the increase of the minimum wage and preserve jobs.  WT/TPR/W/ 197 • Republic of Korea  
 
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  • Korean New Deal. Support for SMES.  
• Korea's AI Op en Innovation Hub provides SMEs and start -ups with data, algorithms and high 
performance computing resources to allow them to innovate with AI.  
• KOTRAs focuses its resources on supporting SMEs, to explore overseas markets 
opportunities, job creation, divers ification of export goods and markets and identification of 
foreign expansion opportunities.  
• 50% of EXIM Banks loans have gone to SMEs, representing more than 40% of total volume 
of credit, loans and guarantees. Funding was further expanded for SMEs facing  negative 
effects due to COVID.  
• K Sure  has put an emphasis on strengthening the competitiveness of SMEs, for example 
opening a consulting center that offers information on overseas companies, industries and 
countries.  
• Government procurement has among its a ims, allowing easier entry and broader market 
opportunities for SMEs. Furthermore, flexible procurement procedures for publicly funded 
projects are being implemented to provide further support to SMEs negatively affected by 
COVID as well as strengthening t heir protection.  
• Policies adopted during the covered period, also aimed to enhance IP capabilities for growth 
of start -ups and SMEs.  
3.45.  Question: according to an OECD report, SMEs are not using digital technologies to their full 
potential to reduce costs and expand markets. Among the reasons are that SMEs are concentrated 
in low productivity and less knowledge -intensive services and have more the difficulties in hiring 
highly skilled university graduates because they offer less attractive jobs than do larger 
conglomerates, although this is disputed by the government. Nevertheless. What instruments are 
being used to address the challenge of hiring high skilled workers?  
Investment promotion and transparency  
3.46.  Outward Korean investment is ranked among the top 10 in  the world because of increasing 
expansion of Korean multinational companies, particularly in the services sector. On the other hand, 
inward FDI, much needed for incorporating new technologies and skills remains below outflows – in 
a 1 to 5 ratio - with it s influence in the general economy continuously declining. Among the obstacles 
detected by Korean authorities that could be preventing stronger FDI numbers are:  
3.47.  Rising labour wages and conditions, difficulties for investors to obtain regulatory information  
and make their voice be heard in regulatory amendments as well as a general negative view of the 
country's regulatory environment.  
3.48.  In addition, barriers, restrictions and prohibitions for investment in some sectors limit the 
inflow of foreign investment.  
3.49.  During the past years, new reforms were introduced providing further incentives for foreign 
investors and some sectors, most notably in fisheries and ancillary air transport services, have been 
opened up to foreigners.  
3.50.  Measures taken, during the period un der review, to encourage foreign investment especially 
in high value -added sectors, include property and acquisition tax exemptions, exemptions of tariffs, 
VAT and other taxes for capital goods imported by a foreign investor. Cash grants for certain 
indust ries particularly high -tech and R&D centers and special zones that may include additional 
incentives such as in education and labour.  
3.51.  Efforts are also being taken to promote re -investment by foreign -capital invested companies.  
3.52.  In terms of facilitation meas ures, on line applications instead of in person are being accepted. 
Additionally, the August 2020 revision of the Foreign Investment Promotion Act included expanding 
the scope of InvestKorea’s activities by enhancing the efficiency and convenience of admin istrative 
procedures regarding immigration and residence permits; Guidance on cash grants for foreign 
investors has been revised so that the application procedures are more streamlined and transparent; 
and, an explanation of the functions of the Foreign In vestment Ombudsman has been explicitly 
added to the Foreign Investor Registration form so as to incentive the use of this figure. KOTRA has 
also opened investment consulting centers to assist foreign investors with all matters pertaining to 
visa and reside nce permits and the Investment Support Center at the Seoul Immigration Office has WT/TPR/W/ 197 • Republic of Korea  
 
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  opened an exclusive window for foreign investors and handles matters concerning residence permits, 
such as extensions of the stay period, for foreigners who hold corporate in vestor visas.  
3.53.  Question: according to the Secretariat's report, last year KOTRA handled 357 grievances. Do 
you have information about the most recurrent issues and percentage of cases solved?  
3.54.  Question: after a modification of the Enforcement Decree, upon th e request of competent 
Ministries, the Foreign Investment Committee can review a foreign investment project under two 
circumstances. How many projects have been reviewed and the results of those processes? Can the 
authority terminate the project with or wi thout compensation?  
Agriculture  
3.55.  Although the sector accounts for only 2% of GDP and employs a bit more than 5% of total 
working force, it is highly protected under the sake of its development and the improvement of the 
welfare of rural residents.  
3.56.  Tariffs a re extremely high, particularly for vegetables, with the highest rate – for rice - 
bounded at 887,4%.  
3.57.  TRQ are used in many agriculture -related tariff lines with very high out of quota tariff and low 
filling rates. Despite the reasons given by the authorities, they reflect the fact that some in quota 
tariff can still reach 50% as well as non -tariff measures  that prevent the full usage of the quota. 
Their administration is also a matter of concern, particularly when the allocation is managed with 
discretionary criteria and particularly when the agency in charge is owned or controlled by the 
competing domestic  industry.  
3.58.  This level of protection is also reflected in FTAs with average tariffs for non -agriculture 
products almost rarely exceeding 2% with most lines duty free while agriculture goods may still face 
average tariffs exceeding 50% and limited tariff li nes are duty free.  
3.59.  Export controls and import licenses are also used.  
3.60.  Use of Special Safeguard provisions under the Agreement on Agriculture.  
3.61.  All that results in high protection for domestic producers. For example, the share of imports 
on consumption on go ods such as rice, poultry and pig meat reached 10, 18 and 34% respectively 
with Korean consumers paying one of the highest prices in the world for those products.  
3.62.  On the other hand, local authorities can and have been using tariff measures to reduce borde r 
protection so as to increase the competitiveness of the domestic agricultural and livestock industries, 
particularly for feedstock, where the share of imports in local use/consumption is very high.  
3.63.  Fortunately, during the period covered by the Review no  export restrictions on agriculture 
products – to incentive and make more competitive downstream processing, were imposed.  
3.64.  PSH scheme for rice.  
3.65.  Subsidies and support in the agriculture sector remain extremely high, with support – 
Producer Support Estimate as a share of gross farm receipts at 47.9% - four times higher than the 
OECD average.  
3.66.  Export subsidies are still being used to cover some agriculture products.  
3.67.  Adding to all that, farmers enjoy lower electricity tariffs than industrial, residentia l and 
commercial consumers.  
3.68.  The State still plays an important role in the sector through trade and trade -related activities, 
for example, management of quotas and TRQs, exclusive rights for rice importation and adoption WT/TPR/W/ 197 • Republic of Korea  
 
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  measures aimed at stabilizing the d omestic market for some other products. Intervention that also 
extends to the manufacture and export of agricultural products.  
3.69.  While one can share the objectives to reduce the income gap between agricultural and 
non-agricultural sectors, improve living con ditions in rural areas, and strengthen the competitiveness 
and growth of agriculture by enhancing agricultural productivity, it should not be in detriment of the 
Korean consumers and most important of efficient world producers creating conditions that make s 
competition difficult to say the least.  
3.70.  Question: farmers benefit from zero or low irrigation water fees. This does not incentive water 
conservation, the adoption of water saving technologies or diversification from rice production. How 
that kind of supp ort aligns with the government strategy to balance agriculture production and 
environmental conservation?  
Fisheries  
3.71.  Korea is an important fishing nation and big consumer of fish, as such it is an important actor 
in the fisheries negotiations. During the ea rly stages of the fish negotiations in a heated discussion 
between the Group Friends of Fish and Korea and other fishing members the Korean delegate Ahn 
Ho-young said that Korea was not a Friend of the Fish but a lover of fish.  
3.72.  Question: according to the Secretariat’s report, the Government has been fighting against 
IUU fishing. The measures taken by the government seem to apply only to distant water fisheries.  
Are there measure applicable to IUU in territorial waters and EEZ? Furthermore, besides the 
imprisonment and fines, do the authorities withdraw any subsidy that could be benefiting the 
fisherperson?  
3.73.  The Fisheries Innovation 2030 vision is very ambitious in terms of increasing production, value 
and employment in the sector as well as plans to achieve  the targets.  
3.74.  Questions: how much of that will be achieved through new and increased subsidies?  
3.75.  According to table 4.7 of the Secretariat's report, under the Support for Management of 
Overseas Fisheries grants are provided to support distant water fisher men, to ensure stable supply 
and demand of fishery products. Since there is no mention to management, could Korea give more 
details about the program including its geographical coverage?  
3.76.  A final question regarding R&D. According to the Secretariat’s report , while Korea's ICT R&D 
achievement measured by patents is the third highest among OECD countries, the ranking in terms 
of technology transfers between companies and universities was not high. Many countries, 
particularly medium and high income developing countries face this question: what is the role of the 
State in assuring that R&D at the university level can lead to business opportunities?  
3.77.  Final comment, not related to Korea, it is for the Secretariat, the reports used repeatedly the 
concept of fisherm en notwithstanding that women represent an important part of the labour force 
in the sector, particularly in aquaculture operations. Thank you very much.  
  WT/TPR/W/ 197 • Republic of Korea  
 
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  4  STATEMENTS BY MEMBERS  
ICELAND  
4.1.  Iceland joins others in welcoming the distinguished delegation of Korea to their Trade Policy 
Review. We also express appreciation to the WTO Secretariat and Korea for the reports prepared, 
as well as to the discussant for his excellent framing of the issu es for our discussion today.  
4.2.  Iceland welcomes the successful cooperation that has characterized the trade relations between 
our two countries. The EFTA countries - Iceland, Lichtenstein, Norway, and Switzerland - were the 
first European countries to finalize a FTA with Korea in 2005. The agreement has proven to be 
successful for all parties significantly increasing trade since it entered into force in 2006.  
4.3.  Korea has as other countries been challenged by the COVID -19 pandemic. Having solid 
economic fundamentals based on an open econom y and market principles, Korea appears to have 
been able to tackle these challenges rather well. Iceland welcomes the initiatives undertaken by 
Korea to boost its economy following the pandemic as described in the TPR report.  
4.4.  The current health crisis as brought new challenges. It is well known that women face 
disproportionate barriers in trade that have increased due to the pandemic, and prevent them 
participating in international trade to the same effect as men. It is important to address those 
challenge s with inclusive approach towards economic recovery. Ensuring women’s full economic 
rights will contribute for sustainable social economic development.   
4.5.  Iceland welcomes the active participation of Korea in the Informal Working Group on Trade and 
Gender e stablished last year following the Buenos Aires Declaration on women’s economic 
empowerment from 2017.   
4.6.  An important tool in advancing women’s economic empowerment is the use of data and 
indicators on gender equality in trade. The trade policy review prov ides an excellent opportunity to 
do share best practices and experience relating to policies and programs that aim at women’s 
economic empowerment and full inclusion in trade.   
4.7.  Since 2018, 55% the WTO Members whose Trade Policy Review was carried out prov ided 
information on their gender -responsive trade policies.1 We welcome Korea’s longstanding 
contribution to this work as Korea started to report on women's economic empowerment, as part of 
its Trade Policy Review in 2012, when reporting back on its 2020 National Employment Strategy.   
4.8.  Iceland submitted advance written questions on the participation of women in the economy of 
Korea. Iceland welcomes Korea’s replies as the answers will be useful as we continue to gather best 
practices.  
4.9.  Iceland appreciates Korea's active engagement in the WTO and their continued support for the 
multilateral trading system. We wish the delegation of Korea every success for their Trade Policy 
Review.  
HONG  KONG,  CHINA  
4.10.  I would like to start by extending a warm welcome to the Ko rean delegation led by Mr. Jeongil 
Kim, Deputy Minister for International Trade and Legal Affairs of the Ministry of Trade, Industry and 
Energy. I would also like to thank Ambassador Mathias Francke of Chile for sharing with us his 
insights as discussant, and the Secretariat for the comprehensive reports prepared for this Review.  
4.11.  Hong Kong, China and Korea have long been enjoying strong bilateral trade and economic 
relations. Last year, Korea was our sixth largest trading partner in merchandise trade in the  world. 
Reciprocally, Hong Kong, China was Korea’s sixth largest trading partner and fourth largest export 
market. Not surprisingly, the world -renowned Korean electronic products topped our import list from 
Korea.  
 
1 In 25 out of 45 reviews carried out between January 2018 to September 2021  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.12.  Despite the global economic downturn broug ht about by the COVID -19 pandemic since last 
year, the total merchandise trade between Hong Kong and Korea recorded an encouraging growth 
of 8.2% in 2020, with value amounting to more than USD 38 billion. We are also encouraged by the 
impressive surge of 3 4.9% year -on-year in bilateral trade in goods in the first half of 2021.  
4.13.  Both Korea and Hong Kong, China attach great importance to an open, transparent and 
rules-based multilateral trading system with the WTO at its core. We look forward to working closel y 
with Korea and other WTO Members in making meaningful contribution to the coming MC12.  
4.14.  Let me now turn to three specific topics in Korea’s trade policies.  
4.15.  First, tariff. We appreciate that Korea has bound 90.7% of its tariff lines and over 99% of its 
tariffs are ad valorem duties. However, we note that the average applied MFN tariff rate, while 
having decreased from 14.1% in 2016 to 13.9% in 2021, remains relatively high. In addition, the 
number of items covered by “flexible tariffs” increased from 145 in  2016 to 184 in 2021. We 
encourage Korea to continue to liberalize its tariff regime by reducing its average applied MFN tariff 
rate and peak tariff rates, and moderating its application of “flexible tariffs” as far as possible.  
4.16.  Turning to services, we not e that Korea remains a net importer of services and the growing 
importance of the services sector in Korea’s economy, accounting for 62.3% of GDP and 70% of 
employment in 2020. Transportation, travel, and other business services are the major traded 
servic es. We appreciate Korea’s trade policy objective aiming to build a free and open economy with 
a view to facilitating free and open trade. We encourage Korea to continue opening up its services 
market to foreign competition and facilitate foreign investment , especially in respect of services 
sectors to which foreign -ownership ceilings or restrictions still apply, such as telecommunications 
services, financial services, postal services and transport services.  
4.17.  Finally, on trade facilitation, Korea has enhanced  its Authorised Economic Operator (AEO) 
Programme in 2017 by allowing electronic clearance for all goods imported by AEO companies. 
During the reporting period, Korea has signed Mutual Recognition Arrangements with nine economies 
and now offers its AEO cus toms clearance facilitation to a total of 22 economies including Hong Kong, 
China. In addition, Korea has been participating actively in the Committee on Trade Facilitation and 
shared its experience on single window in October 2018 and AEO programme in Oct ober 2019. We 
welcome Korea’s constructive contribution to enhancing trade facilitation.  
4.18.  Hong Kong, China always treasures Korea as a valuable trading partner. We look forward to 
developing stronger bilateral trade and economic relations as well as closer cooperation in the WTO 
on issues of mutual interests. I wish Korea a successful Trade Policy Revi ew.   
ISRAEL  
4.19.  Israel would like to thank you, the discussant, H.E., Mr. Mathias Francke (Chile), and the 
Secretariat for the detailed reports. Israel also welco mes Mr. Jeongil Kim, Deputy Minister for 
International Trade and Legal Affairs from Seoul as the head of delegation.  
4.20.  For many years, there has been a strong bilateral interest in fostering the growth and 
expanding the economic ties between our countries a nd people, and this continued to serve as a 
platform for close collaboration in recent years.  
4.21.  Our bilateral trade and cooperation have substantially diversified and evolved throughout the 
years. While in the past Israel provided mainly expertise in agricu lture and water, this grew into 
cooperation in a wide range of industries and sectors including in advanced technology, an area in 
which both countries excel.  
4.22.  During 2020, notwithstanding COVID -19, exports of goods and services from Israel to Korea 
amount ed to approximately USD 890 million, while imports of goods and services from Korea to 
Israel that year totalled more than USD 1.5 billion.  
4.23.  Putting this into perspective, it is undeniable that Korea is an important economic partner of 
Israel and stands as  Israel's third -largest trading partner in Asia.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.24.  During the past year we marked an historic event in our bilateral relations with the signing of 
the Korea -Israel Free Trade Agreement on May 2021 in Seoul, which is Israel’s first FTA with a 
country in the Asian region. The free trade agreement which will liberalize trade in goods and services 
is expected to significantly increase trade and expand business opportunities between Israel and 
Korea, improve the Israeli industry’s competitiveness, and lower t he cost of Korean goods imported 
into Israel.  
4.25.  We hope that ratifications processes in both countries will be concluded as quickly as possible 
in order to allow the FTA to enter into force, and for the industries and business communities in 
Israel and Korea  to enjoy its advantages.  
4.26.  Regarding goods, Korea’s leading exports to Israel include vehicles and parts, machinery and 
electronics, while Israel's exports to Korea are dominated by optical and measuring instruments, 
integrated circuits and related machine ry. 
4.27.  There have been generally positive developments in terms of the Korean economy since the 
last TPR. During this period, Korea's annual GDP growth peaked at 3.2% and weathered relatively 
well the economic impact of COVID -19. Overall, Korea's openness to international trade and its 
integration into the world economy, which is excellent news to WTO Members, continued during this 
period. As a result, although there was a slight decrease in the ratio of its trade (exports plus 
imports) in goods and services t o GDP than during the previous TPR, it still maintained a healthy 
69.2% in 2020.  
4.28.  Israel expects this commitment to international trade and the world economy to continue.  
4.29.  At the WTO, Israel and Korea have always been close collaborators with similar intere st 
profiles. Both of our nations share trade ideals and participate in many initiatives. As an example, 
since the last TPR, Korea and Israel have had a close dialogue and cooperation in the e -commerce 
joint statement initiative, where we share some common interests. Furthermore, in transparency, 
Korea and Israel are both cosponsors of a proposal aiming to enhance transparency and improve 
compliance across the board in WTO notifications. In agriculture, Korea and Israel also share a 
common approach, as both countries are members of the G10.  
4.30.  During this exercise, Israel submitted questions to Korea, and we look forward to reviewing 
the replies. The areas of interest for Israel include FDI, tariffs, import licensing, conformity 
assessment, and SMEs exception in  government procurement.  
4.31.  As we are nearing MC12, Israel looks forward to Korea’s contributions and constructive role 
towards a successful Ministerial.  
4.32.  Finally, Israel looks forward to continuing our close collaboration with the Korean delegation 
headed by  Ambassador Mr. Taeho Lee, who arrived in Geneva during the summer.  
4.33.  Israel wishes Korea a very successful TPR.  
UNITED  STATES  
4.34.  On behalf of the United States, I would like to welcome the entire Korean delegation to the 
eighth Trade Policy Review of Korea.   
4.35.  Korea is a key strategic ally and a major trading partner for the United States. The bilateral 
economic and trade relationship between the United States and Korea is anchored by the U.S. -Korea 
Free Trade Agreement, which entered into effect in 2012. Since then, our total two -way goods and 
services trade has increased by 21.2%. Korea is now the United States’ 6th largest goods trading 
partner with USD 127.2 billion in two -way goods trade.   
4.36.  The United States and Korea also have a strong partnership that exte nds beyond the KORUS 
FTA and our bilateral relationship, including in the WTO. In particular, we welcome Korea’s 
announcement in October 2019 that it would no longer seek special and differential treatment in 
future WTO negotiations. We are also pleased th at Korea has joined on as a co -sponsor to the 
proposal to enhance transparency and strengthen notification compliance under the WTO WT/TPR/W/ 197 • Republic of Korea  
 
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  Agreements. These actions demonstrate Korea’s leadership and commitment to reforming the WTO 
so that it can function as a vi able forum for meaningful negotiations that are beneficial to all 
Members. We hope to continue to work with Korea to achieve meaningful reform at the WTO, 
including through the ongoing negotiations on fisheries subsidies.  
4.37.  We note that the Secretariat’s rep ort addresses Korea’s proposed revisions to the 2008 Act 
on Transboundary Movement of Living Modified Organisms and, separately, highlights Korea’s 
quarantine requirements for imported animal and animal products under the Contagious Animal 
Disease Control Act. We respect Korea’s right to adopt sanitary and phytosanitary measures 
necessary for the protection of human, animal, and plant life and health. However, as Korea develops 
and amends these regulations, we emphasize that policies regarding bovine spongi form 
encephalopathy (BSE) in beef and ruminant products, as well as approvals for genetically engineered 
agricultural products, should be based on science and consistent with international agreements and 
guidelines.   
4.38.  Regarding Korea’s market access, the K ORUS FTA, now in its tenth year of implementation, 
has eliminated most of Korea’s tariffs for US goods, but we continue to have concerns about non -
tariff barriers. We encourage Korea to ensure that its regulations and policies provide access and 
opportunit ies for Korean and foreign companies alike.  We look forward to hearing more from Korea 
on some of these policies, which were also addressed in the advance written questions.  
4.39.  Digital economy is an important area for further engagement between the United St ates and 
Korea. The United States remains concerned about some of Korea’s regulations in this sphere, 
including certain restrictions in cloud services.  We hope to continue to work with Korea to address 
these concerns, and to further our cooperation in the  region and at the WTO.  
4.40.  Korea is a strong ally and a valued partner of the United States. We welcome Korea’s progress 
in opening its economy and implementing reform since the 2016 review. We look forward to further 
cooperation with Korea on all fronts – bilaterally, regionally, and here at the WTO – to pursue our 
shared goal of a fair and open global economy.  
4.41.  On a final note, we have noticed, in recent months, a worrisome trend in which Members are 
not providing answers to written questions in a fulsome and  timely manner. In this particular case, 
it is disappointing that delays in receiving Korea’s responses to our written questions have inhibited 
our ability to engage in the review and we would remind Korea that responding to advance written 
questions is a key component of a successful TPR.  
SINGAPORE  
4.42.  Singapore warmly welcomes Deputy Minister for International Trade and Legal Affairs Mr 
Jeongil Kim and his delegation to Geneva. We would like to express our appreciation to the Republic 
of Korea for its Governm ent report and Statement. Our thanks also go to you, the acting Chair, 
Ambassador Chambovey, the discussant, Ambassador Mathias Francke as well as the Secretariat for 
their invaluable insights. Allow me to make three points.  
4.43.  First, Singapore and Korea are like-minded partners that enjoy longstanding and excellent 
economic ties. In 2020, Korea was Singapore’s eighth largest global trading partner with total 
merchandise trade amounting to USD 32.8 billion, registering a 13% increase from 2019 despite the 
economic challenges posed by the COVID -19 pandemic. This represented close to 5% of Singapore’s 
total trade with the world. The strength and depth of our bilateral economic relationship is reflected 
in three (3) key agreements, namely, the Regional Comprehensi ve Economic Partnership (RCEP), 
the ASEAN -Korea Free Trade Agreement (AKFTA) and the bilateral Korea -Singapore Free Trade 
Agreement (KSFTA).  
4.44.  More importantly, Singapore and Korea are committed to identify and implement new areas 
of cooperation. For exampl e, we are currently negotiating a bilateral Digital Partnership Agreement 
(DPA). We are also commencing discussions on the plurilateral Digital Economy Partnership 
Agreement (DEPA), together with Chile and New Zealand. We believe that these agreements will  
allow us to develop frameworks that will deepen our cooperation in new emerging digital areas such 
as in personal data protection and cross -border data flows, digital identities, FinTech, as well as WT/TPR/W/ 197 • Republic of Korea  
 
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  artificial intelligence governance frameworks. They will  further facilitate trade and business by 
promoting connectivity between the digital systems of Singapore and the Korea.  
4.45.  Second, Singapore applauds Korea’s efforts to transition towards a digital and green economy 
through the Korean New Deal Initiative. T he Korean New Deal is a forward -looking and holistic 
initiative comprising three pillars to transform Korea into a smart, green and safe country through 
promoting a low carbon, eco -friendly economy, establishing infrastructure for a digital economy and 
investing in human resources. Korea’s experience can provide helpful learning points for all 
Members, who are seeking to future -proof our economies. For example, projects such as the 
integration of 5G and artificial intelligence into industries, building smar t medical and care 
infrastructures, developing smart grids for efficient energy management and the training of “digital 
and green talents” are instructive. Given the similarities between Singapore and Korea’s priorities, 
Singapore has partnered with Korea in several areas including in the development of smart grids, 
and third -country collaboration in smart city and infrastructure development.   
4.46.  Third, Korea has consistently played a constructive and valuable role at the WTO. As a 
founding Member of the WTO,  Korea has demonstrated its commitment to the multilateral trading 
system through its active participation in a wide range of discussions at the WTO including on 
fisheries subsidies, agriculture, and environment. In addition, Korea has participated in key JSI 
negotiations on e -commerce, investment facilitation, domestic regulation in services, MSMEs, and 
environment, all of which are important in keeping the WTO rules relevant in the 21st century. In 
May 2020 amidst the COVID -19 pandemic, Korea organized a Ministerial meeting involving five 
Members (Korea, Australia, Canada, Singapore, and New Zealand) where a "Joint Ministerial 
Statement on Action Plans to Facilitate the Flow of Goods and Services as well as the Essential 
Movement of People” was adopted. Ko rea, Australia, and Singapore had also circulated a joint 
communication on “Liberalizing trade in environmental goods and services and exchanging views on 
trade-related environmental measures” in March this year. These initiatives underscore Korea’s 
commit ment to strengthen the multilateral trading system and ensure the WTO’s continued 
relevance.  
4.47.  In conclusion, as fellow like -minded Members who share similar global economic outlook, 
Singapore looks forward to continue working closely with Korea to further s trengthen our bilateral 
economic ties, and to jointly contribute to the WTO. We wish the Korea every success for its eighth 
TPR. 
CHINA  
4.48.  China congratulates on the successful conveying of the eighth TPR of Korea and appreciates 
the great effort of the WTO Secretariat and Korea in preparing for this activity. I would also like to 
thank the discussant Ambassador Mathias Francke for his percep tive comments.  
4.49.  Korea has been the top 5 countries in term of ‘ease of doing business’ rated by the World 
Bank for the past five years. As one of the most trading nations in the world, it remains openness in 
economy and keeps a business -friendly environmen t despite the surge of the COVID -19 pandemic. 
China congratulates Korea on its robust economic growth and remarkable trade performance during 
the review period.  
4.50.  China applauds on the release of the "Korean New Deal" initiative, channelling investment to 
‘go digital’ and ‘go green’ for a human -centric sustainable economy. An ecosystem for data, network, 
and AI industries is taking shape, providing a favourable environment for small business in adopting 
smart and green technologies. This is of great importan ce to enhance economic resilience under 
COVID -19. 
4.51.  China commends Korea’s constructive participation in WTO negotiations and discussions on 
e-commerce, service domestic regulations, investment facilitation for development as well as 
MSMEs. Such efforts enha nce the roles of the multilateral trading system and strengthen 
international cooperation.  
4.52.  It is notable that Korea has made its customs clearance practice more transparent and 
efficient by introducing the UNI -PASS system, a firm step in implementing the W TO rules on trade 
facilitation.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.53.  China particularly applauds Korea’s active role in the Friends of Investment Facilitation for 
Development and being the first to submit proposals to insulate the future IFD Agreement from 
international investment agreements.   
4.54.  China has been the biggest trading partner to Korea for 17 years in a run, accounting for 
about a quarter of Korea’s import and export in 2020. Korea is the third largest trading partner and 
the largest import source country to China. In the first eight months of 2021, bilateral trade volume 
reached an optimistic USD 229.85 billion, 28% more than the same period last year.  
4.55.  China is also the second FDI market to Korea, taking up more than 20% in Korea’s stock of 
outward FDI. We are happy to notice that th e first 8 months of 2021 witnessed a 28.2% growth in 
FDI to China compared to the same period last year.  
4.56.  Korea has built an extensive FTA network with 57 different nations, including China through 
17 FTAs. We believe the ongoing second phase of the China -Korea FTA negotiations on investment 
and service trade will lay a consolidated institutional base for a closer value chain cooperation 
between the two sides. With adoption of the New South and New North Policy, which promote 
agreements on digital trade and data mobility as well as economic and infrastructure cooperation, 
we believe Korea will engage in more free trade agreements with developing countries.  
4.57.  Chair and Your Excellency Francke, China would like to note that we have submitted written 
questions wit h the hope to have further clarifications on tariff and tax policies for foreign investors, 
and among others, the IP -R&D plan and the amendment of the Trademark Act, etc. We appreciate 
the written responses from Korea and will study them carefully.  
4.58.  Finally, I wish the Korean delegation every success in this TPR.  
GUATEMALA  
4.59.  En nombre de Guatemala, saludamos cordialmente a la delegación de Corea, encabezada por 
el Sr. Jeongil Kim, Viceministro de Comercio Internacional y Asuntos Jurídicos, Ministerio de 
Comer cio, Industria y Energía de Corea, al equipo que lo acompaña, así como al Embajador Taeho 
Lee, Representante Permanente de Corea ante la Organización Mundial del Comercio (OMC).  
4.60.  Aprovecho la ocasión Señor Presidente , para agradecer sus palabras introductorias, así como 
a la Secretaría de la OMC por el informe preparado, y al Embajador Mathias Francke, Representante 
Permanente de Chile ante la OMC, quien en su calidad de ponente nos ha compartido un análisis 
detallado  sobre la evolución, los logros y los retos de la República de Corea, en relación con sus 
políticas comerciales.  
4.61.  El impresionante crecimiento económico de Corea durante los últimos 60 años es un caso de 
éxito muy importante que merece ser estudiado y anal izado con mayor profundidad. A pesar de 
contar con una topografía montañosa, escasas superficies llanas y recursos naturales limitados, las 
autoridades coreanas impulsaron el crecimiento del país desde la década de 1960, por medio de 
políticas económicas o rientadas al comercio internacional y basadas en un rápido proceso de 
industrialización e innovación.  
4.62.  Guatemala y Corea sostienen una estrecha relación de amistad y cooperación desde hace 
varias décadas. Las relaciones diplomáticas entre nuestros países d atan de 1962 y se han 
desarrollado en un importante número de áreas como el ámbito político, comercial, educativo, 
cultural y recientemente en materia de seguridad. Adicionalmente, Corea es socio observador del 
Sistema de Integración Centroamericana (SICA) , mecanismo por el cual mantienen un contacto 
constante con los países del istmo centroamericano.  
4.63.  A partir de la década de 1980, Guatemala acogió un importante número de empresas 
coreanas de la industria de vestuario y textiles. Actualmente residen en Gua temala más de 10 mil 
ciudadanos coreanos, situación que ha permitido un interesante intercambio de culturas entre 
nuestros países.  
4.64.  Las relaciones comerciales entre nuestros países atraviesan un momento muy especial, pues 
estamos a las puertas de cerrar la  negociación de un acuerdo de Libre Comercio, destinado a WT/TPR/W/ 197 • Republic of Korea  
 
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  estrechar aún más nuestros vínculos e incrementar el volumen y diversidad de nuestros intercambios 
comerciales.  
4.65.  Los principales productos guatemaltecos exportados a Corea son el plomo, el azúcar, e l café, 
el banano y el zinc. En sentido inverso, los principales productos importados desde Corea son 
tradicionalmente vehículos, máquinas y los aparatos mecánicos, los materiales plásticos y sus 
manufacturas. Durante 2020, se recibieron inversiones corean as en Guatemala por más de 
USD 20 millones, principalmente en la industria manufacturera.  
4.66.  En relación con el examen que hoy nos concierne, aplaudimos los esfuerzos emprendidos por 
Corea para mejorar su marco normativo y evitar la creación de reglamentacio nes adicionales 
innecesarias, proceso que ha conducido a una reducción en 10% de esta materia. Asimismo, es 
importante subrayar la introducción de medidas destinadas al sostenimiento de los ingresos, la 
creación de empleo, el apoyo a las pequeñas y mediana s empresas (pymes) y las empresas 
emergentes y el fomento de la innovación para elevar la productividad. Durante el período estudiado, 
Corea también hizo esfuerzos importantes por reducir el número de normas industriales y adaptar 
las normas vigentes a est ándares internacionales.  
4.67.  Cabe resaltar las diversas iniciativas y estrategias en materia de propiedad intelectual de 
Corea, con las cuales han logrado dar respuesta a las novedades tecnológicas y a los objetivos de 
su política pública en esta área.  
4.68.  Agrade cemos las respuestas remitidas a las preguntas que planteamos, las cuales 
remitiremos a capital para su análisis y comentarios.  
4.69.  Concluimos deseándole a Corea y la delegación que hoy los representa, una conclusión exitosa 
de su Examen de Políticas Comercial es. 
SWITZERLAND  
4.70.  I would like to start by extending a warm welcome to the delegation of the Republic of Korea 
led by H.E. Deputy Minister Jeongil Kim. I would also like to thank H.E. Ambassador Mathias Francke 
for his valuable observations as a discussant, and the Secretariat for its substantive contribution to 
this Review.  
4.71.  It is a great pleasure for me to take the floor on this occasion, given the close economic ties 
between Korea and Switzerland. Korea has proved its continued support to the multilateral t rade 
regime by undertaking bold reforms since the last TPR, while proving to be one of the most resilient 
countries to the COVID -19 pandemic. Korea’s place as the 10th biggest world economy and its 
leadership in the fields of IT and shipbuilding further re inforce its importance as a major proponent 
of the multilateral trade system.  
4.72.  Since 2006, Switzerland and Korea have strengthened and institutionalized our trade and 
economic relations. Korea is the sixth most important export market in Asia for Swiss prod ucts, 
totalling a trade volume of up to CHF 3.9 billion in 2020. Although the COVID -19 pandemic hit hard, 
Switzerland and Korea have proved their resilience. The relative slowdown in trade flows in 2020 
has been offset by promising growth signs. Swiss expo rts to and imports from Korea have increased 
by 11 and 59%, respectively for the first 8 months of 2021. While trade relations are strong and 
important, also thanks to the EFTA -Korea Free Trade Agreement, foreign direct investment flows 
seem to offer poten tial for further development.  
4.73.  Switzerland has submitted a number of questions in writing ahead of this trade policy review. 
Allow me to go through a few of them.  
4.74.  We asked questions about Korea’s policies aiming at reducing wage inequality, given the 
adverse impact it has on productivity growth and female employment. In particular, we have noted 
that Korea’s female labour force participation is one of the lowest in advanced economies. We 
encourage Korea to further pursue measures to reduce wage inequality and increase female 
participation in the work force. We also strongly suggest that Korea joins the Informal Working 
Group on Trade and Gender.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.75.  On preferential trad e agreements, Korea has expressed its ambition to strive for 
comprehensive and high -standard FTAs. In line with that ambition, we encourage Korea to review 
and subsequently engage in the modernization of existing FTAs, including our own, concluded with 
the EFTA States. Regarding tariffs, we call on Korea to positively consider streamlining its complex 
tariff structure, comprising 129 different applied tariff duty rates, and in particular to remove ad 
valorem decimal rates. We also call on Korea to progressi vely phase out the remaining temporary 
and conditional export prohibitions enacted during the COVID -19 pandemic.  
4.76.  Finally, we have noted Korea’s overreliance on fossil fuels subsidies, as well as its commitment 
to increase the share of renewables in power g eneration. Given the latest evidence on the worldwide 
effect of global warming published by the Intergovernmental Panel on Climate Change, we strongly 
encourage Korea to reduce its reliance on fossil fuels and to step up its commitment to transition to 
renewable energy sources.  
4.77.  We thank Deputy Minister Jeongil Kim, Ambassador Taeho Lee and the Korean delegation for 
their appreciated contribution to the work of the WTO. We wish Korea constructive and fruitful 
exchanges during this Trade Policy Review.  
CHILE  
4.78.  Quisiera saludar y dar la bienvenida a la delegación de la República de Corea, encabezada por 
el honorable Sr. Jeongil Kim, Viceministro de Comercio Internacional y Asuntos Jurídicos.  
4.79.  Saludamos a la Misión de Corea ante la OMC en Ginebra, dirigida por el E mbajador Taeho 
Lee. Agradecemos a la Secretaría por el informe preparado para este ejercicio, así como al 
Embajador Francke por su presentación como ponente.  
4.80.  Chile recibe con entusiasmo la realización el octavo examen de las políticas comerciales de la 
República de Corea y les felicita por el trabajo realizado desde su último examen en el año 2016.  
4.81.  Chile y Corea son dos economías abiertas al mundo que comparten una visión común en su 
estrategia de integración, promotores del libre comercio, y que buscan co ntinuamente coordinarse 
en los grandes temas de la agenda internacional.  
4.82.  Las relaciones económico -comerciales entre Chile y Corea se enmarcan bilateralmente dentro 
del Acuerdo de Libre Comercio suscrito en febrero de 2003 y que entró en vigor en abril de 2004. 
Cabe resaltar que este acuerdo marcó un hito importante en la política comercial internacional, 
puesto que fue el primer Acuerdo de Libre Comercio suscrito entre un país latinoamericano y uno 
asiático y, por tanto, fue el primer paso en el exitoso pr oceso de inserción que Chile ha recorrido en 
la región de Asia -Pacífico desde ese entonces.  
4.83.  Dicho acuerdo, que ha cumplido 17 años desde su entrada en vigor, tiene una cobertura 
comprehensiva que incluye compromisos sustantivos en acceso a mercados para m ercancías, así 
como disciplinas relacionadas con las inversiones, servicios transfronterizos, entrada temporal de 
personas de negocios, propiedad intelectual, transparencia, entre otros. En la actualidad dicho 
acuerdo se encuentra en pleno proceso de moder nización en la que también se han incluido temas 
actuales como comercio electrónico, medioambiente, laboral, género, anticorrupción y cadenas 
globales de valor.  
4.84.  Para Chile, Corea es un importante socio comercial. En la actualidad es nuestro quinto socio 
con un intercambio en torno a los USD 5.160 millones en el 2020. Las exportaciones chilenas a 
Corea durante el 2020 han llegado a USD 4.145 millones, mientras que las importaciones han 
alcanzado los USD 1014 millones.  
4.85.  La economía chilena y la de Corea son al tamente complementarias, por lo que observamos 
con optimismo el proceso de modernización del acuerdo vigente, así como también el interés 
expresado por Corea en ser parte del Acuerdo de Asociación de Economía Digital o DEPA, por su 
sigla en inglés.  
4.86.  A nive l multilateral, Chile y Corea comparten importantes coincidencias en distintos foros 
internacionales. En ese marco, quisiera destacar el trabajo que ha hecho en la OMC, así como su WT/TPR/W/ 197 • Republic of Korea  
 
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  participación en iniciativas conjuntas en materia de comercio electrónico, facilitación de inversiones 
para el desarrollo, comercio y medio ambiente, y reglamentación nacional en servicios.  
4.87.  Adicionalmente, quisiera destacar el trabajo conjunto que se ha hecho en el Foro APEC desde 
la incorporación de mi país en 1994, hecho que ha  constituido uno de los pilares de la estrategia 
chilena para insertarse económicamente en los flujos comerciales de Asia -Pacífico y contribuir, 
además, a crear reglas claras y procedimientos transparentes en materia comercial.  
4.88.  Para este ejercicio de exam en de las políticas comerciales, Chile ha formulado 11 preguntas 
en diversas áreas y agradecemos profundamente las respuestas a dichas consultas  
4.89.  Particular interés reviste la estrategia de desarrollo asumida por Corea y su capacidad de 
resiliencia en el e nfrentamiento de una situación económica mundial compleja, en que pone como 
eje central el establecimiento de una "economía creativa", lo cual ha permitido mantener a Corea 
entre las economías con los índices de innovación más altos del mundo.  
4.90.  En efecto, Corea ha situado a la innovación como eje económico desde hace bastante tiempo, 
lo que le ha permitido generar outputs de innovación de alta calidad. Nadie en esta sala podría 
desconocer la potente industria creativa de Corea. Fenómenos mundiales como el G angnam style, 
el K-Pop, Pororo e incluso el reciente juego del calamar son una prueba del porqué el índice mundial 
de innovación del 2021 situó a Corea en 5to lugar, avanzando 5 puestos en tan solo 1 año.  
4.91.  En este contexto, celebramos que, a pesar de las d ificultades económicas a nivel mundial 
producto de la pandemia, Corea ha podido lograr una tasa media de crecimiento económico de un 
2,1% anual para el período 2016 -2020. Su economía basada en las exportaciones ha demostrado 
resiliencia a lo largo de los a ños. 
4.92.  Sin embargo, vemos que todavía puede mejorarse aspectos que pueden generar disrupciones 
comerciales y por lo mismo, alentamos a Corea a continuar trabajando en materia de aranceles, las 
medidas que protegen a los productores locales y especialmente a los agricultores de la competencia 
extranjera y la eliminación de restricción de exportaciones entre otras.  
4.93.  Para finalizar, quisiera señalar que, en muchos aspectos, Corea es una fuente de inspiración 
para muchos otros Miembros, incluido Chile en materia d e política comercial y por lo mismo, le 
deseamos éxito en este Examen.  
NORWAY  
4.94.  During the review of 2016, we commended the Republic of Korea for its impressive track 
record of economic development, trade liberalization and high integration into the world economy. 
This Review, made in the midst of the pandemic, reflects the resilience  of the Korean open economy, 
as well as how the Korean authorities have managed the pandemic’s impact on the economy. The 
Korean response to COVID with its 2020 New Deal, with focus on digitalization, environmental 
sustainability and safety nets for worker s is to be commended.  
4.95.  The Republic of Korea is an important trading partner for Norway. Through EFTA, we signed 
a Free Trade Agreement with the Republic of Korea in 2005, an agreement that has been 
instrumental for our increased exports and trade. The Repu blic of Korea is our second largest trading 
partner in Asia. Counting the European Union as a bloc, the Republic of Korea is Norway’s sixth 
largest export market for goods.  
4.96.  I would like to make some specific remarks, not surprisingly coming from Norway, o n 
shipbuilding, maritime transport, and seafood.  
4.97.  The Secretariat's report ( inter alia  in paragraph 4.233) describes the government's five -year 
plan to rebuild the shipping industry, and describes the government support schemes for Korean 
ship builders and  Korean offshore equipment suppliers.  
4.98.  Norway finds it important that policies and regulatory mechanisms, including any government 
ownership, are designed to ensure fair and transparent competition between Korean and foreign 
shipping and shipbuilding companies, as well as offshore and maritime equipment suppliers. The WT/TPR/W/ 197 • Republic of Korea  
 
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  OECD Working Party on Shipbuilding performed in 2015 a Peer Review of the Korean Shipbuilding 
Industry and Related Government Policies. That peer review pointed out that the Korean 
government -related agencies hold substantial owner ship in Korean shipbuilding companies.   
4.99.  We urge the Korean Government to ensure that any ownership by its government -related 
agencies does not hamper free competition and a level -playing field among the companies engaged 
in shipbuilding, ship equipment pr oduction and maritime transport.  
4.100.   The report of the Secretariat contains information (paragraph 4.236) on the Korean efforts 
to promote green shipping. Norway welcomes such efforts, which are very much in line with the 
Norwegian plans and efforts on a gree ner and smarter maritime industry. We need to develop low 
and zero emission vessels in order to make maritime transport greener and more sustainable.   
4.101.   Exports of seafood to the Republic of Korea are highly important for Norway. Our exports 
include a signi ficant volume of fresh, farmed fish. This is a perishable commodity that is vulnerable 
to any delay in the transportation chain. Consequences are quality reduction and reduced shelf life. 
Norway urges Korea to reconsider the practice of keeping fresh seafo od that is subject to random 
testing in custody until the test results are ready. Setting up routines for random testing of perishable 
seafood in a way that minimizes delays, is a practice used by other importing countries, and should 
also be employed by t he Republic of Korea.  
4.102.   The food safety authorities in Korea and Norway have recently signed a memorandum of 
understanding in order to secure continued trade in seafood between the two countries. Norway 
therefore hopes that the good cooperation based on con fidence in each country's commitment to 
high standards for food safety and quality will continue.  
4.103.   Let me conclude by emphasizing that Norway shares with the Republic of Korea a strong 
interest in strengthening the multilateral trading system. The Republic  of Korea’s commitment in 
2019 to not seek S&D in ongoing and future negotiations was an important step in our Organization. 
We are pleased with our close cooperation in the WTO, across almost all aspects of trade policy and 
negotiations. We look forward t o further enhancing our cooperation, not least on the last lap of our 
negotiations on fisheries subsidies, on trade and health, trade and environment and WTO reform.  
COLOMBIA  
4.104.   Deseamos expresar nuestro saludo a la distinguida delegación de Corea que nos aco mpaña 
el día de hoy, encabezada por el Vice Ministro de Comercio, el Sr. Jeongil Kim, y a su Embajador 
Sr. Taeho Lee. También queremos agradecer a la Secretaría por el informe y al Embajador Mathias 
Francke (Chile) por las pertinentes contribuciones realiz adas.  
4.105.   Durante el anterior Examen de Política Comercial en octubre de 2016 iniciamos felicitando 
al Gobierno coreano por su excelente desempeño económico y resaltando su papel como referente 
para todos al mantener un crecimiento sostenido ligado a un comerc io abierto. Esta felicitación 
continúa más vigente que nunca.  
4.106.   La economía coreana se mantuvo sólida a pesar de los retos económicos y sociales como 
resultado de las medidas globales de contención de la pandemia. Durante el período objeto del 
Examen tuvo u n crecimiento promedio del PIB de 2,1%, con un pico en 2017 de 3,2% y una posterior 
disminución hasta llegar al -0,9% en 2020. Sin embargo, y como muy bien lo resalta el informe de 
la Secretaría: “es una contracción considerablemente más modesta que en la mayoría de las 
economías avanzadas”.  
4.107.   Lo que quiero destacar de este desempeño económico es que tuvo lugar durante la peor 
crisis en el comercio global que el mundo ha visto en décadas y, aún así, Corea mantuvo una altísima 
conexión con el sector externo. S egún el informe de la Secretaría, el coeficiente comercial de Corea 
para 2020 fue de 69,2%, que si bien disminuyó en un poco más de 15 puntos porcentuales desde 
el Examen anterior (84,8% en 2015) continúa mostrando un nivel de apertura ejemplar.  
4.108.   Existen m últiples razones para el desempeño positivo coreano durante la crisis, pero se 
atribuye principalmente al conjunto de medidas fiscales, monetarias, y financieras, que el gobierno 
llamó el “New Deal Coreano”. Esta política cuenta con tres pilares, el “new d eal digital”, el “new deal WT/TPR/W/ 197 • Republic of Korea  
 
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  verde”, y el “new deal humano”. Más allá de entrar a evaluar cada uno de estos pilares, quisiera 
resaltar que son tres áreas que hemos visto trascienden sus fronteras de una manera positiva.  
4.109.   Con este New Deal busca mayor integra ción en los datos y redes globales, el fomento a los 
servicios “sin contacto”, la transición verde de las infraestructuras, energías de bajas emisiones de 
carbono, innovación en la industria verde, creación de empleo, y red de protección social. Si todos 
estos temas resultan familiares, es porqué son la vanguardia de las políticas de crecimiento 
sostenible, y también son las prioridades de muchos de los procesos que se adelantan en la OMC. 
Estamos seguros que Corea continuara con su liderazgo en esta Organi zación por mucho tiempo.  
4.110.   Por supuesto, también hay temas tradicionales que merecen especial atención. A pesar de 
la automatización en los procesos de importaciones y exportaciones, la estructura arancelaria 
coreana sigue siendo muy compleja y la existenci a de tantos tipos (88 derechos ad valorem y 
41 derechos alternativos) con variaciones que terminan siendo muy sutiles continúan representando 
un reto en las relaciones comerciales con ese país. Vemos con esperanza que la implementación de 
iniciativas como el Acuerdo sobre Tecnologías de la Información y los cambios a la nomenclatura 
arancelaria han contribuido con la disminución de los aranceles NMF aplicados. Estamos seguros que 
vendrán cambios adicionales que contribuirán con esta tendencia.  
4.111.   En materia a grícola, Corea sigue trabajando en la autosuficiencia en alimentos y productos 
básicos, y enfocándose en el arroz, la cebada, los cereales, los productos agropecuarios y el forraje. 
Sin embargo, debido a la escasez de tierras cultivables y el gran tamaño d e su población es muy 
difícil que supere su condición de importador neto de productos agrícolas. Por este motivo Corea 
tiene una política de aranceles agrícolas bastante altos que alcanzan un máximo de 887,4% en 
frontera, y el promedio de aranceles que apl ica de manera NMF de todos los productos agrícolas es 
más alto que los aplicados al resto de productos.  
4.112.   En el informe de la Secretaría se resalta que el precio interno de los productos agrícolas es 
demasiado alto, por lo que destacamos los 17 Tratados de Libre Comercio con 57 países que han 
concluido a 2021, pues estamos seguros que la complementariedad que surge de estas relaciones 
comerciales ayudan a liberalizar este mercado; un claro ejemplo es el TLC con Colombia, suscrito 
en 2013 y en vigor desde 201 6, donde las exportaciones de Colombia a Corea de café, bananos y 
flores cada vez tienen una mayor participación en el comercio bilateral.  
4.113.   Un aspecto que creemos importante destacar es la lucha que el Gobierno coreano mantiene 
contra la pesca ilegal, no d eclarada y no reglamentada (INDR); impone límites estrictos de captura 
total permisible con respecto a 14 especies de pesca de altura y pesca de bajura; y promueve el 
desarrollo acuícola en las zonas poco profundas que constituyen el 62% de su producción p esquera 
en 2020, un incremento del 5% desde el último examen (57% en 2016).  
4.114.   En materia de inversión extranjera también hubo importantes cambios durante el período 
evaluado. Hubo reformas normativas para marchitar las reducciones y exenciones al impuesto d e 
sociedades; también se otorgaron nuevos poderes al gobierno para incentivar la reinversión de las 
utilidades no distribuidas y no utilizadas; la posibilidad de finalizar contratos con las empresas con 
inversión extranjera que no cumplan con sus obligacio nes contractuales; y un refuerzo para el 
mecanismo de examen de IED enfocado en las empresas con posibilidades de divulgar tecnologías 
básicas nacionales. Corea sigue siendo uno de los mejores lugares para hacer negocios en el mundo 
y ocupa el 5 lugar entr e 190 países en el informe Doing Business de 2020.  
4.115.   Finalmente, necesitamos destacar el rol de Corea en la OMC. Es parte del Acuerdo sobre 
Tecnologías de Información (ATI) y de su expansión, y los aranceles de ATI II se eliminarán el 1 de 
enero de 2023; rat ificó el TFA en 2015 y tiene el 100% de sus compromisos en categoría A; y es 
miembro del GPA y aplica el Acuerdo revisado desde 2016. Este país es un firme defensor del sistema 
multilateral de comercio basado en normas de la OMC y participa activamente en todos los procesos 
actuales, incluyendo las diferentes iniciativas que surgieron de las Declaraciones Ministeriales 
Conjuntas. Además, es un Miembro constructivo en lo referente de la reforma de la Organización y 
participa en la discusión dentro del Grupo de Ottawa.  
4.116.   No me resta más que desearle a Corea el mayor de los éxitos en su Examen de Política 
Comercial y animamos al Embajador Lee y a su Misión a continuar su rol activo al interior de la OMC 
en pro de un mejor funcionamiento del sistema multilateral de comercio.  WT/TPR/W/ 197 • Republic of Korea  
 
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  MALAYSIA  
4.117.   Malaysia associates itself with the ASEAN statement that will be delivered by Brunei 
Darussalam.  
4.118.   Malaysia is pleased to participate in the eighth Trade Policy Review of the Republic of Korea 
and extends a warm welcome to H.E. Jeongil Kim, Deputy Minister for International Trade and Legal 
Affairs and his delegation. We thank the Republic of Korea and the Secretariat for their respective 
efforts in preparing comprehensive review reports, and the discussant, Ambassador Mathias Francke 
of Chile for his insightful comments.  
4.119.   At the outset, Malaysia commends the Republic of Korea for the remarkable economic growth 
during the review period and the resilience demonstrated amidst the challenges brought by the 
pandemic. We believe that this Review  is important to evaluate the Republic of Korea’s effectiveness 
in achieving its policy objectives throughout the review period and working towards navigating a 
post-COVID -19 future.  
4.120.   Malaysia and the Republic of Korea enjoy a strong and robust economic rel ationship. In 
2020, the Republic of Korea was Malaysia’s 7th largest global trading partner with a total export of 
USD 19.17 billion, an increase of 10.6%. The electrical and electronics sector remains the biggest 
component of our trade with the Republic o f Korea.  
4.121.   The Republic of Korea is an important source of foreign investment for Malaysia. In 2020, 
the Republic of Korea was Malaysia’s 7th largest overall source of foreign direct investment (FDI), 
with an FDI stock worth USD3.41 billion. As of March 2021 , a total of 385 manufacturing projects 
with participation from Korea had been implemented with total investments of USD8.0 billion and 
employed close to 53 thousand people.  
4.122.   At the multilateral front, we appreciate that the Republic of Korea has continued to promote 
a free and open economy based on market principles during the review period. We also appreciate 
the Republic of Korea’s active and constructive participation in the discussions to revitalize the 
multilateral trading system as well as continuous active engagements in WTO negotiations in the 
areas of e -commerce, investment facilitation for development and micro, small and medium -sized 
enterprises (MSMEs).  
4.123.   As the world faces the global pandemic, Republic of Korea plays an important role, along 
with other Members, in ensuring the flow of essential goods and services is not interrupted. A strong 
regional collaboration will facilitate ease of doing business in the region and thereby propel each 
country towards the much -needed economic growth.  
4.124.   We take this opportunity to thank the Republic of Korea for the responses to our questions 
which we shall examine with great interest. In closing, we wish the delegation o f the Republic of 
Korea a productive and successful eighth Trade Policy Review.  
KINGDOM  OF SAUDI  ARABIA  
4.125.   The Kingdom of Saudi Arabia is very pleased to take part in the eighth Trade Policy Review 
of the Republic of Korea and wishes to extend a very warm wel come to its distinguished delegation 
headed by H.E. Mr. Jeongil Kim, Deputy Minister for International Trade and Legal Affairs, Ministry 
of Trade, Industry and Energy.  
4.126.   The Kingdom of Saudi Arabia thanks the Republic of Korea and the Trade Policies Review 
Division of the WTO Secretariat for their detailed and comprehensive reports. We also thank the 
discussant H.E. Mr. Mathias Francke, Ambassador and Permanent Representative of Chile to the 
WTO for his insightful introductory remarks.  
4.127.   The trade policy review  reports highlight that during the period under review, Korea 
maintained strong economic fundamentals which have helped the country to maintain 
macroeconomic stability. In terms of GDP growth, Korea recorded a stable continued GDP growth 
for most of the pe riod under review at an average annual rate of 2.1%.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.128.   At the time of COVID -19 pandemic, Korea was able to weather the challenges caused by the 
pandemic comparatively well by taken a comprehensive set of fiscal and monetary policies along 
with other stimulus  measures.  
4.129.   International trade openness is clearly vital for Korea as it continues its development and 
growth by signing RTAs with 8 countries. Korea is to be commended for its integration into the world 
economy which was reflected by the high ratio of its  trade in goods and services to the GDP, which 
stood about 70% in 2020.  
4.130.   We also praise Korea for its performance in many areas such as its custom clearance 
performance which considered one of the best practices across the globe, undertaken several 
legislat ive amendments in competition policy, strengthen the legislations of the intellectual property 
rights.  
4.131.   Saudi Arabia has a strong trade relationship with Korea, and they are prominent trading 
partners. Trade exchange between the two countries in 2020 exceed ed USD 18 billion, which ranks 
Korea as the 6th commercial partner to Saudi Arabia in terms of trade volume. The Saudi Korean 
Joint Business Council was established to strengthen trade cooperation and to enhance investment 
opportunities in the two countrie s. 
4.132.   Korea as a G20 member and an active member of this house continues to play a main role 
in the reinforcement of the multilateral trading system. The Kingdom of Saudi Arabia congratulates 
Korea for its solid economic performance.  
4.133.   Before I conclude, I woul d like to express my sincere appreciation to H.E. Mr. Taeho Lee, 
Ambassador and Permanent Representative of the Republic of Korea to the WTO and his 
distinguished team for the excellent cooperation between our two Missions to serve our mutual 
interests and  thank them for their positive contributions to benefit our work here in the WTO.  
4.134.   To conclude, I wish the delegation of Korea a very successful Trade Policy Review.   
BRUNEI  DARUSSALAM  ON BEHALF  OF ASEAN  
4.135.   ASEAN warmly welcomes the delegation from the Republ ic of Korea led by Mr. Jeongil Kim, 
Deputy Minister for International Trade and Legal Affairs to their eighth Trade Policy Review, and 
thanks also the Government of the Republic of Korea and the WTO Secretariat for preparing such 
comprehensive reports. We also appreciate the overview by the discussant, His Excellency 
Ambassador Mathias Francke of Chile, for providing a useful summary of the matters under review.  
4.136.   ASEAN and the Republic of Korea share longstanding relations since 1989; and in 1997 the 
Republi c of Korea ’s dialogue partner status was elevated to a Leaders or Summit level. This rapid 
growth in partnership reflects the close relationship between ASEAN and the Republic of Korea . 
During the period under review, the Republic of Korea has become ASEAN ’s fourth largest trading 
partner and fifth largest source of foreign direct investment with two -way trade reaching 
USD 154.2  billion and FDI inflows from the Republic of Korea to ASEAN as of 2020 amounting to 
USD 6.8 billion.  
4.137.   One of our most recent achiev ements together has been the signing of the Regional 
Comprehensive Economic Partnership Agreement on 15 November 2020, the largest free trade 
agreement in the world covering a market of 2.2 billion people (almost one third of the world’s 
population), and w ith a combined size of USD 26.2 trillion or 30% of the world’s GDP. We therefore 
welcome the Republic of Korea ’s efforts towards the ratification of this agreement.  
4.138.   In 2019, we celebrated the 30th Anniversary of ASEAN -Republic of Korea  Dialogue Relations 
with a Commemorative Summit held in Busan, which adopted the ASEAN -Republic of Korea  Joint 
Vision Statement for Peace, Prosperity and Partnership. This set out a framework to deepen and 
enhance our strategic partnership and cooperation, allowing us to better respond to regional and 
global future opportunities and challenges and to contrib ute to enhancing regional and international 
peace, security, stability, prosperity and partnership.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.139.   This also builds upon the Republic of Korea ’s “New Southern Policy” introduced in 2017 which 
aims to substantially elevate the partnership between ASEAN and  the Republic of Korea  in three 
pillars of: People, Prosperity, and Peace, corresponding with the three pillars of the ASEAN 
Community. One example of how this has benefited ASEAN is the doubling of contribution to 
USD 14 million annually by the Government  of the Republic of Korea  to the ASEAN -Republic of Korea  
Cooperation Fund, a fund which was strengthened in 2019 for cooperation on project based 
activities.  
4.140.   The announcement by the Republic of Korea of the “New Southern Policy Plus” in 2020, an 
upgraded v ersion of the “New Southern Policy”, seeks to further advance the ASEAN -Republic of 
Korea  relations in a more practical way in line with the priorities of ASEAN in the post -COVID -19 
pandemic recovery, and was therefore also a welcome addition and illustrat es the priority the 
Republic of Korea continues to place on its relations with ASEAN.  
4.141.   ASEAN looks forward to strengthening its cooperation and engagement with the Republic of 
Korea , including through the ASEAN -Korea Free Trade Agreement.  
4.142.   ASEAN further re cognizes the important contributions of the Republic of Korea to the 
international community, and its active engagement in the multilateral trading system, particularly 
in the WTO negotiations and the works of the various committees. We appreciate the lead ership role 
the Republic of Korea has shown, not least by committing, in 2019, not to seek special and 
differential treatment for developing countries in ongoing and future negotiations of the WTO, as 
well as the upgrade of its status to developed country under UNCTAD in July of this year. ASEAN 
also acknowledges the Republic of Korea ’s outstanding effort in effectively responding to the 
COVID -19 pandemic and the role it has played in international cooperation in this regard, especially 
in the assistance it  has provided to developing countries.  
4.143.   We congratulate the Republic of Korea on their many achievements and look forward to 
continuing the close cooperation with them and with His Excellency Ambassador Taeho Lee and his 
team at the Geneva Mission, in part icular.  
4.144.   Some ASEAN member States have submitted written questions to the Republic of Korea , 
and we would like to express our appreciation in advance for the written responses.  
JAPAN  
4.145.   Japan welcomes the distinguished delegation of the Republic of Korea head ed by Mr. Jeongil 
Kim, Deputy Minister for International Trade and Legal Affairs to today’s Trade Policy Review (TPR) 
meeting. We express our appreciation to the Government of the Republic of Korea and the WTO 
Secretariat for their dedicated efforts to pre pare the insightful reports shared with the Members in 
advance. Our delegation also offers its appreciation to the discussant, H.E. Mr. Mathias Francke, 
Ambassador of Chile, for his insightful remarks.  
4.146.   At the outset, Japan wishes to mention that it appreci ates the Republic of Korea’s efforts to 
restore its economy amid the uncertainty caused by COVID -19. We acknowledge the “Korea New 
Deal” policy announced in July 2020, and the vision it sets out to address the global crisis and to 
prepare for the post -pandemic phase. According to the report by the Secretariat, the Republic of 
Korea’s economy, which marked 3.2% growth in 2017, shrank by 0.9% in 2020 due to the pandemic. 
Considering our close economic relations with the Republic of Korea, Japan looks forward to the 
recovery of its economic growth.  
4.147.   Japan also commends the Republic of Korea for its proactive support for the multilateral 
trading system. Japan acknowledges that the Republic of Korea has actively engaged in international 
rulemaking, including its active participation in the JSI on e -comm erce. Japan also commends the 
Republic of Korea’s decision in 2019 to forgo its developing country status and take on the 
responsibilities commensurate with its economic development.  
4.148.   Since the previous TPR in 2016, we acknowledge that the Republic of Kore a has signed five 
new RTAs, including the Korea -Central America FTA as well as the RCEP agreement. We expect the 
Republic of Korea to continue its efforts to realize high -standard FTAs, including through their steady 
implementation after their entry into f orce. WT/TPR/W/ 197 • Republic of Korea  
 
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  4.149.   On this occasion, Japan would like to refer to three issues between our two countries.  
4.150.   First, we would like to urge the Republic of Korea to lift its import restrictions on food 
products from Japan. Ten years since the Great East Japan Earthquake in 2011, out of 55 countries 
who introduced import restrictions on Japanese food products after the earthquake, 41 countries 
have already abolished those restrictions. And another 13 countries have considerably relaxed their 
restrictions. It is indeed regrett able to see that only five countries and regions, including the Republic 
of Korea, continue to maintain severe restrictions, including import bans. This is regardless of the 
fact that the safety of Japanese food products has been widely acknowledged by the  international 
community to be free of problems from a scientific viewpoint.    
4.151.   Second, we would like to point out the complexity of the Republic of Korea’s “Industrial 
Safety & Health Law”, which provides a legal framework for the manufacturing and export  of 
chemical products. The Law obligates registration and disclosure of all chemical ingredients in a 
product, including those with very low content levels. This legislation has been causing concern 
among business over the risk of exposure of business conf idential information (BCI), and over 
excessive procedural burdens in obtaining a permit to avoid such risks. Japan would like to request 
that improvements be made to this legislation.  
4.152.   Our third point refers to the Panel case of “Korea – Sunset Review of A nti-Dumping Duties 
on Stainless Steel Bars (DS553)”. The Panel legitimately determined the deficiencies inconsistent 
with the WTO Anti -Dumping Agreement, which invalidates the likelihood -of-injury determination by 
the competent authority of the Republic of  Korea. Japan finds it regrettable that the objective and 
appropriate findings of the Panel were appealed and that the anti -dumping duties remain levied 
upon stainless steel bars produced in Japan. Japan therefore urges the Republic of Korea to comply 
with its obligations under the WTO Agreement in line with the Panel findings, and immediately abolish 
the anti -dumping duties.  
4.153.   In conclusion, Japan would like to highlight the importance of the continuing engagement 
by the Republic of Korea with the maintenan ce and strengthening of the multilateral trading system. 
Japan would like to work together with the Republic of Korea to this end.  
CANADA  
4.154.   Canada joins others in welcoming Ambassador Lee and the delegation of the Republic of 
Korea to its Trade Policy Review . Canada is very pleased to be participating in this important 
discussion.  
4.155.   First, we commend Korea on its open and inclusive approach to trade. Through sustained 
multilateral engagement, bilateral and plurilateral free trade agreements, Korea has demonstr ated 
the benefits of global trade liberalization and participating in a rules -based system, as it completed 
its historic transition from a developing country to a donor country.  
4.156.   Second, we commend Korea’s dual efforts to minimize the impacts of the COVID -19 
pandemic, and to address its economic repercussions. We welcome Korea’s commitment to vaccine 
equity and congratulate Korea on its recovery to pre -pandemic economic output levels in the first 
quarter of 2021, placing it among the first of OECD countries  to do so. It is clear that Korea’s efforts 
are bearing fruit.   
4.157.   The importance of innovation has been underscored by the COVID -19 pandemic as 
governments strive to manage the health crisis and adjust economies and supporting infrastructures 
to minimize th e economic impact on its people. Against this backdrop, Korea is to be congratulated 
on being ranked first in the world this year on the Bloomberg Innovation Index; an index Korea has 
now topped for seven of the nine years that it has been published.  
4.158.   We we lcome the government’s ‘Korean New Deal’ initiative comprised of three pillars: 
Digital, Green, and Human. We understand its aims toward establishing an infrastructure for a digital 
economy; a low carbon, eco -friendly economy; and strengthening social safe ty nets while fostering 
talent in new industries. We encourage Korea to work together with trading partners like Canada to 
ensure the success of the New Deal by sharing best practices and providing business opportunities 
in digital and green sectors.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.159.   We a lso commend the core values of Korea’s economic policy: innovation, inclusion, and 
fairness. We share the perspective that a strong social safety net is a key component of reducing 
inequality. We welcome Korea’s new initiatives to combat unfair business pr actices. Combatting 
unfairness should also be applied to international trade by breaking down trade barriers and 
resolving market access issues.  
4.160.   We note Korea’s reliance on fossil fuels to meet its current energy needs, as highlighted in 
the Secretariat’s  report, and we welcome the government’s initiation of the Green New Deal and 
Energy Master Plan to guide Korea’s energy transition. Achieving the ambitious targets that Korea 
has set to achieve carbon neutrality by 2050 will require international partners hips, and Canada 
stands ready to explore greater cooperation with Korea as it seeks to meet its current and future 
energy needs.  
4.161.   Canada is pleased with our cooperation with Korea bilaterally and multilaterally. The 
Canada -Korea Free Trade Agreement, Canad a’s first and only bilateral trade agreement in the 
Asia-Pacific region, has been in force for the past six years. Our Science, Technology and Innovation 
Agreement has been in force for four years. Korea is a valued partner in international fora, including  
the G20, WTO, APEC and OECD.  
4.162.   In terms of participation in the WTO’s work and in the multilateral trading system, Canada 
welcomes Korea’s very good notification record. In addition, its co -sponsorship of the proposal to 
enhance transparency and improve not ification compliance also attests to the importance Korea 
places on the need to keep Members informed of its trade policy.  
4.163.   Canada appreciates Korea’s participation and leadership in the joint statement initiative on 
investment facilitation for development.  We also appreciate Korea’s ongoing engagement in the 
Trade and Environmental Sustainability Structured Discussions and its support for the Buenos Aires 
Declaration on Women and Trade.  
4.164.   We value Korea’s active engagement on WTO reform and in the Ottawa Grou p and we 
encourage the Government to consider joining the Multi -Party Interim Appeal Arbitration 
Arrangement as soon as possible.  
4.165.   We have submitted a number of questions and we thank Korea for its responses. We are 
reviewing those responses to determine wh ether we will be posing any follow -up questions.  
4.166.   We are pleased to consider Korea as a valued trade, investment, and diplomatic partner. We 
look forward to continuing to work with you on the global stage and we wish Korea a productive and 
useful Trade Pol icy Review.  
THE SEPARATE  CUSTOMS  TERRITORY  OF TAIWAN,  PENGHU,  KINMEN  AND  MATSU  
4.167.   On behalf of the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, I would 
like to welcome the delegation of the Republic of Korea, led by Deputy Minister for Inte rnational 
Trade and Legal Affairs, Ministry of Trade, Industry and Energy Mr. Jeongil Kim, to its 8th Trade 
Policy Review. I also wish to thank the discussant, Ambassador Mathias Francke of Chile, for his 
insightful discussion, and the WTO Secretariat for its excellent Report.  
4.168.   The Republic of Korea plays an important role in world trade and global economy. Its 
economy maintained stable and resilient during the period since its last review. Even during the 
COVID -19 outbreak, Korea was able to weather the pan demic comparatively well. The IMF predicts 
that in 2021 the global economy will continue to recover, with Korea growing by 3.6%. We are 
pleased to see that the Korean government continues to pursue a free and open economy based on 
market principles and foc using on transparency, SMEs, job creation, greener energy, and regulatory 
reforms. Its trade agenda sets a good example for many WTO Members.  
4.169.   At the multilateral level, we applaud Korea’s active participation in WTO’s activities, including 
the negotiations  and regular Committee works. In particular, it contributes to new multilateral 
initiatives, such as ITA expansion, trade facilitation, and WTO reform, as well as plurilateral 
initiatives, such as e -commerce, trade and environment, and investment facilitat ion. In addition, we 
fully share Korea’s dedication to enhancing the trade capacities of developing countries and LDCs. WT/TPR/W/ 197 • Republic of Korea  
 
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  We stand ready to collaborate further with Korea on ways of enhancing the multilateral trading 
system.  
4.170.   In the area of fisheries, we valu e our cooperation with Korea in the continuous fight against 
illegal, unreported, and unregulated (IUU) fishing, in identifying proper disciplines to prohibit harmful 
subsidies, and in the promotion of the development of sustainable fisheries and aquacultu re 
production.  
4.171.   We are also pleased to collaborate with Korea on issues such as the systematic concerns of 
the WTO, increasing transparency of Members’ trade practices, improving procedures to address 
trade concerns, as well as trade and public health. We w ill continue to work with Korea to strengthen 
the deliberative functions of the WTO.  
4.172.   At the bilateral level, we have long enjoyed close partnership with Korea in the areas of 
trade and the economy. The two sides are each other's fifth largest trading partners. Korea is our 
6th biggest export market and 4th largest import source. In 2020, bilateral trade volume continued 
to grow by 3.1% even during the pandemic. This trend continued from January to August this year. 
The important areas of cooper ation range from smart cities, biotechnology and medicine, new 
innovations, and electric vehicle operation facilities, to culture, tourism, etc. Both sides can certainly 
extend their cooperation in the supply chain resilience and digital trade beyond the p andemic. We 
look forward to further strengthening the economic cooperation in the future at bilateral, plurilateral, 
and multilateral levels.  
4.173.   We have raised some written questions and would like to thank Korea in advance for its 
replies.  
4.174.   Finally, we wish the Republic of Korea a productive and successful Trade Policy Review.  
PHILIPPINES  
4.175.   At the outset, the Philippines associates itself with the ASEAN statement delivered by Brunei 
Darussalam, recognizing the robust economic relations between the ASEAN member States and the 
Republic of Korea (ROK).  
4.176.   The Philippine delegation warmly welcomes and congratulates the delegation of Korea led 
by Deputy Trade Minister Jeongil Kim, and Ambassador Taeho Lee on their 8th Trade Policy Review. 
We also thank Ambassador Mathia s Francke of Chile for his insightful comments as discussant, and 
the WTO Secretariat for a comprehensive Report.  
4.177.   The Philippines has a longstanding bilateral relationship with Korea which started in 
March  1949 when the Philippines became the fifth countr y to recognize the Republic of Korea which 
was inaugurated in August 1948. The relationship further developed in the course of the decades 
through cooperation in both bilateral and multilateral fronts in areas of economics, politics, security, 
and socio -cultural and development fields.  
4.178.   In January 2013, the Joint Commission for Trade and Economic Cooperation (JCTEC) 
between the Philippines and Korea was established to strengthen the bilateral trade and economic 
relations between the two countries. The first  meeting of the JCTEC was held in June 2019 to bolster 
economic cooperation and identify areas of mutual interest to take advantage of the 
complementarities of the two economies.  
4.179.   The Philippines -Korea Free Trade Agreement negotiations was also launched in  June 2019 
to advance mutually beneficial economic relations through a comprehensive and future -oriented 
Agreement. The FTA, which is now in the final stages of concluding the negotiations, will be an 
important vehicle for improving the balance of trade wi th Korea through enhanced trade flows, 
facilitating the movement of natural persons, and generating more investment opportunities and by 
extension, job generation possibilities.  
4.180.   Since its last Trade Policy Review, Korea has climbed up from being the Phili ppines’ 8th 
major trading partner in 2015 to being its 5th major trading partner in 2020 with total bilateral trade 
valued at USD 9.75 billion. It also consistently ranked as among the Philippines’ major sources of WT/TPR/W/ 197 • Republic of Korea  
 
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  foreign investments ranking 3rd with USD 800.8 million in 2019 and ranking 8th with USD 83.8 
million in 2020.  
4.181.   Korea’s relatively strong economic fundamentals and solid buffers to external shocks have 
helped the country maintain macroeconomic stability and ensure the resilience of its export -led 
economy. It ranked as the world’s seventh largest exporter and ninth largest importer of 2020, 
representing 3% of the world’s trade volume. Its openness to international trade and its integration 
into the world economy continued to be reflected by the high ratio of its trade in goods and services 
to GDP, which stood at 69.2% in 2020.  
4.182.   Korea’s world GDP ranking also maintained an upward trajectory from 14th in 2016 to 10th 
in 2020 despite the fluctuations caused by the volatility in the global economy and the  COVID -19 
pandemic. During the review period, its annual GDP growth peaked at 3.2% (2017) and 
progressively declined to -0.9% (2020) due to the pandemic, but still a considerably milder 
contraction than in most other advanced economies.  
4.183.   The Philippines no tes Korea’s efforts to reduce inequality and secure its growth potential 
while pursuing the liberalization of global trade. We recognize the Korean Government’s policy efforts 
to realize a “human -centric economy” by upholding its three core values of innov ation, inclusion, 
and fairness, complemented by the Administration’s “Korean New Deal” initiative to address the 
impact of the global crisis.  
4.184.   We also acknowledge Korea’s New Southern Policy and New Northern Policy, which expand 
its FTA network based on th e understanding that market opening and liberalization would help 
enhance its national competitiveness. It has taken part in a number of FTAs, including the recently 
signed Regional Comprehensive Economic Partnership or RCEP, helping further promote trade 
liberalization in the region and paving a way for a mutually beneficial economic cooperation.  
4.185.   Korea is one of the founding Members of the WTO and it has achieved rapid economic growth 
and development through the multilateral trading system. It has successf ully transformed itself from 
an aid -recipient country to a donor country.  
4.186.   The Philippines commends Korea’s commitment to the multilateral trading system and for 
actively participating in the various WTO negotiations including the WTO reform, fisheries subs idies, 
electronic commerce, investment facilitation, trade and environmental sustainability, domestic 
regulation in services, and MSMEs. It also plays a leading role in the Joint Ministerial Statement to 
facilitate the movement of essential goods, services , and personnel during the COVID -19 pandemic.  
4.187.   The Philippines has submitted advance written questions on the TPR reports and we thank 
the delegation of Korea for their prompt replies.  
4.188.   In closing, the Philippines looks forward to further enhancing the mutu ally beneficial 
economic relations with the Republic of Korea in the bilateral, regional, and multilateral fora.  
AUSTRALIA  
4.189.   On behalf of Australia, I would like to warmly welcome Deputy Minister Kim and his 
delegation to this Trade Policy Review of Korea, a nd thank the discussant, Ambassador Francke of 
Chile.  
4.190.   The strong economic relationship between Australia and the Republic of Korea (ROK) is a 
clear example of the benefits of trade in allowing countries to follow their comparative advantages, 
with benefits  flowing to their citizens. Australia is a major supplier of iron ore, coal, LNG, beef, and 
aluminum to the Republic of Korea. And the Republic of Korea is a major supplier of passenger 
vehicles and refined petroleum to Australia. As a consequence, we have  seen steady growth in two -
way trade, with the unusual decline in two -way trade in 2020 to AUD 35 billion (from AUD 41 billion 
in 2019) reflecting COVID -19 related trade impacts. Overall, the Republic of Korea was Australia’s 
4th largest goods and services  two-way trading partner in 2020.  
4.191.   The Korea -Australia Free Trade Agreement has been vital in strengthening this economic 
relationship, as demonstrated by high utilization rates on both sides. Australia and the Republic of WT/TPR/W/ 197 • Republic of Korea  
 
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  Korea are examining options to fu rther expand and diversify our economic relationship as we elevate 
the bilateral relationship to a Comprehensive Strategic Partnership.  
4.192.   The Republic of Korea , like Australia, is on track to ratify RCEP by the end of 2021. Australia 
continues to engage inf ormally with the Republic of Korea on its interest in accession to the CPTPP.  
4.193.   Australia commends the Republic of Korea 's plan for a ‘Korean New Deal’ to aid its COVID -19 
economic recovery, focusing on digital infrastructure and human capital green initiatives to drive 
future economic development and reduce emissions. We expect to soon agree a Low Emissions 
Technology Partnership. Australia has also been pleased to work with the Republic of Korea in 
exploring opportunities for liberalization of environmental goods and services trade in the WTO, 
including through the Trade and Environmental Sustainability Structured Discussions (TESSD) and 
exploratory market access discuss ions under the Council for Trade in Services.  
4.194.   Australia and the Republic of Korea agree on the importance of resilient supply chains amid 
the COVID -19 pandemic and beyond. We are both cosponsors of the Trade and Health Initiative, to 
support the trade of e ssential medical products. We want to work with the Republic of Korea on 
supply chain resilience in other areas, including critical minerals.  
4.195.   Australia encourages the Republic of Korea to consider the potential to reduce tariffs and 
simplify its tariff st ructure. We note Korea's average applied MFN tariff rate remains high and its 
tariff structure has changed little since the last Review. The WTO Secretariat Trade Policy Review 
report notes that reducing high tariffs, particularly for agricultural products , would improve Korea's 
resource allocation and national welfare.  
4.196.   Trade in services represents an important potential growth engine for the Republic of Korea 
economy, but this sector continues to be underdeveloped, with services sector productivity lagging  
the OECD average. Further services liberalization, and enhancing transparency and modernization 
of services domestic regulation, would enhance the Republic of Korea 's global competitiveness, 
support foreign investment and create local jobs.  
4.197.   Australia notes state -owned enterprises continue to play a major role in the Republic of 
Korea , particularly in the energy sector where prices are often regulated. The liberalization of the 
Republic of Korea 's energy and resources sector would represent a n opportunity to increase 
competition and boost efficiency, provide more options for Korean consumers, move towards 
market -based tariffs and facilitate foreign investment.  
4.198.   On investment, Australia notes that the Republic of Korea 's inward foreign direct i nvestment 
remains amongst the lowest in the OECD despite the Korean government's efforts to promote and 
attract FDI. Ongoing concerns by business regarding the regulatory environment in the Republic of 
Korea , including the complexities of registration, not ification, licensing and approval requirements, 
appear to be impeding foreign investment. Australia looks forward to continuing to share experiences 
with the Republic of Korea on enhancing regulatory transparency and streamlining regulatory 
procedures.  
4.199.   Australia commends the Republic of Korea 's trade facilitation efforts, which have been 
recognized internationally. Australia appreciates the ROK's constructive contributions to the WTO 
trade facilitation discussions and looks forward to working with Korea i n the TFA’s ongoing 
improvement, including in advance consultation, streamlining border procedures and interagency 
cooperation. We welcome the Republic of Korea ’s leadership in supporting plurilateral rulemaking, 
particularly its role in the services domes tic regulation JSI, and its constructive engagement in the 
e-commerce JSI.  
4.200.   In relation to agriculture, Australia urges the Republic of Korea to work constructively with 
stakeholders and in accordance with its WTO transparency obligations to minimize potent ial trade 
disruptions arising from the development of a Positive List System for pesticides and agricultural 
veterinary chemicals residue limits. We urge the Republic of Korea to implement arrangements that 
remove duplication and costs for trading partners , for example through foreign facility audits being 
conducted jointly by Korean regulators.   WT/TPR/W/ 197 • Republic of Korea  
 
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  4.201.   Australia looks forward to continuing to work closely with the Republic of Korea to strengthen 
the rules -based multilateral trading system and deepen our bilatera l economic relationship.  
4.202.   To conclude, let me wish Korea and the delegation a very successful Trade Policy Review.  
COSTA  RICA 
4.203.   En nombre del Gobierno de Costa Rica, quisiera dar una calurosa bienvenida a la delegación 
de Corea, encabezada por el Señor Jeongi l Kim, Ministro Adjunto de Comercio Internacional y 
Asuntos Jurídicos, así como al Embajador y Representante Permanente de Corea ante la OMC, 
S.E. Taeho Lee, y a su equipo aquí en Ginebra, y agradecerles por su informe y excelente 
presentación esta mañana.  De igual forma, quisiera extender este agradecimiento al Embajador 
Francke por sus atinados comentarios y a la Secretaría de la OMC por el informe elaborado.  
4.204.   Costa Rica se complace en participar en este Examen de Políticas Comerciales de Corea. 
Corea rep resenta el tercer socio comercial de importancia para Costa Rica en el continente asiático. 
El comercio bilateral entre Costa Rica y Corea sumó USD 228 millones en el año 2020, suma que 
esperamos crezca aún más en los próximos años a la luz del tratado de libre comercio que entró en 
vigor recientemente entre ambos países.  
4.205.   Costa Rica quisiera resaltar el valor primordial que Corea le otorga a la OMC en su estrategia 
de integración económica, así como su apoyo decidido al sistema multilateral del comercio. A l igual 
que Corea, Costa Rica participa en iniciativas conjuntas como la de Microempresas y pequeñas y 
medianas empresas (MIPYMEs), facilitación de inversiones, comercio electrónico, reglamentación 
nacional en la esfera de los servicios y comercio y sosten ibilidad ambiental.  
4.206.   En relación con el Examen específicamente, rescatamos la estabilidad económica 
experimentada por Corea, gracias a la aplicación de medidas adecuadas de política pública. A pesar 
de la pandemia provocada por el COVID -19, la tasa de crec imiento anual del PIB durante el período 
objeto de examen se situó en una tasa promedio del 2%.  
4.207.   La apertura económica coreana al comercio internacional y su integración en la economía 
mundial siguen jugando un papel importante en este marco de crecimiento  y estabilidad económica. 
Tanto las exportaciones de bienes coreanos como la inversión extranjera directa registraron fuertes 
crecimientos durante este período, lideradas por el intercambio comercial en el mercado regional 
Asia-Pacífico.  
4.208.   Durante el períod o actual de examen, vemos con interés los cambios introducidos por Corea 
a su régimen de inversión extranjera directa. A pesar de que estos cambios son relativamente 
recientes, nos gustaría conocer si Corea cuenta con alguna evaluación preliminar de los re sultados 
obtenidos por los mismos y si tiene previsto introducir modificaciones adicionales, en particular en 
relación con la eliminación de restricciones a la inversión extranjera en otras actividades de la 
economía coreana.  
4.209.   Otro aspecto que nos llama la  atención es la política energética de Corea, altamente 
dependiente en los combustibles fósiles. En ese sentido, resaltan los planes y medidas impulsadas 
por el gobierno coreano para incrementar el porcentaje de electricidad de fuentes renovables y 
elimina r gradualmente el carbón y la energía nuclear del conjunto de fuentes renovables de energía 
del país. Alentamos a Corea por ese rumbo y de esa forma alcanzar las metas previstas en el llamado 
“New Deal Verde” de lograr la neutralidad de las emisiones de ca rbono para el año 2050.  
4.210.   Dentro de los aspectos positivos del examen vemos con buenos ojos los ajustes introducidos 
por Corea a su legislación en materia de política de competencia y a su régimen de propiedad 
intelectual, reformas que seguramente contribui rán a una mayor promoción de la innovación y la 
competencia en la era de cuarta revolución industrial.  
4.211.   Finalmente, estamos muy satisfechos con la entrada en vigor y notificación del Tratado de 
Libre Comercio entre Centroamérica y Corea, que nos habilita p ara trabajar en reducciones 
arancelarias y la mejora de las condiciones de acceso a mercado de ambas partes, especialmente 
en productos agrícolas. En este sentido, seguiremos con interés los pasos que esté dando Corea WT/TPR/W/ 197 • Republic of Korea  
 
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  hacia un comercio agrícola más orienta do al mercado y para aumentar la competitividad y la 
productividad de este sector a largo plazo.  
4.212.   En el marco de este Examen de Políticas Comerciales, Costa Rica presentó a Corea algunas 
preguntas sobre varios elementos de su política comercial. Quisiera ag radecer la atención que Corea 
ha dado a estas preguntas, y desearle muchos éxitos en este Examen de Políticas Comerciales.  
ARGENTINA  
4.213.   Quisiéramos asociarnos a los Miembros que han dado la bienvenida a la delegación de la 
República de Corea, encabezada por e l Sr. Jeongil Kim, Viceministro de Comercio Internacional y 
Asuntos Legales del Ministerio de Comercio, Industria y Energía de Corea.  
4.214.   Agradecemos los informes preparados por la República de Corea y por la Secretaría y los 
valiosos comentarios y observacion es del Embajador Francke que nos han permitido profundizar 
nuestro conocimiento de las prácticas comerciales de este Miembro.  
4.215.   La República de Corea es un destacado socio comercial de la Argentina. A Corea exportamos 
principalmente cereales, pescados y fru tos de mar, productos farmacéuticos y alimentos para 
animales, mientras que Corea nos provee de maquinarias y productos eléctricos, productos químicos 
y plásticos.  
4.216.   El comercio bilateral es próspero, pero se encuentra aún lejos de su potencial. Para ayudar 
a expandirlo valoramos la negociación del acuerdo comercial entre Corea y el MERCOSUR. Desde 
2018 el MERCOSUR y Corea negocian un Acuerdo de Libre Comercio que busca ser mutuamente 
beneficioso y equilibrado para las partes, poniendo el eje en la liberaliza ción comercial progresiva, 
la cooperación y la creación de empleo.  
4.217.   Las negociaciones de este acuerdo no fueron ajenas a las dificultades propias de la pandemia 
de COVID -19, pero ya nuestros equipos negociadores han podido retomar las rondas de negociación 
en formato virtual. Las diferentes matrices económicas de Argentina y Corea y la composición de 
nuestro comercio bilateral representan un desafío en esta negociación. No obstante, confiamos que 
en las próximas rondas se logren avances sustantivos, particul armente en materia de medidas 
sanitarias y fitosanitarias, servicios y compras gubernamentales.  
4.218.   Asimismo, celebramos que en mayo de 2019 Corea haya levantado las restricciones a la 
importación de carne bovina procedente de algunos países europeos y espera mos un firme avance 
en las negociaciones bilaterales en curso para la apertura del mercado coreano a las exportaciones 
argentinas de carne bovina y aviar.  
4.219.   La Argentina observa con beneplácito el crecimiento sostenido del PBI de Corea, y celebra 
los esfuerzos llevados adelante por sus autoridades para potenciar su crecimiento al tiempo que se 
reduce la desigualdad y se promueve el libre comercio.  
4.220.   Son también  destacables las medidas adoptadas por Corea para hacer frente a los 
desequilibrios de la pandemia de COVID -19 y mantener su lugar entre las economías más 
competitivas del mundo.  
4.221.   La Argentina entiende que las PyMEs son un pilar central de la economía y pr incipales fuentes 
de empleo. Por ello destacamos las medidas de aliento a las PyMEs que forman parte del New Deal 
de Corea, junto con el fomento de la innovación y el respeto del medio ambiente.   
4.222.   Destacamos la importancia de Corea como inversor a nivel mundial y vemos con buenos 
ojos el aumento paulatino de las inversiones coreanas en nuestro país. Por ejemplo, en el sector del 
litio, las empresas coreanas han anunciado que expandirán las inversion es en Argentina, alentadas 
por los excelentes resultados obtenidos. Corea es también un socio clave de Argentina en el 
desarrollo del hidrógeno como fuente de energía limpia. Estamos evaluando las perspectivas y 
modalidades de cooperación a futuro, que nos  permitan desarrollar conjuntamente este recurso.  
4.223.   La República Argentina reconoce en Corea un miembro activo y comprometido del sistema 
multilateral de comercio. Somos parte, junto con Corea, de numerosas iniciativas como la WT/TPR/W/ 197 • Republic of Korea  
 
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  Declaración Conjunta sobre el Comercio Electrónico, la Facilitación de las Inversiones, las MIPYMES, 
entre otros.  
4.224.   Asimismo, la Argentina destaca que en 2019 la República de Corea haya dejado de solicitar 
el trato especial reservado para países en desarrollo para sus negociaciones en c urso y futuras.  
4.225.   En el marco de este examen de política comercial, hemos presentado a la República de Corea 
preguntas vinculadas, entre otros temas, con la reglamentación en materia sanitaria y fitosanitaria, 
reglamentación cuarentenaria e indicaciones geo gráficas. Agradecemos de antemano las respuestas 
proporcionadas, las cuales serán debidamente estudiadas por nuestras autoridades en Buenos Aires.  
4.226.   Para concluir, quisiéramos reiterar nuestro reconocimiento por esta nueva oportunidad de 
intercambiar conside raciones sobre las prácticas comerciales de Corea. Deseamos a la delegación 
coreana una exitosa conclusión de este ejercicio.  
EUROPEAN  UNION  
4.227.   Let me first welcome the delegation of the Republic of Korea, led by Mr Jeongil Kim, Deputy 
Minister for Internatio nal Trade and Legal Affairs (Ministry of Trade, Industry and Energy). I would 
also like to thank the discussant, H.E. Mr. Mathias Francke (Ambassador of Chile) for his introductory 
remarks and the Secretariat and Government of Korea for their respective re ports.  
4.228.   With a GDP of over USD 1.7 trillion in 2020, Korea ranked as the 10th largest economy in 
the world, the 4th largest economy in Asia, but also the 5th largest exporter and 7th largest importer 
of goods in the world and also in the top 10 of services exporters and importers in the world. Thanks 
to its effective management of the pandemic, it has demonstrated a remarkable economic resilience 
through the COVID crisis, with a decline of GDP limited to 1% 2020, the OECD’s best performance 
and the second be st among G20 countries. In this context, the EU commends Korea for providing 
practical support in the early phase of the epidemic, by exporting test kits worth around 
USD 3.4 billion.  
4.229.   With trade in goods and services worth 70% of its GDP in 2020, Korea rem ains one of the 
most open G20 economies. For the EU, it is a key partner in the Indo -Pacific region. The EU -Korea 
Free Trade Agreement is the bedrock for our strong trade relationship over the past 10 years. With 
9.3%, the EU was the fourth largest destina tion of Korean exports; with 11.9% of imports, it was 
Korea’s third -largest supplier.  
4.230.   The EU notes the similarity between the Korean New Deal with its green and digital pillars, 
and the EU’s own policy priorities, which opens up avenues for cooperation bo th bilaterally and in 
multilateral fora. In this respect, the EU welcomes Korea’s pledge to also achieve carbon neutrality 
by 2050.  
4.231.   The EU and Korea share common values and a common interest in supporting multilateralism 
in general and the WTO in particul ar. The EU therefore commends Korea’s active engagement in the 
WTO negotiations on fisheries subsidies, e -commerce, investment facilitation, and services domestic 
regulation negotiations.  
4.232.   The EU and Korea share commitments to WTO reform, and work closely together in the 
Ottawa Group. The EU also welcomes Korea’s activity on environment -related issues, including under 
the umbrella of the Trade and Environmental Sustainability Structured Discussions.  
4.233.   The EU also commends Korea’s October 2019 decision to no l onger seek special treatment 
reserved for developing countries in current and future WTO negotiations. Korea’s own experience 
of transforming from an aid -recipient country to a donor country over a few decades is a striking 
example of the benefits brought about by trade liberalization.  
4.234.   The EU would like to take the opportunity of this review to thank Korea for its cooperation 
on labour rights. In particular, the EU would like to reiterate its congratulations to Korea for ratifying 
three fundamental ILO Conv entions in December and looks forward to the ratification of the 
outstanding fundamental ILO Convention.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.235.   Finally, with regard to sanitary and phytosanitary matters the EU regrets that no significant 
improvements have been recorded in Korea during the perio d under review. The EU notes the 
continued discrepancies between the Korean legislation, the WTO SPS Agreement and the relevant 
international standards of the OIE, especially for the recognition of regionalization and lengthy and 
overly burdensome approval  procedures. Instead of recognizing EU regionalization measures, Korea 
continues to impose country -wide bans on EU Member States when an animal disease outbreak 
occurs (African Swine Fever, Avian Influenza). The EU urges Korea to take prompt steps and the 
authorize the pending applications of beef imports as it has done for only two EU Member States so 
far. 
4.236.   On behalf of the EU, I wish the Republic of Korea a very productive and successful Review.  
THAILAND  
4.237.   At the outset, Thailand would like to associate itse lf with the ASEAN statement delivered by 
Ambassador Mazlizah Mahalee of Brunei Darussalam.  
4.238.   Thailand is very pleased to participate in the 8th Trade Policy Review of Republic of Korea. 
We extend our warmest welcome to the Korean delegation led by His Excel lency Mr. Jeongil Kim, 
Deputy Minister for International Trade and Legal Affairs, and to Ambassador Lee Taeho, the 
Permanent Representative to the WTO . 
4.239.   We would like to express our appreciation to Ambassador Mathias Francke of Chile, for his 
contribution a s a discussant. We would also like to thank the Government of Republic of Korea and 
the WTO Secretariat for preparing such comprehensive reports.  
4.240.   Over the past 63 years of the diplomatic relations between Thailand and Republic of Korea, 
the two countries h ave developed close ties in politics, trade and investment, culture, education, 
and people -to-people exchanges. I am confident that the relationship between Thailand and Republic 
of Korea will continue to grow as mutually beneficial strategic partners.  
4.241.   Thailand commends Republic of Korea for her strong and resilient economic fundamentals 
as well as effective and responsive policy measures which have enabled Republic of Korea to weather 
the COVID -19 pandemic relatively well. This is evident as the Republic of Korea’s GDP contracted by 
a modest -0.9% in 2020. In 2021, the Korean economy is expected to recover and record a robust 
growth amid the lingering global pandemic.  
4.242.   Thailand and Republic of Korea have long enjoyed strong trade and economic linkages. In 
2020, Republic of Korea is Thailand’s 11th largest trading partner, while Thailand is Republic of 
Korea’s 16th largest trading partner. Total trade value between the two countries amounted to 
approximately USD 12 billion in 2020 – about 11% drop from 2019.  However, during the first half 
of 2021, total trade between the two countries has recorded a remarkable increase by 33.4% (Year -
on-Year). Trade between the two countries is dominated by electronic integrated circuits, iron and 
steel, machinery and mechani cal appliances, plastics and articles thereof, and rubber and articles 
thereof.  
4.243.   Moreover, as a result of strategic promotion and healthy intellectual property system, 
especially that of copyright, of Republic of Korea, the country’s production and exports  of digital and 
creative contents such as films, dramas, music, and games, has grown steadily and recorded a 
substantial trade surplus over the review period.  
4.244.   Historically, the economic success of the Republic of Korea has long been underpinned by 
high deg ree of openness to international trade and integration to the world economy. To date, as 
her trade to GDP ratio reaches almost 70%, Republic of Korea has rightfully maintained her status 
as a major player in international trade with the 7th highest export value and the 9th highest import 
value globally, and the 10th largest economy in the world.  
4.245.   In this connection, Thailand welcomes Republic of Korea’s expansion of her network of Free 
Trade Agreements which now stands at 17 FTAs with 57 trading partners in  total. This includes the 
Regional Comprehensive Economic Partnership (RCEP) that has been signed in 2019. Thailand, 
therefore, appreciates the efforts by Republic of Korea towards the ratification of the agreement.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.246.   Thailand applauds Republic of Korea’s lo ngstanding support of the open and rule -based 
multilateral trading system. The country ratified the Trade Facilitation Agreement and has made 
substantial and constructive contribution to the WTO negotiations on fisheries subsidies, the Joint 
Statement Init iatives on e -commerce, investment facilitation for development, domestic regulations, 
and micro, small, and medium -sized enterprises, Trade and Environment Sustainability Structured 
Discussion (TESSD) as well as Talks on Trade and Environment and Trade and  Health. Moreover, 
the commitment by Republic of Korea not to claim and benefit from developing country status at the 
WTO is to be greatly praised.  
4.247.   Going forward, Thailand welcomes the Republic of Korea’s initiatives “Korea New Deal” to 
address the challenges caused by the global health crisis and get the country fully prepared for the 
post-COVID -19 era by building upon the pillars of digital, green, and human development. Another 
commendable initiative by Republic of Korea is the “Manufacturing renaissance vision and strategy” 
to position the country as a strong industrial powerhouse that stands at the forefront of innovation.   
4.248.   In this Review, Thaila nd submitted a set of questions. We thank Republic of Korea for her 
timely responses and will certainly study them with interest.  
4.249.   Please let me conclude by expressing our deep appreciation to Republic of Korea for its 
excellent cooperation in all areas of  our mutual interests. Thailand recognizes Republic of Korea’s 
efforts and hard work and looks forward to still further strengthening our collaboration in all levels 
and wish Republic of Korea every success in its 8th Trade Policy Review.  
INDONESIA  
4.250.   Indones ia would like to extend its warm welcome to Mr. Jeongil Kim, Deputy Minister for 
International Trade and Legal Affair and other members of the delegation to the Trade Policy Review 
of the Republic of Korea.  
4.251.   On behalf of the Indonesian delegation, I would a lso like to convey my appreciation to His 
Excellency Ambassador Mathias Francke (Chile) for his contribution as a discussant, and to the acting 
Chair of the Trade Policy Review Body, His Excellency Ambassador Didier Chambovey (Switzerland) 
for the remarks.  Indonesia also thanks the WTO Secretariat and the delegation of the Republic of 
Korea for the excellent work in conducting this 8th Trade Policy Review.  
4.252.   At the outset, Indonesia would like to begin by acknowledging Korea’s economic indicators 
in recent ye ars. With USD 1,670 billion in GDP and USD 32,310 in GDP per capita, Korea has achieved 
remarkable success in combining rapid economic growth with significant improvement in certain 
areas. Korea offers development experience that inspires many developing c ountries in sustainable 
development, provision of infrastructure and better services and transition to a dynamic knowledge 
economy. As a positive attribution to that matter, in 2020, Korea ranked 5 among 150 economies 
in the Ease of Doing Business (EODB) a ccording to the latest World Bank Annual Ratings. Indonesia 
and Korea also actively participate in various forms and configurations, such as OECD and G -20. 
4.253.   Since its last Review, Indonesia recalls that, alongside of its commitment to the rules -based 
multil ateral trading system, Korea had been pursuing comprehensive cooperation in Free Trade 
Areas. Indonesia notes that Korea has implemented 15 trade agreements, in the form of Free Trade 
Agreement, and Comprehensive Economic Partnership Agreement. Referring t o this matter, 
Indonesia and Korea had also agreed to establish the Indonesia -Korea Comprehensive Economic 
Partnership in order to increase trade and economic relations, which based on 3 (three) main pillars, 
namely: better market access in goods and servi ces, trade and investment facilitation and 
cooperation as well as capacity -building.  
4.254.   Indonesia acknowledges that Korea is one of the most important trading partners that 
continued to grow. The main commodities of Korea’s industry and export to the world ar e electronic 
integrated circuits, motor cars and vehicles, petroleum oils, telephone sets and cruise ships.  
4.255.   Based on the data, in 2020, Indonesia’s main imported products from Korea were electronic 
integrated circuits, petroleum oils, synthetic rubber and  factice, other knitted or crocheted fabrics 
and flat -rolled products of iron or non -alloy steel hot rolled, which recorded total value of WT/TPR/W/ 197 • Republic of Korea  
 
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  USD 6.84 billion. Meanwhile Indonesia exported coal, petroleum gas, flat -rolled products of stainless 
steel, copper o res and plywood to Korea which recorded total value of USD 6.5 billion in 2020.  
4.256.   Turning on to Korea’s role in the multilateral fora, Indonesia notes that Korea is one of 
121 Members that support to launch the selection processes for the Appellate Body Mem bers to 
ensure that two -tiers dispute settlement system will be functioning again.  
4.257.   In this eighth Trade Policy Review of Korea, Indonesia would like to draw Members’ attention 
with regard to Korea’s policies and measures.  
4.258.   To begin, Indonesia has concerns to the Korea’s tariff regime. Despite it has bound more 
than 90% of its tariff lines and over of 99% of its tariffs are ad valorem, we analyse that Korea is 
still imposing complex tariff structure and relatively high applied Most Favoured Nations (MFN) on 
13.7%, high ceiling tariffs and Tariff Rate Quotas (TRQs), particularly in agricultural sector (57%) 
which remains to be highly protected. Indonesia’s ongoing concern also lies on business 
environment, including the complexities of registration, notificati on, licensing and approval 
requirements.  
4.259.   Indonesia also notes that Korea is now imposing 1 (one) anti -dumping duty on flat -rolled 
stainless steel products from Indonesia since January 2021 and we kindly remind, based on the 
provisions of Anti -Dumping Agre ement that the duty shall be terminated when domestic industry 
has recovered from injury.  
4.260.   On government procurement, Indonesia takes a keen interest in how Korea set the threshold 
as well as opportunities and procedures for foreign tenders, particularly t hose that allow non -GPA 
and non -FTA bilateral/regional parties to participate in GP in Korea. In terms of financial services, it 
has been stated that the number of foreign banks has dropped and more foreign players left rather 
than entered to the Korean ma rket since they could not compete with bigger local rivals. We are 
looking forward to better understanding the Korean market and the programmes offered by the 
government to local banks.  
4.261.   Regarding trade restrictions and licensing, the Secretariat highlights  that some Korea 
measures continue to protect domestic producers, especially farmers, from foreign competition. In 
addition, Indonesia also notes that Korea restricts exports of certain products periodically to ensure 
adequate domestic supplies, including assisting downstream processing of product. We also look 
forward for these implementation measures, including on how Korean government ensure that the 
measures do not cause market distortions.  
4.262.   Finally, Indonesia expects that the collaboration established b etween Indonesia and Korea 
would maximize the potential for trade and investment, as well as minimize trade barriers and allow 
for greater business migration from Indonesia to Korea and vice versa.  
4.263.   Indonesia is looking forward to work with the Korean Gover nment to share the country’s 
expertise and experience, particularly in the use of innovative and technology -enabled solutions to 
respond to the pandemic of COVID -19.  
4.264.   To finish our remarks, once again, we would like to express our appreciation to the deleg ation 
of Korea for their hard work. We look forward to a follow -up communication with the delegation of 
Korea for further written responses on our concerns.  
4.265.   Last but not least, we wish Korea a successful and fruitful eighth Trade Policy Review, and 
we wish  that everyone stays healthy.  
BRAZIL  
4.266.   Brazil would like to welcome the delegation of the Republic of Korea, headed by Deputy 
Minister Jeongil Kim. I would also like to thank the discussant, Ambassador Mathias Francke, and 
you, Ambassador Chambovey, for your  respective statements. Let me also congratulate the WTO 
Secretariat for the thorough and efficient preparation of Korea’s 8th Trade Policy Review, as well as 
Ambassador Taeho Lee for all the work in preparing for the Review.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.267.   As we mentioned at the last Tr ade Policy Review, Korea’s economic achievements are 
praiseworthy. Its strong economic fundamentals proved to be an important factor of resilience during 
the COVID pandemic. Despite GDP contraction of -0.9% in 2020 due to the COVID outbreak, Korea 
is on tr ack to rebound, with a growth forecast of 3.8% this year, according to the OECD. Looking 
ahead, Brazil hopes that, as forecasted, growth in Korea – and globally – will gradually gain 
momentum, in spite of remaining challenges.  
4.268.   Let me point out a key aspec t of Korea´s development strategy - Trade. Brazil values 
Korea`s strong commitment to the multilateral trading system and to the WTO negotiating pillar. 
We welcome Korea`s commitment to preserve and improve the WTO. We appreciate its active 
participation i n both plurilateral and multilateral negotiations. We also note that Korea is an active 
participant in trade negotiations on the regional and bilateral fronts.  
4.269.    In this positive overall context, however, two areas remain of concern for Brazil:  
• the existence of agricultural export subsidies; and  
• tariff peaks on agricultural products, which can reach 887.4%.  
4.270.   Bilateral SPS discussions are another priority for Brazil, with a view to obtaining access for 
agricultural products such as beef, pork and fruits.  
4.271.   Brazil has close ties with Korea. Brazil was the first country in Latin America to recognize 
the Republic of Korea and it is also home to the largest Korean community in Latin America. In 2023, 
Korean immigration to Brazil will complete 60 years. The first group of 109 pioneers left the city of 
Busan in December 1962, landing in Santos in February 1963. The population of Korean nationals 
and their descendants, mainly settled in the city of São Paulo, is estimated to be around 60 thousand.  
4.272.   Let me a lso highlight the importance of Korean foreign direct investment (FDI) in Brazil, with 
an investment portfolio estimated at USD 7.2 billion in 2020, in high value -added sectors such as 
automobiles and information technology.  
4.273.   Korea is also an important tra ding partner for Brazil. Bilateral trade flows reached 
USD 7.8 billion in 2020, despite the pandemic. The main exports to Korea are commodities and basic 
manufactured goods, while Brazil imports high value -added industrial products, such as electrical 
and mechanical machinery, automobiles and plastics.  
4.274.   We will continue to work with Korea in order to expand bilateral trade in a balanced way.  
4.275.   We wish the Republic of Korea a successful Trade Policy Review.  
URUGUAY  
4.276.   Uruguay desea dar su más cordial bienvenida a  la delegación de Corea, encabezada por el 
Ministro Adjunto de Comercio Internacional y Asuntos Legales, Jeongil Kim, en oportunidad del 
octavo examen de sus políticas comerciales. Agradecemos al Embajador Francke, por su ponencia, 
y a la Secretaría por su  informe de alta calidad.  
4.277.   Por otra parte, me permito reconocer el compromiso de Corea con el sistema multilateral de 
comercio que se ve reflejado en la destacada labor del Embajador Taeho Lee y su equipo en los 
trabajos de la OMC.  
4.278.   En 2020, la pandemia de C OVID -19 asestó un duro golpe a las economías de los miembros 
de esta casa, y Corea no fue la excepción. No obstante, la solidez de los parámetros económicos 
fundamentales y el margen de maniobra para hacer frente a las perturbaciones externas han 
ayudado a  Corea a mantener estabilidad macroeconómica y asegurar la resiliencia de su economía 
basada en las exportaciones. Asimismo, Corea pudo sortear la pandemia de COVID -19 
comparativamente bien, con el apoyo de un conjunto amplio de medidas fiscales, monetaria s, 
financieras y de otro tipo. Notamos que la evolución de la clasificación de Corea entre las economías 
más competitivas del mundo refleja el crecimiento de la productividad de su mano de obra y de la 
productividad total de los factores.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.279.   Desde el examen a nterior, Corea ha mantenido la orientación general de sus políticas 
comerciales, que prácticamente no ha cambiado, si bien se ha hecho especial hincapi é́ en las pymes 
y la innovación. Observamos que, como medida importante para apoyar el desarrollo de las pymes, 
en 2017 se reestructuró y amplió la Administración de las Pequeñas y Medianas Empresas, que pasó 
a ser el Ministerio de Pymes y Empresas Emergentes. Asimismo, Corea siguió ayudando a las 
empresas, incluidas las pymes, en el marco de ACR/ALC a utiliz ar las preferencias comerciales 
sujetas a normas de origen diversas y complicadas.  
4.280.   Corea se encuentra a la vanguardia en materia de despacho aduanero a nivel internacional. 
Las novedades en cuanto a la facilitación del comercio incluyeron la plena aplicaci ón de los 
compromisos contraídos en el marco del AFC y las notificaciones de transparencia, la ampliación del 
sistema de despacho electrónico a todas las mercancías importadas por operadores económicos 
autorizados, y la exploración de las tecnologías basad as en la cadena de bloques.  
4.281.   Por otro lado, notamos que, según el informe de la Secretaría, Corea continúa haciendo uso 
de las subvenciones a la exportación para algunos productos agrícolas con arreglo a las disposiciones 
del artículo 9.4 del Acuerdo sobre la Agricultura. Abogamos a que se revean estas medidas con miras 
a su eliminación en el año 2023, conforme a la histórica Decisión Ministerial de Nairobi sobre la 
Competencia de las Exportaciones.  
4.282.   Uruguay reconoce el compromiso de Corea por reorientar sus políticas para lograr una 
“economía centrada en las personas” con miras a abrir una senda hacia el crecimiento sostenible, a 
través de la innovación, inclusión y equidad. Corea, al igual que Uruguay, está comprometido con la 
creación de una economía más in clusiva para garantizar que todos nuestros ciudadanos disfruten de 
los beneficios de la globalización y el comercio internacional.  
4.283.   A nivel bilateral, en el año 2019, la República de Corea ocupó el lugar 56 como destino de 
las exportaciones uruguayas. El pr incipal producto de exportación fue la madera aserrada, seguido 
de la carne bovina, lana y pescado congelado. La República de Corea ocupó la posición 18 como 
origen de las importaciones destacándose los vehículos, receptores de televisión y productos 
lamin ados de hierro. Asimismo, Uruguay desempeña un rol activo en las negociaciones comerciales 
entre MERCOSUR y Corea y abogamos por expandir y fortalecer nuestros lazos comerciales para el 
desarrollo de nuestros países.  
4.284.   Corea y Uruguay coinciden en el gran va lor atribuido a la OMC y la función central de la 
misma en el sistema multilateral de comercio basado en normas, así como en la necesidad de 
alcanzar resultados significativos en la Duodécima Conferencia Ministerial. Del mismo modo, ambos 
países compartimo s la necesidad de asegurar que la OMC siga siendo pertinente en el futuro y a la 
altura de las circunstancias.  
4.285.   Para finalizar, quisiéramos reiterar nuestra apreciación por este nuevo ejercicio de 
intercambio sobre las prácticas comerciales de Corea, y esp eramos seguir cooperando con Corea en 
todos los frentes: bilateral, regional y aquí en la OMC. Gracias y mis mejores deseos para un Examen 
exitoso.  
REPÚBLICA  DOMINICANA  
4.286.   En primer lugar, deseamos dar la bienvenida al Sr. Jeongil Kim, Viceministro para el 
Comercio Internacional y Director de Asuntos Legales, y a su delegación, especialmente al 
Embajador Taeho Lee, Embajador, Representante Permanente de Corea ante la OMC.  
4.287.   Asimismo, felicitamos al ponente, Excmo. Sr. Mathias Francke, Embajador de Chile, y a la  
Secretaría por la preparación del informe.  
4.288.   La República Dominicana y la República de Corea históricamente han mantenido excelentes 
relaciones, y el comercio entre los dos países ha mantenido un alto grado de fluidez. La relación 
comercial bilateral no cu enta con ningún acuerdo comercial. Ambos países llevan a cabo su comercio 
bajo el principio de Nación Más Favorecida, debido a su Membresía en la Organización Mundial del 
Comercio (OMC).  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.289.   Las exportaciones de nuestro país hacia Corea ascendieron en el perí odo 2019 -2020, a 
noventa y dos millones treinta mil veintiséis dólares (USD 92,030,026.86). Los principales productos 
que la República Dominicana exporta a Corea son los minerales del cobre y sus derivados, aluminio 
y sus derivados, instrumentos y aparatos  de medicina, cirugía o veterinaria.  
4.290.   Durante el período 2019 -2020 las importaciones de República Dominicana desde Corea 
representaron un monto total de USD 372,667,261. Los principales productos importados fueron los 
automóviles para turismo o transporte, dispositivos de material semiconductor fotosensibles.  
4.291.   Las inversiones de empresas coreanas están valoradas en unos USD 76,000.000.00. La 
legislación dominicana sobre Fomento de Zonas Francas ha beneficiado a las empresas coreanas 
establecidas en el país desde hace varios años, estas en su mayoría textiles. Entre las principales 
compañías coreanas establecidas en la República Dominicana se encuentran KEPCO (Korea Electric 
Power Corporation), Corporación de Energía Eléctrica de Corea), SK E&S (energía y otros servicios), 
Astro Carton (cartonera), Willbes (textilera) y ESD (energía, construcción y otros servicios), entre 
otras.  
4.292.   Felicitamos a Corea por haber emprendido reformas estructurales comerciales y relacionadas 
con el comercio, que se centraron en el sostenimiento de los ingresos, la creación de empleos, el 
apoyo a las pequeñas y medianas empresas (pymes) y las empresas emergentes, llegando a 
conformar el Ministerio de Pymes y Empresas Emergentes, así como también por el fomento de la 
innovación par a elevar la productividad y el fortalecimiento de la red seguridad social y el aumento 
sustancial del salario mínimo.  
4.293.   Observamos con satisfacción que Corea en materia de despacho aduanero y medidas de 
facilitación del Comercio sigue siendo referencia a nivel internacional y está a la vanguardia de las 
mejores prácticas como ha reconocido la Secretaría de la OMC. Debemos resaltar las novedades en 
cuanto a la facilitación del comercio que incluyeron la plena aplicación de los compromisos contr aídos 
en el marco del Acuerdo sobre Facilitación del Comercio de la OMC (AFC) y las notificaciones de 
transparencia, y de manera especial las iniciativas de facilitación del comercio de amplio alcance 
para detener la propagación de la pandemia de COVID -19 y mitigar sus daños. Entre estas medidas 
se encuentran la aceleración del despacho aduanero, las desgravaciones fiscales y se pusieron en 
funcionamiento centros de apoyo al despacho aduanero  
4.294.   La República Dominicana expresa su agradecimiento a la República de Corea por sus 
importantes programas de cooperación y asistencia bilateral a los países en desarrollo para ayudar 
a crear capacidades relacionadas con el comercio y los derechos de aduana. Corea también ha 
prestado una valiosa asistencia para crear plata formas de comercio electrónico con el fin de mejorar 
el entorno de exportación e importación y promover el comercio, y a fecha de 2020 ha ofrecido 
becas a países en desarrollo para mejorar sus políticas comerciales.  
4.295.   Finalmente, queremos agradecer las oport unas respuestas de la República de Corea a los 
planteamientos realizados por la República Dominicana sobre distintos puntos contenidos en el 
informe.  
MÉXICO  
4.296.   México da la más cordial bienvenida a la delegación de la República de Corea, encabezada 
por el Señ or Jeongil Kim, Viceministro de comercio internacional y asuntos jurídicos. Asimismo, 
agradezco al Embajador Mathias Francke (Chile) por su análisis minucioso y a la Secretaría de la 
OMC por el arduo trabajo realizado para la elaboración de su informe.  
4.297.   Nos complace comprobar los logros alcanzados por Corea desde su último examen, a pesar 
de ser un período marcado por los grandes retos e incertidumbre que ha traído consigo la crisis 
sanitaria y económica ocasionada por el COVID -19. Es gracias a sus fundament os económicos sólidos 
y un sistema financiero resiliente que Corea ha podido ser asertivo en su respuesta a la pandemia, 
aplicando medidas fiscales, monetarias y financieras para atenuar su impacto.  
4.298.   Sin embargo, los retos que se identificaron en su pasado  examen, como el rápido 
envejecimiento de su población activa (nivel más alto de los países de la OCDE), la baja 
productividad en algunos sectores, la brecha de género y la debilidad de la demanda interna siguen WT/TPR/W/ 197 • Republic of Korea  
 
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  presentes y afectan las perspectivas de crec imiento. Aunado a esto, los impactos a la operación de 
las cadenas de valor mundiales derivados de la crisis sanitaria, tensiones políticas y económicas, en 
las que Corea está fuertemente integrada, representan un riesgo adicional a dichas perspectivas.  
4.299.   Constatamos los altos niveles de la apertura de la economía coreana, la cual en 2020 alcanzó 
cerca del 70% como proporción del PIB. No obstante, notamos la marcada concentración de su 
comercio en las manufacturas, como maquinarias y equipos eléctricos. Si bi en las exportaciones han 
sido elementos clave para el crecimiento de la economía coreana, estas se podrían ver afectadas de 
manera considerable por la debilidad de la economía mundial.   
4.300.   Al mismo tiempo, notamos el importante incremento de su comercio bajo  acuerdos 
preferenciales, que en 2020 representó el 72% de su comercio total, 29 puntos porcentuales más 
que el registrado en 2015 (43%). Sin duda la firma y entrada en vigor de varios ACR le ayudarán a 
diversificar su mercado y a aumentar su resiliencia.  
4.301.   Por otro lado, reconocemos el buen desempeño en cuestiones de despacho aduanero que 
hacen de Corea un referente en la materia, apreciamos la plena aplicación de los compromisos 
contraídos bajo el Acuerdo de Facilitación del Comercio y la exploración de la s tecnologías basadas 
en la cadena de bloques.  
4.302.   Del mismo modo, observamos que el Gobierno de Corea ha continuado mejorando su marco 
reglamentario, llevando a cabo reformas que buscan un impacto en el comercio y su entorno 
empresarial, entre otras destacan:  
4.303.   Cambios significativos al régimen de inversión extranjera, atendiendo a críticas de algunos 
miembros en su examen anterior respecto a sus limitaciones de participación extranjera, que 
resultaron en su eliminación para el sector de la pesca y en las activi dades de apoyo al transporte 
aéreo.  
4.304.   Un mayor énfasis en políticas para incentivar la innovación y la participación de las PYMES.  
4.305.   Observamos que las autoridades coreanas persiguen un crecimiento más ecológico y digital, 
junto con una red de seguridad socia l más sólida a través del programa llamado “New Deal”. Estamos 
seguros que su implementación exitosa fomentaría un crecimiento inclusivo y más verde con 
beneficios a su economía y su población.  
4.306.   En su estrategia para contener la propagación del COVID -19, C orea ha sabido aprovechar 
las herramientas digitales, en particular las aplicaciones móviles, la inteligencia artificial y los 
dispositivos que permiten el trabajo remoto, así como la prestación de servicios, incluida la 
telemedicina.  
4.307.   Sería interesante que  el éxito de las buenas prácticas regulatorias establecidas a través del 
uso de laboratorios de reglamentación o “sandboxes” en electrónicos, manufacturas, tecnologías 
financieras, entre otros, puedan ser replicadas en otros sectores de su economía incenti vando la 
innovación en productos o modelos de negocio, con el fin de impulsar el crecimiento y ofrecer un 
mejor acceso a servicios.  
4.308.   Vemos con preocupación que en materia de instrumentos de política comercial algunas 
cuestiones señaladas en la revisión ante rior persistan, por ejemplo:  
• El arancel aplicado promedio general de 13.9% en 2021 sigue siendo elevado en 
comparación con el estándar de la OCDE.  
• El incremento en partidas arancelarias que usan “aranceles flexibles”, aprovechando la 
diferencia entre el a rancel consolidado y aplicado.  
• A pesar de que la agricultura representa solo el 2% del PIB y 5,4% del empleo total, la 
protección al sector agrícola sigue siendo considerable, pues:  
o Se mantienen aranceles mucho más elevados que en productos no agrícolas y con picos 
arancelarios que alcanzan niveles de 900%.  
o Pese a los llamados en foros internacionales, Corea sigue utilizando subsidios a la 
exportación.  WT/TPR/W/ 197 • Republic of Korea  
 
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  o El apoyo interno se encuentra muy por encima del promedio de la OCDE. La más 
reciente notificación (2018) señala considerables incrementos de apoyos 
distorsionantes, aumentando su proporción de 9% en 2015 a 15% del total de apoyos 
internos en 2020.   
4.309.   Notam os que persiste la participación del Estado en una amplia gama de actividades 
comerciales y que de nueva cuenta no hay avances hacia una mayor privatización. Esperamos que 
este sea un rubro que pueda atenderse en su próximo Examen.  
4.310.   Finalmente, quiero desta car el importante papel de Corea en los trabajos de nuestra 
Organización, el cual se ve reflejado en su activa participación en las Iniciativas Conjuntas de 
Comercio Electrónico, Facilitación de las Inversiones y Reglamentación Nacional de los Servicios. 
Asimismo, México y Corea tienen lazos importantes bilaterales y a través del Grupo MIKTA, donde 
compartimos un fuerte compromiso con el sistema multilateral de comercio y con el establecimiento 
de un proceso de reforma de nuestra Organización.  
4.311.   Concluyo así  esta intervención, agradeciendo a Corea por las respuestas a las preguntas que 
fueron formuladas por mi delegación y deseando a la delegación coreana el mejor de los éxitos en 
su Examen.  
UNITED  KINGDOM  
4.312.   Let me join other in welcoming the delegation from th e Republic of Korea led by Mr. Jeongil 
Kim, Deputy Minister for International Trade and Legal Affairs. May I first express our gratitude to 
the Government of Korea and colleagues from the WTO Secretariat for their respective reports. 
Finally, I would also like to thank you, Chair, and our discussant Mathias Francke, for facilitating this 
Trade Policy Review.   
4.313.   It is a pleasure to attend the Trade Policy Review of one of the United Kingdom’s most valued 
and like -minded trading partners.  
4.314.   The Republic of Kore a is one of the great success stories of the international trading system; 
the first country to transition from aid -recipient to aid donor. As Trade Minister Yeo expressed in a 
recent presentation here in Geneva, and also during a session at this year’s Pu blic Forum, Korea’s 
experience provides valuable lessons for all Members on the role of trade in achieving a country’s 
development goals. The numbers speak for themselves: Korea stands as 7th nation in terms of world 
exports and 9th in terms of trade volum es, and we heard from Minister Yeo that Korea’s trade 
dependency rate vis -à-vis its GDP is approximately 63%. The United Kingdom welcomes Korea’s 
strong contribution to the WTO, its deep expertise and its ability to work collaboratively and 
pragmatically w ith Members.  
4.315.   The United Kingdom and the Republic of Korea share close economic ties. Despite the 
pandemic, Korea remains one of our top five trading partners in Asia Pacific, with bilateral trade 
between our countries totalling £11.2 billion in 2020. This  year, we also celebrate the successful 
implementation of our bilateral FTA, and the UK looks forward to starting work to upgrade and 
enhance this agreement before the end of 2022. There is potential to grow trade between our two 
countries even further in new areas such as digital trade, a priority for the UK in the Asia Pacific 
region, where technological innovation and the digital economy are growing rapidly. We were 
pleased to see references in the TPR reports describing the strategic importance Korea pl aces on 
these sectors as well, another signal of our alignment.  
4.316.   Korea’s hard working WTO team should be proud of their contributions during this reporting 
period, which covered topics as wide ranging as fisheries subsidies, e -commerce, and trade 
facilitat ion. We value Korea’s active engagement in the plurilateral Joint Statement Initiatives, and 
anticipate working closely together to modernize the WTO Rulebook to make it relevant for the 
21st Century. In particular, discussions on services, digital, trade and development, trade and health, 
and trade and the environment present us with a unique opportunity for Members to advance the 
agenda on these critical issues. We look forward to continuing to collaborate with Korea on these 
(and other) items at the WTO.  We would also like to recognize Korea’s contribution to the ongoing 
work to reform and modernize the WTO as a member of the Ottawa Group.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.317.   The UK has engaged closely with this TPR, which is a signal of the diverse and highly 
integrated nature of our tradin g relationship. I would like to touch on three areas of particular 
interest to us.  
4.318.   Firstly, the United Kingdom commends Korea’s decision in October 2019 to forgo access to 
special and differential treatment in current and future WTO negotiations. This is an example of a 
Member taking on commitments commensurate with their current level of economic development, 
and is in line with Korea’s remarkable journey to become the economic leader it is today. We 
encourage Korea to continue to serve as an example to o ther countries seeking greater levels of 
economic development, particularly regarding market access for agricultural goods.  
4.319.   Secondly, financial services is a major area of trade between our two countries, and the UK 
welcomes steps to facilitate businesses  operating in this sector. Financial services is a dynamic 
sector, benefiting from the growth of fintech and new technologies. The UK is particularly interested 
in how Korea will utilize these technologies as part of the country’s “innovation -led growth st rategy”, 
as a common theme underpinning Korea’s policies through the reporting period. We have several 
clarifying questions pertaining to this and thank Korea for their responses.  
4.320.   Lastly, as COP26 President, we are fully supportive of Korea’s efforts to l ower emissions. We 
look forward to Korea’s announcement of a revised Nationally Determined Commitment on emissions 
reductions at Glasgow, consistent with the 2050 Net Zero ambition. We encourage Korea to strive 
for the highest possible climate ambition, in  line with the recommendation of the IPCC that global 
emissions must halve, by 2030, to keep 1.5C within reach. Trade policy is an essential tool in 
achieving this objective, and we trust it shall form a central component in Korea’s Green New Deal. 
We also  encourage active cooperation with partners to meet Korea’s climate commitments, 
particularly when decarbonising the economy.  
4.321.   In closing, I thank our Korean friends for their positive engagement, their responses to the 
questions, and for their positive ro le and critical leadership in strengthening the multilateral trading 
system. I wish them a successful Trade Policy Review and look forward to working closely together 
as we seek to modernize the WTO and enhance our already strong relationship.  
VIET  NAM 
4.322.   On behalf of Viet Nam’s delegation, I wish to extend our warm welcome to the distinguished 
delegation of the Republic of Korea led by His Excellency – Mr. Jeongil Kim, Deputy Minister for 
International Trade and Legal Affairs to its eighth Trade Policy Revie w. I would like to thank the 
Government of Korea and the WTO Secretariat for the preparation of comprehensive reports for this 
review, especially under the circumstances of the COVID -19 pandemic. My thanks also go to the 
discussant, His Excellency Ambassad or Mathias Francke from Chile, for insightful observations and 
introduction.  
4.323.   First of all, we would like to associate ourselves with the ASEAN statement delivered by 
Brunei earlier.  
4.324.   Since its last TPR, we are happy to note that Korea’s economy continued to  grow averaging 
2% annually during the review period despite increasing global uncertainties caused by the global 
pandemic. We share the same view with Korea that market opening and liberalization are among 
the best pathways to prosperity and welcome Korea ’s strong commitment to the multilateral trading 
system in the time of uncertainties.  
4.325.   For our trade relations, we are pleased to be Korea’s major trading partner in recent years. 
In 2020, bilateral trade recorded a total revenue of USD 66 billion. Of the t otal, Viet Nam’s exports 
to Korea was USD 19.1 billion, accounted for 6.8% of Viet Nam’s total exports in 2020. Imports from 
Korea to Viet Nam recorded a revenue of nearly USD 47 billion, accounted for nearly 18% of Viet 
Nam’s total imports in 2020. Viet N am’s major export items to Korea are telephone of all types and 
components, computers and electronic products and components, and textile, and two -way trade is 
targeted to reach USD 100 billion.  
4.326.   In terms of investment, Korea’s FDI to Viet Nam ranked the 1s t in Viet Nam and reached 
USD 72.34 billion as of August 2021.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.327.   In addition to that, Viet Nam and Korea are parties to the Regional Comprehensive Economic 
Partnership (RCEP), which was signed on 15 November 2020 at a virtual ASEAN Summit hosted by 
Viet Nam.  For mutual benefit of Viet Nam and Korea, we desire that both parties will continue to 
promote closer cooperation through regional and bilateral cooperation frameworks.  
4.328.   Viet Nam takes note of Korea’s priority in promoting digital economy and e -commerce an d 
is looking forward to working closely with Korea to explore mutual benefits in this area.  
4.329.   Viet Nam also would like to express our appreciation to Korea for its active engagement in 
WTO, including the implementation of the rules on trade facilitation, the  constructive contributions 
towards WTO negotiations on fisheries subsidies and the active participation in major JSI 
negotiations on e -commerce, investment facilitation, domestic regulation in services, MSMEs, and 
Trade and Environmental Sustainability St ructured Discussions (TESSD), as well as talks on trade 
and environment, and trade and health.   
4.330.   In conclusion, I would like to take this opportunity to thank His Excellency Ambassador Taeho 
Lee and his team at the Mission in Geneva for the preparation of this review as well as their 
constructive and active contribution and engagement in WTO activities. Allow me to conclude my 
statement by wishing the Republic of Korea a successful Trade Policy Review.  
ECUADOR  
4.331.   En primer lugar, el Ecuador desea dar la bienvenida a la delegación de la República de Corea, 
presidida por el Señor Jeongil Kim, Viceministro de Comercio Internacional y Asuntos Legales del 
Ministerio de Comercio, Industria y Energía, así como al Embajado r Lee y los funcionarios de la 
Misión Permanente ante la OMC. Quisiera además sumarme al reconocimiento expresado por 
quienes me precedieron en el uso de la palabra, respecto a los sólidos reportes elaborados tanto por 
la Secretaría como por el Gobierno co reano.  
4.332.   Por otro lado, felicitamos también los comentarios, observaciones y preguntas formulados 
por el ponente, Embajador Mathias Francke, Representante Permanente de Chile.  
4.333.   Corea es un importante actor en el comercio internacional, tanto a nivel bilatera l como 
multilateral. Es ampliamente conocido el impresionante desarrollo económico de este país en las 
últimas décadas, lo que lo ha llevado a posicionarse como uno de los principales exportadores, 
importadores e inversionistas a nivel mundial.  
4.334.   El Ecuador  otorga mucha importancia a su relación con Corea, uno de sus principales socios 
en la región Asia -Pacífico. Tradicionalmente, el Ecuador exporta a este destino productos del mar, 
bananos, cacao, manufacturas de cobre y aluminio; e importa vehículos, maqui naria y combustibles.  
4.335.   En el mediano plazo, mi país aspira a retomar conversaciones con Corea en el marco de la 
agenda de negociaciones comerciales bilaterales. Ello, a fin de fortalecer las ya fructíferas relaciones 
existentes en varios ámbitos, tanto a nivel económico y cultur al, así como la creación de capacidades 
a través de varios programas de cooperación.  
4.336.   Mi país observa con particular interés la experiencia coreana durante la reciente pandemia, 
mediante la adopción de medidas que le permitieron afrontar los impactos comer ciales y económicos 
de manera destacable. En este punto, mi delegación quisiera también reconocer la asistencia recibida 
por parte de Corea a fin de apoyar los esfuerzos nacionales para afrontar la crisis sanitaria. 
Compartimos plenamente la visión de que la OMC tiene - y tendrá - un papel sustancial para hacer 
frente a la crisis actual y aquellas que puedan presentarse en el futuro.  
4.337.   Adicionalmente, son también de nuestro interés las políticas coreanas en materia de 
propiedad intelectual e industrias creat ivas, los pilares del “New Deal” coreano, desarrollo industrial, 
entre otros.  
4.338.   En el ámbito multilateral, reconocemos la proactiva participación de Corea en varios temas 
de común interés, entre ellos, subsidio a la pesca – particularmente lo relacionado a pesca ilegal, no 
declarada y no reglamentada - facilitación de inversiones, comercio electrónico, género, comercio y 
salud, por mencionar algunos.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.339.   Por otro lado, y con un espíritu invariablemente constructivo, mi delegación espera con 
interés las respuest as que nos brindará la delegación coreana a las preguntas planteadas en el 
contexto de este ejercicio, particularmente en lo referente a subvenciones compensatorias a las 
pymes en el ámbito laboral, estructura arancelaria para bienes agrícolas, administrac ión de 
contingentes, la compensación de costos para empresas y límites máximos de residuos (LMR).  
4.340.   Para concluir, el Ecuador desea a la República de Corea el mayor de los éxitos en la 
conducción y conclusión de su octavo examen de las políticas comerciales.  
TURKEY  
4.341.   Turkey joins other Members in welcoming the delegation of Korea headed by Mr. Jeongil 
Kim, Deputy Minister for International Trade and Legal Affairs.  
4.342.   We would like to thank the Secretariat and the Government of Korea for their detailed reports 
as well as discussant Ambassador Francke of Chile for his insightful comments.  
4.343.   As stated in the reports, Korea has maintained macroeconomic stability and ensure the 
resilience of its export -led economy. Korea was able to deal with the negative impact of the 
COVID-19 pandemic comparatively well. Consequently, Korea's economic growth is expected to 
gradually gain momentum in 2021.  
4.344.   Since its previous TPR, Korea has continued to promote a free and open economy based on 
market principles. Korea's openness to interna tional trade and its integration into the world economy 
continued to be reflected by the high ratio of its trade in goods and services to GDP, which stood at 
69.2% in 2020.  
4.345.   Turkey commends the "Korean New Deal" initiative which was released in 2020 to resp ond 
to the challenges of pandemic. We closely follow the developments regarding Korean New Deal 
Initiative that pursues job creation and enhancement of competitiveness of the manufacturing sector 
by increasing public investment in digital and green energy infrastructure. We would be pleased to 
have more information on analysis regarding its implementation.  
4.346.   Korea is a strong supporter of the rules -based multilateral trading system. Turkey is pleased 
to work with Korea under various committees and initiatives  in the WTO and we value its trade 
facilitation efforts, including the full implementation of Trade Facilitation Agreement commitments.  
4.347.   Turkish and Korean nations cultivated a special bond during the Korean War.  
4.348.   We are pleased that there is a mutual commit ment to strengthen ties between our countries.  
4.349.   Republic of Korea is the second biggest trade partner of Turkey in the Asia Pacific region, 
thus has a significant place in our Asia Anew initiative launched in 2019.  
4.350.   We finalized a currency SWAP Agreement la st August. We have Free Trade Agreement since 
2013. “Agreement on Investments” and “Agreement on Trade in Services” expanded the range of 
the FTA.  
4.351.   There is a continual trade imbalance weighing against Turkey. Thus, we believe that the FTA 
needs to be revi sed to obtain a further balanced and sustainable trade.  
4.352.   We welcome interest of Korean investors’ in the Turkish market. Korean companies 
successfully have taken part in various contracting projects in Turkey.  
4.353.   We look forward to further intensifying the coo peration among Turkish and Korean business 
circles.   
4.354.   Turkey follows with interest Korea’s endeavour to build “Industry 4.0” through combining 
high-tech with the manufacturing sector.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.355.   In that respect, we believe that enhancing scientific and technological  cooperation will 
further deepen our relations. We consider that IT, renewable energy, petro chemistry and artificial 
intelligence would be potential areas for collaboration.  
4.356.   In conclusion, we would like to thank the delegation of Korea, Ambassador Taeho Lee and 
his team for the excellent preparation for this Review, as well as their constructive contributions to 
WTO activities.  
4.357.   We wish Korea a very successful Trade Policy Rev iew. 
CAMBODIA  
4.358.   My delegation joins others to express our warm welcome the delegation of the Republic of 
Korea led by His Excellency Jeongil Kim, Deputy Minister for International Trade and Legal Affairs 
(Ministry of Trade, Industry and Energy). Our thanks a lso go to the discussant, Ambassador Francke, 
for his insightful assessment reflecting the current trade policies and economic performance of the 
Republic of Korea. Our thanks also go to the Trade Policy Review Division and to the Republic of 
Korea for the ir reports for this Review.  
4.359.   Cambodia associates itself with the statement of ASEAN member States. ASEAN and the 
Republic of Korea enjoy longstanding and cordial trade relations. Regional Comprehensive Economic 
Partnership (RCEP) and the ASEAN -Korea FTA, w hich entered into force in January 2010, laid a solid 
foundation for the two -way trade between ASEAN and Korea.   
4.360.   The development achievement of the Republic of Korea is truly one of the outstanding 
successes. This is the testament to the creativity and in genuity of the Korean people to rise from 
the lowest ebb to major economic power, from receiving aid to become a donor all in the space of 
about 50 years. This is truly remarkable.  
4.361.   We would also like to congratulate the Republic of Korea for maintaining i ts economic 
stability even amid the threat of the global economic uncertainty and the COVID -19 pandemic. The 
Korean economy continued to grow between 2016 and 2019 at a stable rate hovering over 2% 
(2.9% in 2016 and 2.2% in 2019). Nonetheless, in light of the global pandemic, GDP growth fell to 
negative 0.9% in 2020. Meanwhile, as a developed country, Korea's world GDP ranking maintained 
an upward trajectory from 14th in 2016 to 10th in 2020.   
4.362.   Cambodia and the Republic of Korea have shared a close politica l, economic, trade and 
cultural relationship. We re -established official diplomatic relations in 1997 and within the last two 
decades, the partnership and cooperation between our countries have witnessed rapid advancement. 
We had agreed to strengthen relat ions through the enhancement of bilateral mechanisms especially 
with the conclusion for Cambodia -Korea Free Trade Agreement (FTA), aimed at improving economic 
cooperation in the investment, trade, and other sectors.  
4.363.   During the course of 1996 -2018, Republi c of Korea offered a total grant aid of USD  300 
million to Cambodia in five priority areas, including transport, water resource management, public 
health, education, and rural development.  
4.364.   In March 2019, Cambodia was privilege to welcome President Moon Ja e-in to Phnom Penh 
and this State visit once again outlined the important relations that the two countries shared with 
one another. This includes  not only economic relations but also people -to-people contact and cultural 
connectivity. I have to say that Ca mbodian, we like K -Pop and a lot of our people have cried watching 
Korea drama on TV.  
4.365.   Trade between the two countries was around USD 729.13 million in 2020, decreased by 
17.3% compared to 2019 which was about USD 881.76 million, due to the impact of COVID -19 
pandemic. However, from January to August 2021, the bilateral trade was worth more than 
USD 635.5 million, surging by 11.33% if compare to the same period in 2020. Cambodia mainly 
exported footwear and other apparels, travel products, beverages, electr ical and electronic 
components, rubber, pharmaceuticals and agricultural products to the Republic of Korea. Whilst, the 
Republic of Korea exports vehicles, electronics, kitchen appliances, beverages, pharmaceuticals and WT/TPR/W/ 197 • Republic of Korea  
 
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  finished plastics and products. In a ddition, Korean foreign direct investment in Cambodia increased 
immensely from USD 25.08 million in 2019 to USD 262.81 million in 2020.  
4.366.   The upcoming signature of the Cambodia -Korea FTA will deepen cooperation among the two 
countries particularly it will b roaden up market access for exchanging Cambodian products and 
services and attract more direct investment.   
4.367.   I take this opportunity also to thank the Korean Government and people for providing 
scholarship to Cambodian students to build up on human resourc es for current time and the future 
ahead.  
4.368.   In the multilateral context, we thank and appreciate the delegation of the Republic of Korea 
in Geneva led by His Excellency Ambassador Taeho Lee and his team, for their friendship and good 
cooperation. We commend  the Republic of Korea for taking an active part in trade capacity -building 
activities at the WTO level in order to support the integration of LDCs into the multilateral trading 
system. We particularly appreciate the Republic of Korea for the generous supp orts to LDCs including 
Cambodia through granting DFQF market access under Republic of Korea GSP scheme for 93.6% of 
all tariff lines (since January 2012).  
4.369.   Finally, we commit to working closely with the Republic of Korea in both bilateral and 
multilateral levels to strengthen our good cooperation for economic growth and development.  
4.370.   We wish the Republic of Korea a successful conclusion of its 8th Trade Policy Review.  
INDIA  
4.371.   My delegation is pleased to participate in the 8th Trade Policy Review of South Kore a. On 
behalf of India, I would like to welcome the delegation of South Korea led by H.E. Jeongil Kim, 
Deputy Minister international Trade and Legal Affairs and the delegation of South Korea to the WTO 
in Geneva led by its Ambassador and Permanent Represent ative H.E. Taeho Lee and his team for 
the TPR. We thank H.E. the Minister for his comprehensive opening statement, Ambassador 
H.E. Mr. Mathias Francke of Chile, for his insightful observations as a discussant, and the Secretariat 
and the Government of Sout h Korea for the reports prepared for the Review.  
4.372.   We are pleased to note from the Secretariat's report that during the period under Review, 
South Korea has maintained strong macroeconomic fundamentals and resilience of its export -led 
economy. The average gr owth rate for the period 2016 to 2020 has stood at the healthy rate of 
2.1%, despite the slowdown caused by the COVID -19 pandemic. We are also well aware of South 
Korea’s successful management of the pandemic and we would like to complement the Government 
and people of South Korea for this achievement.  
4.373.   We are pleased to note that during the Review period South Korea has continued to promote 
free and open economy, based on market principles and has taken trade -related structural and 
regulatory reforms to spu r broad -based economic growth and productivity to improve 
competitiveness. We also note in the Secretariat’s report that South Korea’s customs tariffs is 
relatively complex, involving a multiplicity of rates; higher average MFN tariffs rate protection for 
agricultural goods than non -agricultural goods; continued provision for export subsidies; high level 
of domestic support for agriculture; export restrictions in certain sectors etc. We also appreciate 
South Korea for full implementation of the Trade Facili tation Agreement (TFA) commitments and 
transparency notifications as well as the trade facilitation measures implemented during the 
pandemic.  
4.374.   India and Korea share close and multi -faceted ties, which in 2015 was upgraded to "Special 
Strategic Partnership".  Both countries have instituted a Comprehensive Economic Partnership 
Agreement (CEPA) since 2010, which has given a significant boost to the bilateral trade between 
both countries. The trade had crossed US$ 20 billion for 3 consecutive years during 2017, 2 018, and 
2019 but declined to USD 16.9 in 2020, due to the impact of the pandemic. The Republic of Korea’s 
exports were USD 12 billion and India’s exports accounted for USD 5 billion. The growing trade 
deficit is a matter of serious concern for India. Both  countries remain engaged to address this 
imbalance. In that regard, India is seeking resolution of certain trade barriers and challenges that 
confront our exporters in the areas of steel, engineering products, food and agricultural products WT/TPR/W/ 197 • Republic of Korea  
 
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  such as bovine  meat, fruits, vegetables etc., pharmaceutical products, chemicals, gems and 
jewellery etc. We hope for an early resolution of these issues and thank South Korean authorities 
for engagement.  
4.375.   The two -way investment flows are also on the upswing. Major Korea n conglomerates such 
as Hyundai Motors, Samsung Electronics, LG and others have invested around US$7 billion in India 
till December 2020. Similarly, Indian FDI led by our major business conglomerates have also been 
on the rise in recent years. Both countri es are currently in the process of upgrading the CEPA. The 
focus of these negotiations has been on achieving an overall balance of interests, including in the 
areas of trade in goods, trade in services and rules of origin, removal of non -tariff barriers an d 
market access for Indian exports. We hope that an early conclusion of this exercise will be mutually 
beneficial and will give new impetus to bilateral trade.  
4.376.   Finally, we commend South Korea’s commitment to the multilateral trading system and its 
active r ole in the WTO. We also welcome South Korea’s decision to not to seek S&DT in the ongoing 
and future negotiations at the WTO. We look forward to working closely with South Korea, both 
bilaterally and at the multilateral fora, including here at the WTO to a dvance our common goals and 
in further expanding our trade and investment ties for mutual benefit. I wish our friends from South 
Korea a productive and successful TPR.  
KINGDOM  OF BAHRAIN  
4.377.   The Kingdom of Bahrain is delighted to participate in the 8th Trade P olicy Review of the 
Republic of Korea, and would like to warmly welcome H.E. Mr. Jeongil Kim, Deputy Minister for 
International Trade and Legal Affairs at the Ministry of Trade, Industry and Energy of the Republic 
of Korea, and wish his and his delegation a very successful Review.  
4.378.   We would also like to thank the WTO Secretariat for their efforts in preparing the detailed 
report.  
4.379.   The Republic of Korea has always been an important partner of the Kingdom of Bahrain, 
sharing a strong economic relationship.  
4.380.   Despite the impact of the COVID -19 pandemic on global trade, the value of our total non -oil 
bilateral trade with Korea continued to reach high levels, amounting to more than USD 647  million 
in 2020 and representing a 59% growth compared to the previous yea r. 
4.381.   Korea is also a major destination for Bahraini aluminium, making up a large share of the 
USD 172 million exports to Korea last year.  
4.382.   In light of the report’s finding of Korea’s high ratio of trade in goods and services to GDP, 
which stood at 69.2% in 20 20, we foresee this strong economic relationship growing even further.  
4.383.   We are therefore encouraged by the findings of the report, that Korea ranked third among 
major economies in terms of economic growth amid the COVID -19 pandemic.  
4.384.   In closing, we would li ke to thank the discussant for his/her remarks and active discussion 
and the WTO Secretariat for their tireless efforts in preparing the detailed report.  
MAURITIUS  
4.385.   Mauritius welcomes Mr. Jeongil Kim, Deputy Minister for International Trade and Legal Affair s 
and his delegation to Geneva.  
4.386.   We would like to congratulate the Secretariat and the Republic of Korea for their efforts to 
complete the 8th Trade Policy Review reports of Korea despite the pandemic challenges. I would 
also like to thank the discussant, H .E. Ambassador Mathias Francke from Chile, for his valuable 
remarks on the report.  
4.387.   Korea is one of the largest exporters in the world. Its innovation -led manufacturing sector 
is exemplary, and the country is often looked up to for being an advanced and for ward-looking WT/TPR/W/ 197 • Republic of Korea  
 
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  economy. Despite its GDP growth rate being on the lower side lately, which is an issue that many 
economies face after reaching a certain development level, Korea was able to maintain stable 
economic growth, which is commendable.  
4.388.   While the pand emic had significant adverse effects on all Members, we are glad to note that 
Korea has successfully implemented measures to contain some of these effects and that the 
Government has taken a human -centric approach towards job security and the reduction of 
inequality in society.  
4.389.   Mauritius and Korea share relatively limited trade linkages and as expected we both source 
some of our traditional and prevalent export products from each other. However, we were surprised 
to find that the pandemic, despite reducing overall trade flows, has also led to a certain extent of 
trade diversion. As such, we noted increased trade of uncommon products between Mauritius and 
Korea. This goes to show that Mauritius and Korea could explore each other’s markets for new 
opportunitie s with a view to creating new and sustainable trade partnerships.  
4.390.   We were particularly impressed by the reforms undertaken by Korea and its strategic plans 
for various sectors. The IP driven masterplan to increase industry competitiveness is particularly 
interesting and shows Korea’s ambition to quickly join the 4th industrial revolution. Mauritius is also 
in the process of improving its IP framework and environment and I am sure that we could draw a 
number of ideas and lessons from the Korean model. Of cou rse, Korea’s IP framework will benefit 
from its strong manufacturing base and the industrial transformation plan will surely contribute to 
the growth of these sectors.  
4.391.   We are also pleased to note that Korea has not neglected sustainability and made it an 
important element of its development strategies.  
4.392.   This brings us to the WTO discussions on fisheries subsidies which is of particular interest to 
Korea, Mauritius and the African Group. We encourage Korea to continue to implement fisheries 
sustainability and  management measures to ensure that the sector continues to grow in a 
sustainable manner. We think that in addition to the rules that we hope to introduce to regulate 
harmful fisheries activities, Members having the resources and technical capacity to do s o, should 
voluntarily endeavour to go beyond these requirements and take effective measures to ensure that 
global fish stocks remain at biologically sustainable levels.  
4.393.   I would like to conclude by reiterating our appreciation for Korea’s governance and eco nomic 
model. We think that, beyond trade in goods, Mauritius and Korea could further collaborate to 
strengthen their economic relationship, especially in sectors such as tourism, financial services and 
information technologies, among others.   
4.394.   We hope that  Korea succeeds in its future trade and development endeavours and we wish 
Korea a successful Trade Policy Review.  
RUSSIAN  FEDERATION  
4.395.   Russia welcomes the opportunity to participate in the 8th TPR of Korea. I would like to 
warmly welcome the Korean delegati on led by H.E. Minister Jeongil Kim and thank the Government, 
the discussant, Ambassador Mathias Francke, and the Secretariat for laying a solid groundwork for 
a frank and open discussion.  
4.396.   Let me start by commending Korea’s efforts on maintaining macroecon omic stability and 
ensuring the resilience of its export -led economy to the COVID -19 pandemic shocks. We also note 
with appreciation the implementation of structural reforms that further boosted the country’s 
openness to international trade and its integra tion into the world economy.  
4.397.   On bilateral level, Russia is pleased with the positive dynamics in the development of trade 
and economic ties. Trade turnover shows a steady trend towards recovery since the previous year, 
dominated by the pandemic crisis. In January -June 2021, the volume of Russian -Korean trade 
amounted to almost USD 15 billion, an increase of 56% compared to the same period of the previous 
year. WT/TPR/W/ 197 • Republic of Korea  
 
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  4.398.   We consider the concept of "Nine Bridges" of bilateral cooperation, proposed by President 
Moon Jae -in, and its updated implementation plan as the key vector of strengthening trade, 
economic and investment cooperation, exploration of new sources of sustainable growth. The 
document provides for collaboration in such areas as energy, natural gas, railways , seaports, Arctic 
shipping, shipbuilding, labour resources, agriculture and fishing, ecology, education and healthcare.  
4.399.   On multilateral level, we would like to thank Korea for its continued unwavering support of 
the multilateral trading system. Seoul is a  party to the ITA, and the revised GPA, boasting full 
implementation of its Category A TFA commitments, as well as a strong notifications record. We 
welcome Seoul’s active participation in the WTO negotiations, both in multilateral and plurilateral 
formats , and in the Organization’s regular work in councils and committees. Korea is also committed 
to the WTO reform agenda, particularly through participation in the efforts of the Ottawa Group. We 
hope for constructive cooperation with Seoul, especially in lig ht of the upcoming Ministerial 
Conference.  
4.400.   In conclusion, I would like to wish Korea a successful Trade Policy Review.  
TAJIKISTAN  
4.401.   Tajikistan is pleased to participate in the eighth review of the trade policies and practices of 
the Republic of Korea and wou ld like to extend warm welcome to entire delegation of Korea led by 
H.E. Jeongil Kim, Deputy Minister for International Trade and Legal Affairs, Ministry of Trade, 
Industry and Energy.  
4.402.   Diplomatic relations between the Republic of Tajikistan and the Republi c of Korea were 
established in 1992. The Forum on Cooperation between Central Asia and the Republic of Korea 
substantially contributed to the development of bilateral relations between the Republic of Tajikistan 
and the Republic of Korea. The foreign trade  turnover between Tajikistan and the Republic of Korea 
for 9 months of 2021 amounted to USD 33.2 million. Imports account for 100% of the total foreign 
trade turnover. There is an increase in imports compared to the same period of 2020 by 
USD 0.4 million. The share of trade with the Republic of Korea in the total foreign trade turnover of 
the Republic of Tajikistan for 9 months of 2021 is 0.7%.  
4.403.   As the volume of foreign trade turnover between the Republic of Tajikistan and the Republic 
of Korea does not meet  the existing capabilities of the two countries it is important to make use of 
available opportunities for the development of trade relations between Tajikistan and the Republic 
of Korea. The main feature of Tajik -Korean partnership is the further expansio n of trade relations, 
implementation of joint socioeconomic projects and deepening cooperation in different areas of the 
economy.  
4.404.   We commend the efforts of the Republic of Korea and the Secretariat for two reports 
prepared well ahead of the meeting and the discussant, H.E. Ambassador Mathias Francke of Chile 
for his comments. The reports provide details on the developments in Korea’s economic and trade 
policy.  
4.405.   The Republic of Tajikistan congratulates the Republic of Korea for the achievements made 
since its last TPR in 2016. The Korean economy continued to grow between 2016 and 2019. Overall, 
the Korean economy remains stable even amid the double threat of the world's economic uncertainty 
and the global pandemic.  
4.406.   We welcome the efforts of the Republic of  Korea to advance the WTO negotiations and its 
engagement in a number of initiatives at the WTO. Korea actively participates in the negotiations on 
fisheries subsidies, e -commerce and investment facilitation for development.  
4.407.   In conclusion, the Republic of  Tajikistan appreciates the hard work and strong commitment 
and wishes the Republic of Korea a very successful and productive Trade Policy Review.  
JAMAICA  
4.408.   Jamaica extends a warm welcome to the delegation of the Republic of Korea to this its eighth 
Trade Po licy Review (TPR). We commend the delegation led by Honourable Jeongil Kim, Deputy WT/TPR/W/ 197 • Republic of Korea  
 
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  Minister for International Trade and Legal Affairs, for its comprehensive presentation. In addition, 
we extend thanks to you Chair, as well as our discussant, Ambassador Mat hias Francke of Chile, for 
the insightful and valuable contributions. We further thank the Secretariat for the report that has 
been provided.  
4.409.   Jamaica and Korea share longstanding ties, which trace back to the establishment of 
diplomatic relations between o ur two countries in 1962. The COVID -19 pandemic has ravished many 
nations and continues to threaten the progress made by the international community in several 
areas. Despite also being impacted by the pandemic, the Republic of Korea demonstrated true 
friendship and has supported the Jamaican Government in its response to the outbreak. In April 
2020, just one month after the outbreak forced many countries to initiate lockdown measure, the 
Korean Government donated test kits and medical equipment, which enha nced Jamaica’s testing 
capacity and aided our fight against the virus. Korea’s leadership and advocacy for a collective/global 
response to addressing the pandemic must be commended.  
4.410.   Jamaica and Korea have also collaborated in the fields of agriculture, lan d surveying, 
strengthening of national identification systems and in other areas of capacity -building. There is 
ongoing work to further strengthen the existing trade and investment exchanges at the bilateral and 
multilateral levels.  
4.411.   Jamaica commends Korea  for its performance over the review period. The Government’s 
implementation of a comprehensive set of fiscal, monetary and financial policy measures has allowed 
it to maintain macroeconomic stability and positive economic growth measuring 2.1% annually. 
These laid the foundation for Korea’s resilience and ability to mitigate the effects of the pandemic.  
4.412.   Korea has made significant strides, which has allowed it to improve its global rankings; the 
World Bank currently ranks it at No. 5 overall for ease of do ing business. It is ranked thirty -sixth for 
‘Trading Across Borders’. It ranks high in information and communications services and is one of the 
main hubs in the international manufacturing production network. Indeed, there are lessons and 
good practices t hat may be worthy to note. We view positively the efforts undertaken to support 
Small and Mid -Size Enterprises (SMEs), strengthen the intellectual property rights regime, improve 
transparency in public administration and facilitate trade. We welcome the in dication that Korea has 
fully implemented the WTO Trade Facilitation Agreement (TFA) and note positively that Korea 
remains a global leader in customs clearance. This again highlights that there may be several best 
practices, such as the establishment of C ustoms Clearance Support Centres, from which Members 
may benefit.  
4.413.   Jamaica commends the Republic of Korea for its continued constructive engagement in work 
of the WTO, as well as its efforts to fulfil its various WTO obligations. We further commend the 
Republic’s active participation in both the regular and negotiating work of the WTO, including in the 
dispute settlement mechanism, which demonstrates its confidence in and commitment to the WTO 
and the multilateral trading system. Efforts to advance the count ry’s energy transition through 
diversification away from fossil fuels, and initiatives taken to combat illegal, unreported, and 
unregulated (IUU) fishing, as well as the development of sustainable fisheries and aquaculture 
production should also be encoura ged. The positive outlook on economic growth for 2021 is noted, 
and the government’s ongoing structural reforms in this regard should be supported.  
4.414.   In conclusion, Jamaica appreciates the opportunity provided by this meeting to discuss 
Korea’s trade policie s and we extend to the delegation our best wishes for a successful Trade Policy 
Review.  
KAZAKHSTAN  
4.415.   Kazakhstan warmly welcomes the delegation of the Republic of Korea led by H.E. Mr. Jeongil 
Kim, Deputy Minister for International Trade and Legal Affairs. We  express our gratitude to the 
Government of the Republic of Korea for its informative report and statement. We also thank 
Ambassador Mathias Francke (Chile) for his insightful comments as a discussant and the WTO 
Secretariat for its comprehensive report.  
4.416.   Kazakhstan enjoys strong bilateral cooperation with the Republic of Korea and attaches high 
importance to further deepening economic and trade relations.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.417.   The Republic of Korea is one of Kazakhstan's key economic partners, ranking second in terms 
of trade v olume within the Asian continent. Last year the volume of our bilateral merchandise trade 
exceeded USD 5.8 billion. Looking forward, we are ready to explore new growth opportunities for 
bilateral economic relations in the Post -COVID -19 era.  
4.418.   The volume of d irect investments from the Republic of Korea to Kazakhstan over the past 
15 years has exceeded USD 6 billion. More than 550 enterprises with the Korean capital successfully 
operate in Kazakhstan, including leading companies such as Samsung, Hyundai, LG, Lo tte, and 
others.  
4.419.   During the State visit of the President of Kazakhstan to Korea just two months ago, 34 new 
projects were signed. The agreements reached on the joint implementation of investment projects 
that provide the transfer of technologies, high ener gy efficiency, and environmental friendliness of 
production.  
4.420.   Kazakhstan welcomes the ongoing comprehensive reforms initiated by the Republic of Korea 
under the "Korean New Deal" Strategy aimed at addressing economic challenges caused by the 
COVID -19 pandem ic and development of new growth drivers for the post -pandemic economic 
recovery.  
4.421.    The "Korean New Deal" initiative, through investment and regulatory improvement, has 
accelerated remote work and education, promoted low carbon and eco -friendly manufacturi ng and 
led to the transformation of its economy into a green and digital economy.  
4.422.   We also recognize Korea's constructive engagement in the work of the WTO. Particularly, we 
commend Korea's contributions in the discussions on Agriculture, Trade and Health a nd the WTO's 
Response to the Pandemic.  
4.423.   We also appreciate Korea's active participation in major JSI negotiations on e -commerce, 
investment facilitation, domestic regulation in services, MSMEs, and Trade and Environmental 
Sustainability Structured Discussi ons. 
4.424.   In conclusion, we would like to congratulate the delegation of the Republic of Korea and the 
WTO Secretariat for the hard work and efforts that went into preparing for this TPR. We also like to 
express our appreciation to Ambassador Lee and his team i n Geneva.  
4.425.   We wish the delegation of Korea every success for their eight Trade Policy Review.  
SRI LANKA  
4.426.   My delegation joins other delegations in welcoming the delegation of the Republic of Korea 
headed by H.E. Jeongil Kim, Deputy Minister for International Trade and Legal Affairs at eighth 
Review of the trade policies and practices of Republic of Korea.  
4.427.   We thank the WTO Secretariat and the Government of Republic of Korea for their 
comprehensive reports made available to the delegations in advance of this me eting, and appreciate 
Ambassador Mathias Francke (Chile) on his insightful information and analysis as the discussant.  
4.428.   My delegation notes that the Korean administration has implemented a range of policies to 
facilitate the shift towards a "human -centric and sustainable economy" and thereby overcome the 
challenges facing the Korean economy. As a beneficiary country of the WTO-based multilateral trade 
system, we appreciate Korea’s participation in the sub -group to support the WTO reform and 
normalize its functions as well as its active engagements in the negotiations on many key areas, 
namely, fisheries subsidies to protect the marine environment, e -commerce to set digital trade rules 
and investment facilitation.  
4.429.   On bilateral trade, Republic of Korea was the 28th export market and the 21st import partner 
of Sri Lanka in 2020. Apparel has emerged as the dominant export item f rom Sri Lanka while plastics 
and articles thereof were the main import item from Korea.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.430.   The Agreement on Economic Cooperation between Sri Lanka and Republic of Korea was 
signed in November 2017 with the objective of enhancing the economic cooperation betwe en the 
two countries. During its first meeting, matters relating to economic development including trade, 
investment, tourism, infrastructure development, energy, ports, maritime and fisheries were 
discussed. My delegation noted that the second session is due to be held in the Republic of Korea.  
4.431.   Asia Pacific Trade Agreement (APTA) is the only preferential agreement that both countries 
are members for promoting intra -regional trade through exchange of mutually agreed tariff 
concessions by member countries. M ore than 50% of Sri Lanka’s exports to the Republic of Korea in 
2020 received tariff preferences under the APTA.  
4.432.   The Republic of Korea has been one of the important sources of foreign direct investment to 
Sri Lanka. Sri Lanka –Republic of Korea Bilateral In vestment Treaty was signed and came into force 
in July 1980. Currently there are nearly 60 projects approved under the purview of the BOI Law with 
Korean collaboration. The total value of investment is over USD 65 Million, of which the highest 
amount of FD I is for the Rubber related Manufacturing Sector, followed by Property Development, 
wearing apparel, Garment Accessories Manufacturing, etc. by generating more than 
3,000  employment opportunities in Sri Lanka.  
4.433.   The development assistance extended by the Rep ublic of Korea to Sri Lanka comprises a 
very important aspect of the bilateral relationship between the two countries that provided through 
loan assistance under the Economic Development Co -operation Fund (EDCF), and grant assistance 
via the Korea Internat ional Cooperation Agency (KOICA). Korean ODA is offered to Sri Lanka in a 
wide spectrum of sectors including infrastructure, governance, education, industry, fisheries, 
energy, agriculture, human resource development and public administration. Since 1990 t he Korean 
Government has provided concessional loans to Sri Lanka through the EDCF, under which many 
important infrastructure projects have been completed, with several are underway.  
4.434.   There are over 22,000 migrant Sri Lankans employed in the Republic of Ko rea and in 2019, 
they have remitted approximately USD 520 million to Sri Lanka, which were 7.75% of the total 
foreign remittances of Sri Lanka.  
4.435.   During the pandemic, the Government of the Republic of Korea offered assistance by gifting 
PCR Test Kits and a l arge quantity of masks, PPEs and other necessities to counter and to contain 
the COVID pandemic in Sri Lanka, which is commendable.  
4.436.   Sri Lanka appreciates the support in various forms extended by Korea so far that facilitated 
to strengthen the economy and livelihood of the country.  
4.437.   As my delegation understands, the Korean Ministry of Food and Drug Safety (MFDS) is 
charging very high fees on sample testing of tea imported in to Korea, which is a serious and an 
additional burden on the tea sector of Sri Lank a. There have been several exchanges of 
communications between the MFDS and Sri Lanka Tea Board concerning accreditation and test 
exemption. However, the lack of capacity of Sri Lankan Laboratories to meet the requirements 
stipulated by MFDS, the decision has been taken to differ the registration at MFDS.  
4.438.   The Republic of Korea currently operates a “provisional residual allowance standard” for the 
pesticide levels in imported agricultural products, which is due to be replaced by a new system 
called, “Positi ve List System (PLS)” from 31 December 2021. Since the current system is due to 
expire on 31 December 2021, the Ministry of Food and Drug Safety of Korea (MFDS) has advised 
the exporters of agricultural products to the Republic of Korea to submit an applic ation form, 
enabling the MFDS to develop the “official pesticide residue allowance standards” in advance to 
facilitate the smooth flow of imports to Korea from January 2022. As we noted, the submission of 
application involves a high application fee, which is again creating difficulties for small countries such 
as mine. We have doubts whether this exorbitant fees and charges levied by the Republic of Korea 
are in line with the provisions of the WTO Trade facilitation Agreement and Article VIII of the GATT 
1994.  
4.439.   My delegation, therefore, seeks favourable considerations by the Government of Korea of 
the above issues encountered by Sri Lanka and come up with an appropriate solution that would WT/TPR/W/ 197 • Republic of Korea  
 
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  pave the way to remove such non -tariff barriers in order to enhance b ilateral trade between two 
countries in the future.  
4.440.   Sri Lanka has made a request to pursue an “Extended Cumulation” facility, where Sri Lankan 
apparel companies can import Korean fabrics and use them for the finished products to the EU 
market under GSP Plu s concessions, which is yet to be considered by the Government of Korea. My 
delegation believes that Korea will consider the proposal favourably, enabling both Korea and 
Sri Lanka to enjoy a “win -win” situation in this endeavour.  
4.441.   In concluding, my delegati on appreciates Korea’s highly valued contribution to the 
multilateral trade system and its active engagement in the negotiations. I also take this opportunity 
to recognize the significant contribution being made by Ambassador Taeho Lee and his able team in  
Geneva towards the success of the ongoing negotiations on various key issues.  
4.442.   We wish Republic of Korea a productive and successful Trade Policy Review.  
BANGLADESH  
4.443.   At the outset, the Bangladesh delegation welcomes H.E. Mr. Jeongil Kim, Deputy Minister 
for International Trade and Legal Affairs, Ministry of Trade, Industry and Energy and Head of the 
delegation of Republic of Korea, and thank him for his introductory presentation. We also thank 
H.E. Mr. Mathias Francke of Chile for his insightful discussions . Our sincere appreciation goes to the 
Government of Republic of Korea and the WTO Secretariat for the comprehensive reports.  
4.444.   The Republic of Korea has made remarkable progress in recent years. It is encouraging to 
see that prudent macroeconomic measures a dopted by the country have resulted in impressive 
economic growth and remarkable improvement in almost all indices.  
4.445.   Since the last TPR in 2016, relatively strong economic fundamentals and solid buffers to 
external shocks have helped the country maintain m acroeconomic stability and ensure the resilience 
of its export -led economy.  
4.446.   Korea has been able to face the COVID -19 pandemic comparatively well, supported by a 
comprehensive set of fiscal, monetary, financial, and other measures. It is encouraging that d uring 
the review period, Korea's annual GDP growth peaked at 3.2% (2017). However, due to the 
COVID -19 outbreak it progressively declined to -0.9% (2020) which is a considerably milder 
contraction than in most other advanced economies. Annual average GDP g rowth rate for 2016 -20 
stood at 2.1%, whereas inflation remained below target and dropped progressively to 0.5% in 2020.  
4.447.   The Republic of Korea's openness to international trade and its integration into the world 
economy continued to be reflected by the hi gh ratio of its trade in goods and services to GDP, which 
stood at 69.2% in 2020. International trade and foreign direct investment trends reflect the 
continued importance of Asia Pacific as Korea's main regional market and FDI supplier.  
4.448.   We appreciate tha t the Republic of Korea continued to participate actively in the WTO. In 
October 2019, Korea committed not to seek special and differential treatment for developing 
countries in ongoing and future negotiations. We note with appreciation that Korea's custom s 
clearance performance is at the cutting edge of best practices.  
4.449.   Bangladesh and Korea enjoy excellent bilateral trade and economic relations, though 
bilateral trade is tilted towards Korea and reduced due to COVID -19. Broad -based institutional 
mechanisms of dialogue have contributed to the deepening of our relations. Major export items from 
Bangladesh are garment and textile, and leather, while steel and machinery closely related to 
investment activities are the main export items from Korea to Bangladesh. During 2020, Korea 
exported to Bangladesh USD 1.03 billion worth goods and its import from Bangladesh was of 
USD 393 million. Korea is the fifth largest investor in Bangladesh with USD 1.17 billion of total 
accumulated stock investment and also the largest  foreign investor in EPZs with 75 companies 
operating in the EPZs including one designated for Korean investors. Korea has been providing duty 
free and quota -free market access to 95% of Bangladeshi products since 2012.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.450.   Bangladesh appreciates Korea’s const ructive engagement with the WTO and its commitment 
to multilateral trading system. To conclude, we wish the delegation of Republic of Korea a productive 
and successful TPR. My delegation will continue to work closely with the Korean delegation, led by 
Amba ssador H.E. Mr. Taeho Lee, to strengthen the multilateral trading system while we strive to 
enhance our bilateral trade.  
EGYPT  
4.451.   Egypt joins previous speakers in extending a very warm welcome to the Korean delegation 
headed by His Excellency Mr. Jeongil Kim,  Deputy Minister for International Trade and Legal Affairs, 
as well as the esteemed colleagues both from Seoul and in Geneva.  
4.452.   We thank Ambassador Matias Francke (of Chile) for his insightful comments as discussant, 
and express our appreciation to the Repub lic of Korea and the WTO Secretariat for their 
comprehensive reports.  
4.453.   It gives us great pleasure to participate in the 8th TPR of Korea, and we start by 
congratulating the Korean Government for its solid overall economic performance during the review 
period, especially in adopting sound macroeconomic policies that helped mitigate the dire 
consequences of the COVID -19 pandemic.  
4.454.   We also commend Korea for the wide range of reform policies implemented during the review 
period, including those relate d to job creation, supporting SMEs, promoting innovation, Intellectual 
Property and adopting e -government strategies.  
4.455.   The Secretariat report highlights many facets of Korea’s openness to international trade, and 
integration into the world economy. We appl aud the Government of Korea for the full implementation 
of the Trade Facilitation Agreement, and underscore Korea’s exemplary customs clearance 
performance.  
4.456.   Egypt and Korea enjoy very cordial relations that have developed over the last years on 
several fro nts, particularly economic cooperation and development. It is worth mentioning that Korea 
is considered by many developing countries as an inspiring success story for economic transition 
and development, where trade plays a central role.  
4.457.   During the review period, Egyptian exports to Korea recorded a remarkable 10 -fold increase. 
The top exports are natural gas, vegetable substances, non -metallic minerals and fabrics. On the 
other hand, top Korean exports to Egypt include, vehicles and automotive parts, scree ns and 
synthetic petrochemical products. Yet we believe that there is abundant room to further develop our 
trade relations.  
4.458.   In this regard, we note the large disparity between average MFN tariff for non -agricultural 
products and that for agricultural ones,  as well as the existence of tariff peaks and complex tariffs 
for agricultural imports, resulting in high protection levels.  
4.459.   We urge Korea to facilitate and accelerate procedures of granting market access to 
agricultural exports. In this context, we refer  to the pending request submitted by Egypt in 
February  2020 for granting market access to our exports of potatoes to the Korean market, for which 
no feedback has yet been received.  
4.460.   On the investment front, recent figures estimate that Korean Foreign Direct  Investments to 
Egypt have reached USD 570 million, and are extensively manifested in over 180 projects in several 
sectors, including industry, services, construction, agriculture, tourism, and information technology.  
4.461.   However, we believe there is much unta pped potential in other sectors and encourage more 
Korean investments to Egypt, especially in the fields of infrastructure and technology transfer. In 
this vein, Egypt looks forward to the upcoming visits of the Korea Trade -Investment Promotion 
Agency prof essionals to explore further areas of cooperation between both countries.  
4.462.   Finally, Egypt wishes the Korean delegation a successful Trade Policy Review and reaffirms 
its aspirations to deepen cooperation between both countries.  WT/TPR/W/ 197 • Republic of Korea  
 
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  KZRGYZ  REPUBLIC  
4.463.   The Kyrgyz Republic warmly welcomes the delegation of the Republic of Korea led by 
H.E. Deputy Minister, Mr.  Jeongil Kim.  
4.464.   We would like to thank the WTO Secretariat and the Government of Korea for preparing such 
a comprehensive and detailed Trade Policy Review  reports. We would also like to thank the 
discussant, H.E. Ambassador Mathias Francke of Chile, for his insightful comments.  
4.465.   Since the beginning of its membership to WTO, Korea has demonstrated its highest of 
dedications to WTO rules and has continuously s hown its commitment to trade liberalization under 
the multilateral trading system centered on the WTO.  
4.466.   In December 1991, the Republic of Korea was one of the first countries to recognize the 
independence of Kyrgyzstan. The diplomatic relations between the  Kyrgyz Republic and the Republic 
of Korea were established in January 1992.  
4.467.   Since the establishment of diplomatic relations, Kyrgyz -South Korean relations have been 
developing consistently. During this period, the parties managed to create favourable cond itions for 
the stable development of relations in all directions. Kyrgyzstan views South Korea as one of its 
important and priority partners in the Asian region and is interested in further developing friendly 
relations and deepening mutually beneficial co operation with the Republic of Korea.  
4.468.   Kyrgyzstan and the Republic of Korea enjoy mutual support within the framework of various 
international organizations, primarily in the fields of the UN. Also, active cooperation continues within 
the framework of the C entral Asia -Republic of Korea Forum.  
4.469.   Trade and economic cooperation between the Kyrgyz Republic and the Republic of Korea is 
one of the important areas of relations between the two countries.  
4.470.   In 2020, the volume of foreign trade turnover between the Kyrgyz  Republic and the Republic 
of Korea amounted to USD 74.6 million.  
4.471.   Kyrgyzstan imports plastics and products from it, polycarbonates, alkyd resins and other 
polyesters, cars, vehicles for the transport of goods, various food products and drugs, machinery, 
industrial equipment, electrical machines, telecommunication equipment, sound recording and 
others.  
4.472.   Exported from Kyrgyzstan are mainly rare earth metals, honey, nuts, chocolate, livestock 
products, and medicinal herbs.  
4.473.   Also, we need to emphasize about activ ity of the KOICA organization in the Kyrgyz Republic. 
From 2012 to 2020, KOICA projects in the Kyrgyz Republic have been implemented in the amount 
of USD 44.4 million. In February 2020, an agreement was signed between the KOICA representative 
office in the  Kyrgyz Republic and the State Committee for the Information Technology and 
Communication of the Kyrgyz Republic on the project for the modernization and development of the 
potential of the Tunduk interdepartmental electronic interaction system for a total  amount of about 
USD 5 million.  
4.474.   In 2020, the Korea Program for International Agriculture (KOPIA) Center was opened in the 
Kyrgyz Republic, which promotes cooperation to build the capacity of Kyrgyzstan in crop and seed 
production, growing seeds adapted to local conditions and raising the productivity of agricultural 
crops.  
4.475.   According to the National Statistical Committee of the Kyrgyz Republic, more than 
200 Korean enterprises in the field of small and medium -sized businesses are registered and operate 
in the territory of the Kyrgyz Republic.  
4.476.   Meanwhile, today we recognize that the level of trade and economic relations does not 
correspond to the existing potential. Kyrgyzstan is interested in filling this gap. The Kyrgyz Republic 
and Korea have a number of bus iness events, which lay forward the progress in economic relations.  WT/TPR/W/ 197 • Republic of Korea  
 
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  4.477.   In terms of services, it is worth to note that tourism seems very attractive to strengthen the 
potential of trade relations in services sector.  
4.478.   Taking this opportunity, the Kyrgyz Republic  wishes a very successful Trade Policy Review 
to the delegation of Korea.  
EL SALVADOR  
4.479.   En nombre de la delegación de El Salvador quisiera dar la más cordial bienvenida a la 
delegación de la República de Corea encabezada por el Sr. Viceministro de Comercio Internacional 
y Asuntos Jurídicos, Sr. Kim, y agradecer al Embajador Sr. Francke por sus valoraciones. Hago 
también patente mis saludos al Embajador Lee y su equipo en Ginebra.  
4.480.   Nos complace destacar el excelente desempeño de la economía coreana, l a cual siguió 
creciendo entre 2016 y 2019 de forma estable y a pesar de los desafíos enfrentados producto de la 
pandemia, Corea ha seguido escalando posiciones en la clasificación del CIF mundial, pasando del 
puesto catorceavo en 2016 al puesto décimo en 2 020. 
4.481.   Resaltamos también las importantes reformas estructurales que han realizado en materia 
comercial centrados en la creación de empleo, el apoyo a las MIPYMES y empresas emergentes y el 
fomento de la innovación para elevar la productividad.  
4.482.   Deseamos seña lar, por otra parte, los avances realizados por Corea en la implementación 
del acuerdo sobre facilitación del comercio, tema que es de suma importancia para El Salvador. De 
manera específica, encomiamos los esfuerzos realizados por Corea en materia de desp acho 
aduanero, los cuales siguen siendo reconocidos a nivel internacional y se considera que Corea está 
a la vanguardia de las mejores prácticas.  
4.483.   El Salvador brinda la mayor importancia a la relación bilateral con la República de Corea. 
Este miembro es uno  de nuestros más importantes socios comerciales y esperamos que como 
resultado en nuestro tratado de libre comercio se continúen estrechando nuestros lazos comerciales. 
Al mismo tiempo, deseo destacar y agradecer la importante cooperación brindada por Core a a 
nuestro país en materia económica, comercial y de propiedad intelectual.  
4.484.   En el marco multilateral, reconocemos el liderazgo y la contribución de Corea a favor del 
sistema multilateral del comercio y su activa participación en las negociaciones en curso , el trabajo 
ordinario de la Organización, así como en las iniciativas conjuntas. Esperamos continuar trabajando 
con Corea y el resto de Miembros para lograr una Conferencia Ministerial exitosa.  
4.485.   Finalmente, no me queda más que desearle a Corea el mayor de los éxitos en este ejercicio, 
que se enmarcan los ejercicios de transparencia esenciales, para el buen funcionamiento del sistema 
multilateral del comercio.  
  WT/TPR/W/ 197 • Republic of Korea  
 
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  5  REPLIES BY THE REPRESENTATIVE OF THE REPUBLIC OF KOREA AND ADDITIONAL 
COMMENTS  
5.1.  I would like to extend my special thanks to all of you for your interest in Korea’s policies and 
practices on the first day of the Review.  
5.2.  I also sincerely appreciate the positive observations of Members regarding Korea’s policies for 
market openings as w ell as our vast efforts at overcoming COVID -19. Your comments on multilateral 
and bilateral cooperation have been very constructive and insightful.  
5.3.  Today, I would like to provide member countries with a comprehensive overview of Korea’s 
positions in relat ion to the 12 major issues that were raised as questions and during the Wednesday 
meeting.  
5.4.  To begin with, we received questions on the complexity of the tariff structure, high MFN and 
peak tariff rates and Korea's flexible tariffs. Korea reforms and upgra des its tariff rates and related 
systems by revising customs laws and regulations every year. We will also continuously improve our 
tariff system by reflecting not only stakeholders’ opinions but also the outcomes of multilateral 
negotiations including FTA s, RTAs and the WTO DDA.  
5.5.  With regard to the level of tariff rates, Korea has made continuous efforts at reducing MFN 
rates by participating in WTO ITA expansion negotiations, inter alia . In addition, Korea has concluded 
17 FTAs with 57 countries, which ha s led to a reduction of our tariff rates.  
5.6.  Meanwhile, under the Customs Act, the flexible tariff system allows rates to be adjusted in 
exceptional situations ― such as when real damages occur to certain domestic industries, when the 
import of a certain pro duct needs to be facilitated, or when serious concerns regarding a collapse of 
the industrial foundation arise.  
5.7.  We also have noted the interest of many member countries in the Korean New Deal Initiative 
announced after the outbreak of COVID -19. This initi ative was established with a view to 
pre-emptively responding to socioeconomic transformations in the post -COVID -19 era as well as 
overcoming the crisis triggered by the pandemic. The three pillars of the Korean New Deal consist 
of the expansion of the dig ital economy; the transition to a low carbon society; and strengthening 
the employment safety net. It is too early to mention the policy impact of the Korean New Deal now 
as this initiative will continue up to the year of 2025.  
5.8.  With regard to SOEs, we rece ived questions regarding privatization and the future plans of the 
Korean Government. The Korean Government is continuously privatizing public agencies and 
companies, while reducing areas of competition between public agencies and the private sector. If 
further privatization is needed, the government will consult with stakeholders following a 
comprehensive review of the improvement of public services, public convenience and the competitive 
landscape with the private sector.  
5.9.  Regarding foreign investment in Korea, there were questions on the government’s efforts to 
attract high value -added investment, the background for enhancing investment screening, and the 
reason for relatively low inward investments. In order to create a favourable environment for 
attract ing high value -added investments, we are making multi -faceted efforts such as strengthening 
technological capacity via R&D investment, developing human resources and temporarily exempting 
regulations through a Regulatory Sandbox. We have also revised relev ant laws to screen FDI to 
protect against the possibility of the leakage of core technologies.  
5.10.  As for comments pointing out that Korea’s inward FDI stock level is relatively low, the inward 
FDI stock level is the result of a wide range of factors affectin g each other, such as production costs, 
income level, natural resources, market size and industrial structure.  
5.11.  There were suggestions from member countries that Korea needs to modernize its regional 
trade agreements including the Korea -EFTA FTA, the Korea -Turkey FTA and the Korea -India CEPA. 
The Korean government will improve and modernize its FTAs comprehensively considering a wide 
range of factors such as changes in the trade environment, industrial demand and the balance of 
interests achieved through a revision package.  WT/TPR/W/ 197 • Republic of Korea  
 
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  5.12.  There were questions on the direction of Korea’s policy in light of new issues such as ensuring 
stable and resilient supply chains, promoting carbon neutrality and enhancing economic 
inclusiveness. Korea is now expanding and deepening in ternational cooperation for the strengthening 
of supply chains based on its technological competitiveness in core industries such as semiconductors 
and batteries.  
5.13.  In order to combat climate change and realize carbon neutrality, Korea is now actively 
participating in relevant bilateral, multilateral and regional discussions including those on the trade 
facilitation of environmental goods and services. In addition, we are providing information on 
overseas markets for businesses to ensure that not only large companies but also SMEs will have 
better opportunities to benefit from the international trade.  
5.14.  Korea is joining forces to improve transparency within the WTO in earnest, and such efforts 
were highly commended by a number of Members. Korea fully understan ds that strengthening 
transparency is the key to the smooth implementation of the multilateral trading system. In addition, 
Korea also recognizes that Members’ compliance with the obligation to notify the WTO is of the 
utmost importance.  
5.15.  As a co -sponsor of the Transparency Proposal, Korea is joining forces to improve the 
enforcement of the obligation to notify the WTO as well as enhance transparency within the WTO. 
To this end, Korea would like to ask for the keen interest and support of M ember countries.  
5.16.  Regarding the promotion of carbon neutrality, Member countries asked about Korea’s plan to 
expand the share of renewable energies in its energy mix. In November 2020, Korea announced its 
vision of achieving carbon neutrality by 2050 to co mbat climate change. We are currently formulating 
scenarios to realize this vision by establishing the Carbon Neutrality Committee. In addition to the 
enforcement of a wide range of policies to accelerate the supply of renewable energies and reducing 
depen dency on fossil fuels, Korea is promoting massive offshore wind and solar power projects in 
earnest as well as raising the RPS (renewable portfolio standard) obligation rate.  
5.17.  Some Members mentioned that Korea should focus its efforts more on operating its  import 
quarantine policy in line with international standards, while minimizing trade disruptions. Korea is 
operating its import quarantine system based on scientific evidence as well as international 
standards such as the WTO’s SPS Agreement, OIE and IPP C guidelines. Korean laws have been 
established based on not only international standards, but also domestic circumstances such as food 
safety and concerns over the influx of infectious diseases from animals. We will review the necessity 
of improving SPS m easures comprehensively considering each disease characteristic as well as the 
direction of international discussions.  
5.18.  Regarding the Positive List System (PLS), we have exchanged opinions with exporters and 
stakeholders on its introduction. As for veterina ry drugs, Korea will consult with stakeholders to 
minimize their effect on trade.  
5.19.  We received questions on agricultural tariffs, agricultural export subsidies and the opening of 
the rice market. As with many other Members, Korea’s agricultural tariff rate s were determined 
through consultations with Members during the Uruguay Round negotiations in 1994. Since then, 
Korea has promoted additional trade liberalization for agricultural products by signing 17 FTAs. 
Furthermore, our agricultural export subsidy, w hich is limited to an export logistics cost subsidy, 
was introduced in December 2015 under the Nairobi Ministerial Decision and will be eliminated in 
2024. This export subsidy is in line with WTO rules, and the Korean Government is now preparing 
for the gr adual reduction of the subsidy rates.  
5.20.  Korea has applied general tariffs on rice since 2015 after finishing the application of WTO 
special measures for rice. As of January 2021, the application process of general tariffs has been 
finalized with the complet ion of consultations on tariff verification.  
5.21.  Regarding Korea’s copyright policy and enforcement measures, the Ministry of Culture, Sports 
and Tourism of Korea is responsible for striking a balance between the fair use of works and the 
protection of copyrig ht owners’ rights, while responding to copyright infringements. Given the high 
interest in Korea’s copyright policy enforcement and legislation changes, we will make more of an 
effort to share relevant information and trends with Members.  WT/TPR/W/ 197 • Republic of Korea  
 
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  5.22.  With regard to qu estions on the participation of SMEs and women in trade, the Korean 
government newly established the Ministry of SMEs and Start -ups in 2017 with a view to facilitating 
the innovation and growth of small and medium sized companies and micro -business owners.  In 
order to expand women’s economic activities and participation in trade, Korea is engaged in diverse 
activities such as operating a female business incubation center as well as measures to recover from 
the female employment crisis. Korea will exert all -out efforts at ensuring progress in discussions on 
Trade and Gender as well as MSMEs, which are now underway at the WTO.  
5.23.  I sincerely appreciate the immense support and interest we received from member countries 
during this year’s TPR process. I hope that Korea’s 8th TPR has served as a valuable opportunity for 
Members to enhance their understanding of Korea's economic and trade policies.  
5.24.  As for the questions that we received after the September 29 deadline or haven’t been 
answered yet, we will provide writ ten answers at the earliest possible opportunity.  
5.25.  Korea will implement a range of domestic policies in line with international rules, including 
the WTO, with a view to contributing to a free, open and rule -based global trade environment.  
5.26.  As a leading mid dle power in the international community, Korea will actively strive for the 
constructive development of the WTO -centered multilateral trading system.  
5.27.  Lastly, I would like to express my gratitude once again to Chairman Chambovey, discussant 
Francke, and t he WTO Secretariat for preparing Korea’s 8th TPR. My thanks also go to WTO Members 
for your interest in Korea’s trade policies. Thank you.  
DISCUSSANT  
5.28.  Quisiera comenzar por agradecer a Corea por sus respuestas a las preguntas de los Miembros. 
Sé que es un t rabajo extenuante que pone a prueba la coordinación entre las diferentes agencias 
públicas del miembro examinado.  
5.29.  Segundo, quisiera hacer los siguientes comentarios sobre algunos puntos levantados por los 
Miembros durante el debate del miércoles pasado y q ue me parecieron interesantes. Y hago estos 
comentarios en el contexto en que se encuentra la OMC, esto es, no sólo en medio de una pandemia 
que ha causado estragos en términos de vidas humanas y daños económicos, sino por sobre todo 
en un momento crítico para la Organización. Su función y capacidad negociadora está casi 
paralizada, su mecanismo de solución de diferencias si está paralizado y gravemente cuestionado y 
sus reglas no son las adecuadas para atender las oportunidades y desafíos de la economía de l 
Siglo XXI.  
5.30.  Por eso que el ejemplo de Corea nos puede dar algunas lecciones y nos puede ayudar.  
5.31.  Nadie cuestiona el desarrollo logrado por Corea en las últimas décadas, Sin embargo, ese 
desarrollo se dio en un modelo de importante intervención del Estado en la Economía, con un fuerte 
estímulo de ciertos sectores, como la manufactura y las PYMEs y con alta protección a otros sectores, 
en especial el agrícola. Y si bien el modelo parece que ha dado resultados, no necesariamente todos 
esos aspectos pueden ser  replicados con el mismo efecto logrado por Corea.  
5.32.  La intervención del Estado genera preocupación para muchos miembros al tenor de sus 
preguntas e intervenciones. Pero también genera distorsiones en el mercado y contribuye a la baja 
productividad y el alto  costo laboral en Corea. Similares externalidades generan la fuerte 
concentración en ciertos sectores. Las recientes modificaciones a la legislación en materia de 
competencia van en la línea correcta. Como lo son las modificaciones y mejoras al marco en ma teria 
de inversión extranjera, en particular, la apertura de ciertos sectores a capitales extranjeros. Todo 
ello debiera darle más dinamismo a algunas industrias y servicios, ampliando la competencia y 
trayendo beneficios al consumidor.  
5.33.  Políticas como el N uevo Trato (new deal) Digital y Verde, la visión homo céntrica de la 
economía y la desregulación fueron positivamente valorados por los miembros como instrumentos 
para promover la innovación y la transición a una economía libre de carbono, aunque la alta 
dependencia a los combustibles fósiles parece ser un desafío que varios alertaron.  WT/TPR/W/ 197 • Republic of Korea  
 
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  5.34.  También se resaltaron las políticas y medidas en pro de una mayor equidad e inclusividad, 
como aquellas en favor de las mujeres y su empoderamiento económico, y los apoyos e  incentivos 
a las PYMEs, a los emprendedores e innovadores y en especial, aquellos a la diversificación. Todas 
ellas, en su justa dimensión, son dignas de evaluar y replicar. Mención aparte a las industrias 
creativas. Como alguien mencionó el miércoles: un  soft power que Corea ha sabido aprovechar muy 
bien. Para quienes vivimos a este lado del mundo, aún no hemos tenido la ocasión de gozar la cultura 
coreana que va más allá de BTS y el juego del calamar.  
5.35.  La importancia del comercio internacional en la econo mía coreana fue resaltada especialmente 
como un ejemplo de los beneficios de la liberalización comercial. Sin embargo, sus exportaciones no 
pueden sostenerse en el largo plazo en pocos bienes industriales. La pandemia, las crisis e incluso 
accidentes y des astres naturales, demuestran la vulnerabilidad a la que están sujetos los países 
cuyo comercial exterior está basado en pocos bienes. Del mismo modo, un modelo de comercio 
internacional tampoco puede estar sustentado en una alta protección a ciertos sector es. Por ejemplo, 
en base a una estructura arancelaria compleja, con altos niveles arancelarios y aplicación de 
instrumentos como aranceles flexibles y aranceles de ajuste, como fue cuestionado por muchos 
miembros de la OMC. Los operadores internacionales r equieren previsibilidad y reglas claras.  
5.36.  En esa línea, a costa de los consumidores coreanos y de los exportadores competitivos y 
eficientes de otros países, Corea mantiene altos niveles de protección a los productos agrícolas a 
través de medidas arancelarias y no arancelarias, apoyos domésticos, subsidios e incluso subsidios 
a la exportación, que muchos esperan que Corea elimine dentro de los plazos de la decisión de 
Nairobi. Varios miembros mostraron preocupación por el uso de medidas sanitarias y fitosanitarias 
y regulaciones en materia de resid uos como barreras adicionales.   
5.37.  Interesante me parece destacar que dos tercios de las 45 intervenciones del miércoles pasado 
fueron de miembros que tienen acuerdos comerciales con Corea o están en negociaciones. Ello 
refleja la exitosa apuesta que ha hech o Corea por el bilateralismo y el regionalismo. Proceso que se 
irá profundizando con otras negociaciones, incluyendo el interés demostrado por el CPTPP, la Alianza 
del Pacífico y el Digital Trade Partnership Agreement por nombrar algunos. Varios de esos so cios, 
en sus intervenciones indicaron su interés de modernizar los acuerdos vigentes, lo que puede leerse 
como un deseo de mejorar las condiciones preferenciales de acceso a mercado. Como indiqué en mi 
intervención, el sector agrícola ha quedado casi fuera  de esa liberalización comercial con aranceles 
preferenciales promedios en algunos acuerdos por sobre el 50% y con muy pocas líneas con 
arancel  0. Aún queda camino por recorrer.  
5.38.  Si no me equivoco, todos los miembros destacaron el activo compromiso de Corea  con el 
sistema multilateral de comercio, con las negociaciones en curso y con la reforma a la OMC, así 
como su fuerte apoyo a la transparencia y mejora en las notificaciones y su participación en las 
iniciativas conjuntas. El hecho de que la mayoría hizo mención a ello refleja que dichas Iniciativa 
Conjuntas son una herramienta eficaz para dar soluciones a los grandes desafíos y oportunidades 
de la economía del Siglo XXI y que resultados exitosos beneficiarán a todos los miembros de la OMC, 
en particular l os países en desarrollo y los PMAs.  
5.39.  Mi sensación también de esas intervenciones es que Corea puede apoyar aún más y contribuir 
activamente a lograr resultados exitosos en las negociaciones en curso. En subsidios a la pesca, la 
experiencia coreana parece de mostrar que el enfoque sobre la sustentabilidad de los recursos es 
crucial para la sobrevivencia de la industria – artesanal o industrial. También se valoraron las 
acciones destinadas a combatir la pesca ilegal y no regulada. Sin embargo, sus subsidios sig uen 
siendo altos y al menos de las notificaciones a la OMC, no siempre queda claro a qué van dirigidos 
ni que objetivos cumplen. Corea puede avanzar en ese sentido y, además, mostrar más flexibilidad 
para lograr el acuerdo que todos queremos. En agricultur a, Corea también debiese aportar más 
contribuyendo a cerrar brechas y ayudar a construir un comercio agrícola más orientado al mercado.  
5.40.  Muchas delegaciones destacaron también la decisión de Corea de no solicitar TED, 
renunciando con ello a sus status de pa ís en desarrollo. Junto a ello, el país ha asumido un renovado 
compromiso de ampliar la asistencia técnica y ayuda al desarrollo bilateralmente, en su región y en 
el marco de la OMC, particularmente en materia de despacho aduanero donde Corea es un referen te 
a nivel mundial tal como lo destacaron varios. Aplaudimos a Corea por eso.  WT/TPR/W/ 197 • Republic of Korea  
 
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  5.41.  Para finalizar, permítame un último comentario personal, como Embajador de Chile para 
destacar los históricos lazos que unen a mi país con Corea, así como la exitosa relación comercial 
que se potenció a partir de la entrada en vigencia del TLC bilateral ha ce ya 17 años. Corea ya es el 
sexto mercado de destino de las exportaciones chilenas y séptimo mercado de origen de nuestras 
importaciones. Con un trabajo de largo plazo y de creación de confianzas hemos logrado 
posicionarnos como el primer proveedor de bl ueberries, uvas frescas y vinos al mercado coreano. 
Segundo proveedor de cerezas frescas y limones, tercero de kiwis, 4º de paltas/aguacates y 5º de 
naranjas. Por lo mismo, quisiera indicar que fue un honor haber podido contribuir a este exitoso 
Examen de Políticas Comerciales de Corea y agradecer tanto a la delegación coreana y a la Secretaría 
por su apoyo durante el mismo.   
5.42.  Viceministro  Kim, un gusto haberlo conocido y le deseo un buen retorno a casa a usted y su 
delegación. A todos los demás, que tengan  un buen fin de semana. Muchas gracias.  
NEPAL  
5.43.  At the outset, my delegation would like to extend warm welcome to the delegation of South 
Korea led by His Excellency Mr. Jeongil Kim, Deputy Minister for International Trade and Legal Affairs 
of Korea and comm end for his comprehensive presentation at the beginning of the meeting.  
5.44.  Similarly, I thank H. E. Mr Mathias Francke, Ambassador of Chile, for his insightful remarks 
as discussant.   
5.45.  My delegation sincerely appreciates the Government of Korea and the WTO s ecretariat for 
comprehensive trade policy review reports of South Korea.  
5.46.  Korea’s high level of commitment to the rules -based, predictable, and inclusive multilateral 
trading system including its commitment of not seeking special and differential treatment  for 
developing countries in ongoing and future negotiations are much appreciated.  
5.47.  The information and facts outlined in both the reports demonstrate the strength and level of 
resiliency of the economy of South Korea to tackle the crises including current  COVID -19 pandemic.  
5.48.  Success story of economic development of South Korea, driven by the export -led outward 
looking trade policy has become one of the examples and source of encouragement to the many of 
the resource -poor developing countries including Nepa l in envisioning the economic and social 
development policies in their respective countries.  
5.49.  The measures taken by Korea for prevention, containment and treatment of the COVID -19 
Pandemic can be another good example of managing pandemic and crisis for deve loping world 
including Nepal.  
5.50.  Trade and trade -related structural reforms focusing on supporting income, creating jobs, 
assisting small and medium -sized enterprises (SMEs) and start -ups, and promoting 
productivity -boosting innovation, as well as strengthen ing social safety nets and substantially raising 
the minimum wage during the review period remained highly commendable.  
5.51.  High ratio of Korea’s trade to its GDP clearly indicates its greater integration into the global 
trading system.  
5.52.  Changes in FDI regime  focusing on tax incentive, elimination of restrictions, legal 
improvement, and others are much appreciated.  
5.53.  Additionally, its customs clearance performance remained as one of the best practices.  
5.54.  Korea’s commitment to continuing its participation in the ongoing discussions for WTO reform 
and making efforts to bolster global confidence in the multilateral trading system is also 
commendable.  
5.55.  Nepal and South Korea have expressed shared common views in various international fora 
including WTO and extended co operation bilaterally based on mutual benefit.  WT/TPR/W/ 197 • Republic of Korea  
 
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  5.56.  Our friendly relation has been further strengthened since the establishment of the diplomatic 
relation in 1974. Both the countries have maintained the bilateral relation based on goodwill, 
friendship and mutu al cooperation.  
5.57.  Bilateral ties further strengthened from both sides by the means of extended cooperation in 
economic, trade, investment, and tourism activities among others.  
5.58.  In later years, through the means of Korean Employment Permit System (EPS), Nepa l has 
become an important source of international migrant workers for South Korean economy and an 
attractive employment market for Nepali youths.  
5.59.  Nepal extends sincere appreciation to the Government of Republic of Korea for its continued 
support and cooper ation being provided through the Korea International Cooperation Agency 
(KOICA) and others means, mainly in building infrastructures and developing human resources, 
among others.  
5.60.  Trade, investment, tourism and other socioeconomic aspects are major areas o f interest of 
both the countries and means of further strengthening our bilateral relation by expanding it from 
the governments to the people -to-people level.  
5.61.  Recent trade data reveals that the total value of Nepali goods exported to South Korea was 
appro ximately NRs 141 million whereas the total value of Korean goods imported to Nepal was 
approximately NRs 10.42 billion in the year 2020 resulting a huge trade imbalance of around 
NRs 10.28 billion.  
5.62.  The main products exported by Nepal were tobacco, felt, wi gs of human hair, articles of 
Christmas festivities, carpets, woollen shawls, scarves, mufflers and other garment articles. 
Similarly, the major imported products by Nepal from South Korea were the military weapons other 
than revolvers, pistol and the arms , polyvinyl chloride, diagnostics or laboratory reagents, machinery 
with 360-degree  revolving superstructure etc.  
5.63.  South Korea is one of the top sources of foreign direct investment in Nepal. Many 
businesspersons of Korea have shown keen interest in invest ing in Nepal mainly in hydro power, 
construction and service sectors. The joint ventures are also taking place in the fields of electronics, 
hotel industry, chemical industry, medicinal goods, and mineral water etc.  
5.64.  This has further enhanced the level of c ollaboration and cooperation at all levels in our bilateral 
relation.  
5.65.  Finally, I wish a successful conclusion of the eighth round of the Trade Policy Review of the 
country.  
PANAMÁ  
5.66.  Deseo ante todo saludar y felicitar atentamente al Sr. Jeongil Kim, Viceministro de Comercio 
Internacional y Asuntos Legales, Ministerio de Comercio, Industria, y Energía de la República de 
Corea, y a toda la delegación coreana por su destacada preparación . A su vez, deseo saludar al 
Embajador Mathias Francke de Chile, ponente en este Examen, y agradecer a la Secretaría por 
preparar los respectivos reportes.  
5.67.  Corea es el segundo socio comercial de Panamá en Asia, el sexto usuario más importante del 
Canal, y  un importante socio comercial en nuestras operaciones logísticas y de redistribución de 
mercancías coreanas hacia Latinoamérica desde la Zona Libre de Colón en Panamá.  
5.68.  En los últimos cinco años, el intercambio comercial entre Panamá y la República de Core a 
osciló entre USD 202 y 481 millones. En el 2020, a pesar de, o talvez debido a, el contexto de la 
pandemia, se reflejó un aumento en las exportaciones de Panamá hacia la República de Corea, por 
un 86,7% con respecto al año 2019. Se destacan los siguiente s productos exportados: minerales de 
cobre, desechos de fundición, hierro o acero, café tostado, entre otros.  WT/TPR/W/ 197 • Republic of Korea  
 
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  5.69.  Por su parte, la República de Corea exportó en su mayoría vehículos y accesorios de vehículos, 
reactivos de diagnóstico o laboratorio, acumulador es eléctricos, productos laminados; entre otros.  
5.70.  Es con gran placer que mi delegación informa a la Membresía que el Tratado de Libre Comercio 
entre la República de Corea y las Repúblicas de Centroamérica fue suscrito el 21 de febrero de 2018, 
ratificado po r la Asamblea Nacional de Diputados el 19 de noviembre de 2020, y entrando en vigor 
el pasado 1 de marzo de 2021. Tenemos fe que esto expandirá el intercambio comercial entre 
nuestros países.  
5.71.  Nos complace conocer de la puesta en marcha del novedoso plan d enominado “New Deal 
Coreano”, cuyos componentes son un New Deal Digital, un New Deal Verde y un New Deal Humano. 
Aplaudimos los esfuerzos para promover la innovación digital en toda la economía y desarrollar la 
infraestructura necesaria para los sectores e n línea y digitales; y el plan para lograr la neutralidad 
de las emisiones de carbono para 2050. En particular, felicitamos el enfoque del New Deal Humano 
que pretende reforzar las redes de protección para las personas en situación vulnerable y reducir la 
brecha digital. Esperamos que esta iniciativa pueda acercarlos a cumplir con los Objetivos de 
Desarrollo Sostenible.  
5.72.  Por otro lado, notamos con preocupación la dependencia de Corea de las exportaciones de 
manufacturas. Esto expone su economía a perturbacio nes en las cadenas de valor mundiales. Como 
la cuarta economía más diversificada del mundo, están en una posición privilegiada para seguir 
desarrollando su economía de una manera resiliente.  
5.73.  La diferencia de productividad laboral entre las grandes empresas  y las pymes es muy amplia. 
Le deseamos éxito al gobierno de Corea en sus planes de promover una competencia leal entre las 
grandes empresas y las pequeñas empresas e impulsar la innovación de las pymes.  
5.74.  Queremos felicitar a Corea por su activa participac ión en el sistema multilateral de comercio. 
Participa de manera activa en el subgrupo de apoyo a las reformas de la OMC, y en diversas 
negociaciones, especialmente las de subvenciones a la pesca. Además, Corea ha hecho importantes 
aportaciones financieras anuales para apoyar los esfuerzos de la OMC en ayudar a los países en 
desarrollo a mejorar su capacidad comercial a fin de que participen plenamente en las negociaciones 
comerciales mundiales, una prueba del valor que asignan a fortalecer el sistema multil ateral de 
comercio.  
5.75.  Les deseamos éxito a Corea en este Examen y deseamos destacar la admirable gestión de su 
delegación en Ginebra encabezada por el Embajador Taeho Lee.  
NIGERIA  
5.76.  Nigeria joins other Members to congratulate the Republic of Korea on their 8th Trade Policy 
Review. We welcome the entire delegation of Korea, led by H.E. Jeongil Kim, Deputy Minister for 
trade. We also thank the discussant, H.E Mr. Mathias Francke of Chil e for his insightful remarks. We 
thank the Korea Government and the Secretariat for their comprehensive reports during the period 
under review.  
5.77.  During the period under review, we noted that the Korean economy remained stable even 
amid the double threat of the world's economic uncertainty and the global pandemic. However, the 
country`s quarterly employment rate showed a year -on-year decrease since 2020 mainly due to the 
global pandemic, recording 58.6% in the first quarter of 2021. Accordingly, the figure re bounded 
since the second quarter of 2021, rising to 61%. With the various economic policies in place, we 
expect a full economic recovery of the Korean economy.  
5.78.  Nigeria acknowledges Korea’s active role to upholding the multilateral trading system and its 
participation in the sub -groups to support WTO reforms and normalize its functions. We also 
recognize Korea’s active role in the negotiations on: fisheries subsidies; e -commerce; domestic 
regulation in services, MSMEs, TESSD, trade and environment; trade an d health and investment 
facilitation. In addition, we applaud the Korean government for its efforts to continually implement 
its international obligations in compliance with the WTO Agreements and its desire to engage in 
future discussions on new trade top ics, including trade and health issues, climate and environmental 
issues as well as the rules of digital trade rules in light of the accelerating pace of the digital WT/TPR/W/ 197 • Republic of Korea  
 
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  transformation of the global economy. Korea`s active approach to trade liberalization thro ugh its 
network of 17 FTAs with 57 nations is a clear demonstration of Korea`s willingness to promote free 
trade and it is worthy of emulation.  
5.79.  Nigeria notes the considerable success in Korea’s response to the impacts brought about by 
the COVID -19 pandemic . We recognize the contribution of Korea to discussions on international 
cooperation, playing a leading role in the Joint Ministerial Statement which aims to facilitate the 
movement of essential goods, services, and personnel during the COVID -19 pandemic. As noted in 
the Secretariat report, Korea’s relatively strong economic and solid buffers to external shocks have 
helped the country maintain macroeconomic stability and has ensured the resilience of its export -led 
economy.  
5.80.  We commend also Korea’s effort in  positioning itself as a strong industrial powerhouse and 
one of the main hubs in international manufacturing production network, which is an important 
source of job creation and a driver of innovative growth. However, as noted in the Secretariat report, 
we encourage the fostering of innovation and strategies to promote fair competition between large 
corporations and smaller firms as well as reduction of the regulatory burden on firms, especially in 
the service sector in order to achieve an all -inclusive gr owth and a narrower wealth divide.  
5.81.  We would like to recognize the robust growth in the Korean financial services sector and the 
information and communication services during the review period. We are also pleased with the 
increase recorded in its foreign exchange reserves and minimum wage. We observed the 
trade-related structural reforms conducted and the focus on SMEs support as well as promoting 
productivity -boosting innovation. Furthermore, we acknowledge the "Korean New Deal" initiative to 
address the global crisis and the post -COVID -19 era.  
5.82.  Regarding Korea’s commitment to change its status from an aid -recipient country to a donor 
country, Nigeria commends the Government of Korea, for its decision to exempt itself from special 
and differential treatmen t in current and future WTO negotiations.  
5.83.  In conclusion, my delegation would continue to work closely with the Korea and the rest of 
the membership to achieve a rules -based multilateral trading system that is responsive the current 
global economic realiti es.  
5.84.  We wish the Republic of Korea a successful 8th Trade Policy Review exercise.  
UNITED  STATES  
5.85.  We appreciate Wednesday’s discussion and reiterate our strong partnership with Korea and 
the significant contributions Korea has made to the global trading syst em. 
5.86.  We would like to reiterate that Korea is a key strategic ally and a major trading partner for 
the United States. Moreover, the United States and Korea have a strong partnership that extends 
beyond the US -KOREAN Free trade agreement (KORUS FTA) and our bilateral relationship, including 
in the WTO.  
5.87.  We would again like to commend Korea on its announcement in October 2019 along with 
other Members that it would no longer seek special and differential treatment in future WTO 
negotiations. We are also pleased  that Korea has joined on as a co -sponsor to the proposal to 
enhance transparency and strengthen notification compliance under the WTO Agreements. These 
actions demonstrate Korea’s leadership and commitment to reforming the WTO so that it can 
function as a  viable forum for meaningful negotiations that are beneficial to all Members. We hope 
to continue to work with Korea to achieve meaningful reform at the WTO, including through the 
ongoing negotiations on fisheries subsidies.  
5.88.  We look forward with interest o n how Korea will develop and amend regulations and policies 
regarding bovine spongiform encephalopathy (BSE) in beef and ruminant products, as well as 
approvals for genetically engineered agricultural products. We encourage Korea to base these 
policies and  regulations on science and to remain consistent with international agreements and 
guidelines.  WT/TPR/W/ 197 • Republic of Korea  
 
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  5.89.  Additionally, regarding market access, we encourage Korea to ensure that its regulations and 
policies provide access and opportunities for Korean and foreign com panies alike. We look forward 
to hearing more from Korea on some of these policies, which were also addressed in the advance 
written questions on day one.  
5.90.  Finally, Korea is a strong ally and a valued partner of the United States. We welcome Korea’s 
progres s in opening its economy and implementing reform since the 2016 Review. We look forward 
to further cooperation with Korea on all fronts – bilaterally, regionally, and here at the WTO – to 
pursue our shared goal of a fair and open global economy. Thank you again and we wish the 
delegation safe travel back to Korea.  
EUROPEAN  UNION  
5.91.  On behalf of the EU, let me first thank the Republic of Korea for the comprehensive overview 
presented of the main trade and economic developments that occurred during the review period on 
Wednesday and this morning.  
5.92.  The European Union welcomes the useful  insights that this review has provided into one of 
the most dynamic, active and open trading nations in the world. We also commend Korea’s active 
role in the WTO and its support of multilateralism.  
5.93.  The exchanges in this TPR underlined the concerns of WTO Members about the complexity of 
some aspects of the regulatory regime and significant non -tariff barriers. In particular, on SPS 
measures, several Members noted the continued discrepancies between the Korean legislation, the 
WTO SPS Agreement and the relev ant international standards, and overly burdensome approval 
procedures.  
5.94.  The European Union appreciates the responses provided by Korea to the advance questions. 
The European Union also submitted some follow -up questions and we look forward to further 
clarifications on those within the timeframe set for this review.  
5.95.  In conclusion, the EU would like to thank the delegation of the Republic of Korea for 
undertaking this important transparency exercise in a constructive manner and demonstrating its 
commitment to the WTO. We are confident that our good cooperation will continue.  
  WT/TPR/W/ 197 • Republic of Korea  
 
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  6  CONCLUDING REMARKS BY THE CHAIRPERSON  
6.1.  Despite the COVID -19-related constraints, the eighth Trade Policy Review of the Republic of 
Korea has offered us a good opportunity to deepen our understanding of recent developments in, 
and challenges to, its trade, economic, and investment policies. Since its seventh TPR in 2016, 
Korea's initiatives to maintain its participation in the multilateral trading system and take advantage 
of the opportun ities it offers have been greatly appreciated. Indeed, the 843 advance written 
questions submitted by 32  Members and the 48 delegations that took the floor during the first and 
second day underline the importance attached by Members to Korea's trade and in vestment policies 
and practices.  
6.2.  I would also like to thank Korea's delegation, led by the Honourable Jeongil Kim, Deputy 
Minister for International Trade and Legal Affairs, for its active participation in this exercise. Also, I 
would like to thank our di scussant, H.E. Ambassador Mathias Francke, Permanent Representative of 
Chile to the WTO, for his insightful remarks, and all the delegations that took the floor for their 
valuable contributions to this Review.  
6.3.  Members acknowledged Korea's solid economic f undamentals based on an open economy and 
market principles as well as innovation, inclusion, and fairness. They congratulated Korea for its 
robust economic growth and remarkable trade performance, reflected by its openness to 
international trade and its in tegration into the world economy as well as its high positioning in global 
rankings. Members praised Korea's effective management of the pandemic, allowing for a 
remarkable economic resilience and relatively minimal GDP decline through the COVID -19 crisis.  Its 
initiatives for transition towards a digital and green economy under the three pillars of the Korean 
New Deal Initiative were applauded. Korea's New South and New North Policies, which promote 
agreements on digital trade and data mobility as well as e conomic and infrastructure cooperation, 
were welcomed. Members also commended its reforms focused on supporting income, creating jobs, 
assisting SMEs and start -ups, as well as measures on taxation, competition policy and corporate 
governance. Korea was inv ited to continue enhancing regulatory transparency and streamlining 
regulatory procedures that impeded foreign investment. Members welcomed policies to facilitate the 
shift towards a "human -centric and sustainable economy". They commended Korea's active 
participation in the Informal Working Group on Trade and Gender, and encouraged it to reduce wage 
inequality and increase female participation in the work force.  
6.4.  Korea was praised for its constructive and valuable role at the WTO, including participation in  
multilateral negotiations, particularly on fisheries subsidies, as well as Joint Statement Initiatives 
(JSIs) on E -Commerce, investment facilitation  for development , domestic regulation in services, 
Micro, Small and Medium -sized Enterprises (MSMEs), and e nvironment. Many Members commended 
Korea's active engagement on WTO reform discussions and for co -sponsoring  the proposals to: 
(i) enhance transparency and strengthen notification compliance under the WTO Agreements, 
(ii) the Trade and Health Initiative, a nd (iii) the Trade and Environmental Sustainability Structured 
Discussions. It was noted that Korea continued to serve as an example to other countries seeking 
greater levels of economic development through trade. Korea was commended for its decision to no  
longer seek special and differential treatment reserved for developing countries in current and future 
WTO negotiations, to upgrade its UNCTAD status from developing to developed country, as well as 
for its transformation from an aid -recipient to a donor country, particularly in support of LDCs. While 
acknowledging benefits of Korea's broad and expanded RTA networks, including the recently signed 
Regional Comprehensive Economic Partnership (RCEP), some Members encouraged their review and 
subsequent moderni zation.  
6.5.  Members noted that despite a decrease of the average applied MFN tariff rate, tariffs remained 
relatively high, the tariff structure continued to be complex, and the number of items covered by 
"flexible tariffs" had increased; therefore, they enco uraged Korea to liberalize and streamline its 
tariff regime as well as to minimize the application of "flexible tariffs". Members welcomed Korea's 
constructive contributions in enhancing trade facilitation in several areas including the full 
implementation  of the WTO Trade Facilitation Agreement commitments. Some Members expressed 
concern over certain policy measures including import restrictions on food products, anti -dumping 
duties on stainless steel bars, export restrictions, and some aspects of the gove rnment procurement 
regime. Korea was encouraged to phase out the remaining temporary and conditional export 
prohibitions enacted during the COVID -19 pandemic. References were made to policies and 
measures on imports of beef and ruminant products, perishabl e seafood fruits, food products and 
genetically engineered agricultural products, inter alia,  urging Korea's measures to be based on WT/TPR/W/ 197 • Republic of Korea  
 
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  science and consistent with international agreements and guidelines. Korea was invited to minimize 
potential trade disruptions arising from the development of a Positive List System for pesticides and 
agricultural veterinary chemicals residue limits.  
6.6.  Some  Members encouraged Korea to improve market access for agricultural products. While 
noting its overreliance on fossil fuels subsidies, Members encouraged reducing reliance on them and 
stepping up its commitment to transition to renewable energy sources. At  the same time, they 
welcomed Korea's pledge to achieve carbon neutrality by 2050. Korea was encouraged to continue 
its services liberalization, and enhance transparency and modernization of services domestic 
regulation to improve its global competitivenes s, support foreign investment and create local jobs. 
Concern was expressed on competition policies and regulatory mechanisms on shipping and 
shipbuilding, as well as regulations in the digital economy sphere, including certain restrictions in 
cloud service s. 
6.7.  The above points are some of the key issues that had emerged in our discussion. I hope that 
the Korean delegation will consider and further reflect on these issues and on the many constructive 
comments, both broad and detailed, that it has received duri ng this Review. Members look forward 
to receiving the answers from Korea to any outstanding and follow -up questions within one  month, 
at which point the Review will be successfully concluded.  
__________