WT/TPR/M/414  
15 November 2021  
(21-8604) Page: 1/69 
Trade Policy Review Body  
13 and 15 October 2021   
 
  
TRADE POLICY REVIEW  
REPUBLIC OF KOREA 
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  ................................ ................................ ................................ ..................... 59 
6  CONCLUDING REMARKS BY THE CHAIRPERSON  ................................ ......................... 68 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 WT/TPR/M/414 • Republic of Korea  
 
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  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/M/414 • 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 Trade 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 F rancke  (Chile) . 
1.2.  The Chairperson was pleased that, in addition to physical presence, the meeting also benefited 
from the Interprefy online connection, allowing for a wider participation of the Membership.  
1.3.  The Chairpers on recalled the purpose of TPRs and the main elements of procedures for the 
meeting. The report by the Republic of Korea  is contained in document WT/TPR/G/41 4, and that of 
the WTO Secretariat in document WT/TPR/S/41 4. 
1.4.  Questions by the following delegations were submitted in writing before the deadline: Iceland ; 
Hong Kong, China ; Israel ; the United States ; Singapore ; China ; Guatemala ; Switzerland ; Chile; the 
European Union ; Norway ; Colombia ; Malaysi a; Saudi Arabia ; Brune i 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 increasingly 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 re strictions as well as to overcome productivity gaps by 
implementing productivity -enhancing reforms. For the current Review, Members , through their 
advance written questions , sought information regarding: trade -related policy developments, 
structural reform s and foreign direct investment (FDI) levels; COVID -19 impact to the economy and 
related support measures; and actions promoting inclusiveness.  
1.6.  Members also recall ed that, at the time of the previous Review, Korea had rapidly expand ed 
its network of prefer ential agreements, while remaining fully committed to the multilateral 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. S everal 
Members wished more  details on: Korea's participation in 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 c apabilities 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 in dustrial 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 t his Review, 
in their advance written questions, some Members expressed interest in learning more about 
developments in several areas, such as: customs clearance, customs valuation and trade facilitation; 
import tariffs, contingency measures; export promoti on, 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 polic ies, 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 ecosystem 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/M/414 • Republic of Korea  
 
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  Prior t o 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 Memb ers 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 ha d taken  in response. The Chairperson was looking  forward to a fruitful exchange.  
  WT/TPR/M/414 • 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 pol icy achievements 
of the Korean G overnment on the occasion of the 8th 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 A mbassador of Switzerland, as well as Ambassador Mathias Francke - the Ambassador of Chile.  
2.3.  Let me also thank the 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 M ember countries as of October 12th, which I believe  
confirms the vast interest of M ember 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 wil l enhance the understanding of M ember countries in the various 
policies and practices of the Korean G overnment since 201 6. 
2.8.  As you are all well awar e, the global economy last year  went through a period of gre at 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 growt h 
of minus 3.8%, compared to the previous year (2019). There is no doubt that the pandemic has had 
a profound impact 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 overco me the pandemic, I believe WTO M embers 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 inter national trade can 
lead to global economic recovery and job creation.  
2.14.  Lastly, we need to find a new driving force for continuous in novation 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 pandemic.  
2.16.  First of all, Korea is a founding M ember 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, a nd 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/M/414 • 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 wi ll 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 outcomes of Korea's economic 
policies between 2016 and 2021.  
2.23.  Looking at the overal l 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 "innovation, inclusiveness, a nd 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 G overnment 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 prevent large companies 
from abusing their unfair economic clout and improve corporate governance by enacting and 
amending relevant laws.  
2.29.  In addition, the Korean G overnment announced the Korean New Deal policy package in 2020, 
to overcome the crisis triggered by the COVID -19 pandemi c 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 foreign investment, the Ko rean G overnment 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 establishing innovative strat egies 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 strengthen the ecosystem an d 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 policies, Korea is active ly participating in multilateral and plurilateral 
negotiations, under the principle of "market op enness and trade liberalization ". WT/TPR/M/414 • Republic of Korea  
 
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  2.36.  Currently, the Korean G overnment is faithfully implementing WTO trade facilitation rules, and 
is actively participating in th e fisheries subsidies negotiations, the only ongoing multilateral 
negotiations in the WTO.  
2.37.  Korea is also engaged in plurilater al negotiations (JSIs) such as e -commerce, investment 
facilitation, services domestic r egulation, 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 f acilitation, Korea was the first country to suggest a p roposal regarding 
"Firewall provisions", to break off relations between the IFD and IIAs.  
2.40.  As for services domestic r egulation, Korea joined the establishment of a Working Group for 
services domestic regulations in 1999, and has been promoting 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 large number of countries.  
2.43.  During the period of review of the 8th TPR, Korea concluded FTAs with six countries, including 
the U nited Kingdom  and five Central American countries. So far, Kore a has a FTA network spanning 
across 57 countries, through 17 different 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 th e New Northern 
Policy, establishing mutually beneficial trade and investment 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 Global 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, Kor ea 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 c ountries to improve their climate change response capacities and emissions reduction.  
2.49.  Concluding my remarks, I would like to underline th at Korea, as a responsible WTO Member 
State, will continue to pursue the principles and goals of the WTO multilateral t rading system.  
2.50.  Korea, as always, will contribute to the constructive 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 negotia tions, 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 T PR, and the Korean d elegation will make our best efforts to sufficiently address 
your inquires and comments. Thank you  very much . 
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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 TP R, 
an important player in this O rganization and one of the top trading partners in the world as well as 
for my country.  
3.2.  I welcome H .E. Jeongil Kim, Deputy Mi nister for International Trade and  Legal Affairs who is 
heading an impressive and gender balanced delegation. Welcome also to H .E. Ambassador  Taeho 
Lee, P ermanent Representative  of Korea to the WTO and other International Organizations and his 
team here in Geneva . They are doing an excelle nt 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 Settlement 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 circulated.  
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 ob jective 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 in business operations, 
including bu t 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 costs, 
low productivity compared to ot her 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 well 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/M/414 • Republic of Korea  
 
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  3.11.  Private consumption - in part due to progress in vaccination numbers as well as resumption 
of commercial activity - will continue to drive economic growth but fuelling  inflationary pressures 
and household debt. Recent ly 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 t he 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: w hat are the reasons for the low vaccination numbers considering that Korea wants 
to become an important vaccine p roducing 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.  Inequalit y above OECD average w ith COVID -19 adding pressure despite social and support 
measures. Worth mentioning is the 2020 tax reform aiming to reduce inequality. I would also like 
to highlight recent measures to increase the participation of women in the labour market and to 
encoura ge 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 G overnment is encouraging investment in electric  vehicles and clean energy sources that 
today account only for 4%.  
3.18.  To addre ss some of these challenge the G overnment is spending 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 incentive investment in digital technologies and infrastructure, to improve 
competitiveness in the manufacturing sector particularly in s emiconductor, EV, bio -health and 
artificial intelligence as well as promote MSM Es. On the green side, Korea is promoting businesses 
to lead the green industry, establishing low  carbon and green industrial complexes, promoting 
renewable energy use, supporti ng 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 eco system 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 econom y combat ting unfair business practices and encouraging 
cooperation among large and small and medium -sized companies.  
3.20.  As a consequence of policy decisions and measures taken the fiscal deficit has increased lately 
to 3.7% of GDP and public debt is 50% of GD P, both below OECD standards.  
Trade Regime  
3.21.  Korea is a key M ember 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 negotia tions particularly in fisheries and agriculture as well as in all the Join 
Statement Initiatives. In this sense, I take special note  of paragraph  4.7 of the Government r eport 
regarding its participation in the Investment Facilitation for Development discus sions. Let me take 
this opportunity to commend the active and constructive work of Sungwan Lee in those negotiations, 
particularly on critical systemic issues such as the firewall provisions and the legal architecture of WT/TPR/M/414 • 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 confirmed that long time ago, o fficially 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 African 
member countries to t he 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 c apacities to respond and to adapt to climate change and reduce 
greenhouse emissions. It has provided financ ing 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 c oncentrated 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 
semicon ductors (a fifth of the country’ s exports) and petr ochemicals.  
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 one for my country 
with an Asian economy and the first one ever for Korea. A learni ng 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 Secretariat report, the utilization rate of our FTA was 78.4% while 
for Chile. But our f igures show that 85% of Korean imports into my country used the FTA 
preferences, almost all of them duty free.  
3.26.  Question: a ccording to the reports, Korean authorities have been implementing different tools 
and programs to increase the knowledge about the R TAs 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 data about 
RTAs,  seminars and workshops. What is the assessment of these tools, hav e 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 agriculture sector where 3 -digit tariffs are not unusual. 
Especially out of quota tariff s.  
• 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 authoritie s (according to the Secretariat’ s report).  
3.28.  Question: w hat 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 exclude certain products from liberalization in RTAs pending the conclusion of the DDA. If t he 
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 competent 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 ta riff. Does the relevant government authority 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/M/414 • Republic of Korea  
 
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  3.33.  Korea is also an active member of A PEC. During our host year in 2019, Korea 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 peopl e 
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 a nd economic stimulus actions. Among them 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 benefi t 
individuals to mitigate the negative 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, b oth 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 glob al 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 
manufacturin g plants.  
3.39.  In addition, tariffs were temporarily 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, fil tering 
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.  Questions: 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 account 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 th ey 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 
developme nt 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 int erest rates are offered to SMEs for example, 
willing to relocate their produ ction 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 p reserve jobs.  WT/TPR/M/414 • Republic of Korea  
 
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  • Korean New Deal. Support for SMES.  
• Korea's AI Open 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, t o explore overseas markets 
opportunities, job creation, diversification 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, loan s 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 aims, 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 their protection.  
• Policies adopted duri ng 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 dispute d 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 
expan sion 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 its influence in the general economy con tinuously 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 regu latory 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 und er 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 
industr ies 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 measu res, 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 admini strative 
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 Inv estment Ombudsman has been explicitly 
added to the Foreign Investor Registration form so as to inc entive the use of this figure. KOTRA has 
also opened investment consulting centers to assist foreign investors with all matters pertaining to WT/TPR/M/414 • Republic of Korea  
 
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  visa and residen ce permits and the Investment Support Center at the Seoul Immigration Office has 
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 inv estor 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 the request of competent 
Ministries, the Foreign Investment Committee can review a foreign investment pr oject under two 
circumstances. How many projects have been reviewed and the results of those processes? Can the 
authority terminate the project with or without 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  are 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 authori ties, 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 
discretion ary 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 li nes duty free while agriculture goods may still face 
average tariffs exceeding 50% and limited tariff lines 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 r esults in high protection for domestic producers. For example, the share of imports 
on consumption on goods 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 border 
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, du ring the period covered by the R eview no export restrictions on agriculture 
products – to incentive and make more competitive downstream processing, were imposed.  
3.64.  PSH scheme for rice . 
3.65.  Subsidie s 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 pr oducts.  
3.67.  Adding to all that, farmers enjoy lower electricity tariffs than industrial, residential 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 a nd TRQs, exclusive rights for rice importation and adoption WT/TPR/M/414 • Republic of Korea  
 
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  measures aimed at stabilizing the domestic 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 g ap between agricultural and 
non-agricultural sectors, improve living conditions 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 makes 
competition difficult to say the least.  
3.70.  Question: f armers 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 support 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 early stages of the fish negotiations in a heated discussion 
between the Group Friends of Fish and Korea and other fishing members the Korea n 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 G overnment has been fighting against 
IUU fishing. The measures taken by the government seem to apply only to dis tant 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 visi on 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: h ow much of that will be achieved through new and increased subsidies?  
3.75.  According to table 4.7 of the S ecretaria t's report, under the Support for Management of 
Overseas Fisheries grants are provided to support distant  water fishermen, 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 S ecretariat ’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 tran sfers between companies and universities was not high. Many countries, 
particularly medium and high income developing  countries face this question: w hat is the role of the 
State in assuring that R&D at the university level can lead to business opportunitie s?  
3.77.  Final comment, not related to Korea, it is for the Secretariat, the reports used repeatedly the 
concept of fishermen notwithstanding that women represent an important part of the labour force 
in the sector, particularly in aquaculture operations.  Thank  you very much.  
  WT/TPR/M/414 • Republic of Korea  
 
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  4  STATEMENTS BY MEMBERS  
ICELAND  
4.1.  Iceland joins others in welcoming the distinguishe d delegation of Korea to their Trade Policy 
Review. We also express appreciation to the WTO Secretariat and Korea for the reports prepare d, 
as well as to the discussant  for his excellent framing of the issues 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 Swit zerland - 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 economy and market principles, Korea appears to have 
been able to tackle these challenges rather well. Iceland welcomes the initiatives undertaken by 
Korea to boost it s economy fol lowing 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 interna tional trade to the same effect as men. It is important to address those 
challenges 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 established 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 us e of data and 
indicators on gender equality in trade. The trade policy review provides 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 provided 
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 empower ment, 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 ans wers wi ll be useful as we continue to g ather 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 Korean delegation led by Mr. Jeongil 
Kim, Deputy Minister for International Trade and Legal Affairs of the Ministry  of Trade, Ind ustry 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 comprehen sive reports prepared for this R eview.  
4.11.  Hong Kong, China and Korea have long been enjoying strong bilatera l 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 surprisi ngly, 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/M/414 • Republic of Korea  
 
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  4.12.  Despite the global economic downturn brought about by the COVID -19 pandemic since last 
year, the total merchandise trade between Hong Kong and Korea recorded an encourag ing growth 
of 8.2% in 2020, with value amounting to more than USD 38 b illion. We are also encouraged by the 
impressive surge of 34.9% year -on-year in bilateral trade in goods in the first half of 2021.  
4.13.  Both Korea and Hong Kong, China attach great importanc e to an open, transparent and 
rules-based multilateral trading system  with the WTO at its core. We look forward to working closely 
with Korea and other WTO Members in making meaningful contribution to the coming MC12.  
4.14.  Let me now turn to three specific topi cs 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 201 6 to 13.9% in 2021, remains relatively high. In addition, the 
number of items covered by “flexible tariffs” increased fr om 145 in 2016 to 184 in 2021. We 
encourag e Korea to continue to liberaliz e 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 note that Korea remains a net importer of services and the growing 
importance of the services sector in Korea’s economy, accountin g for 62.3% of GDP and 70% of 
employment in 2020. Transportation, travel, and other business services are the major traded 
services. We appreciate Korea’s trade policy objective aiming to build a free and open economy with 
a view to fac ilitating free and o pen 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 servic es 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 go ods imported by AEO companies. 
During the reporting period, Korea has signed M utual Recognition Arrangements with nine economies 
and now offers its AEO customs clearance facilitation to a total of 22 economi es 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 October 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 R eview.   
ISRAEL  
4.19.  Israe l would like to thank you, the d iscussant, H.E., Mr. Mathias Francke (Chile), and the 
Secretariat for the detailed reports. Israel also welcomes Mr. Jeongil Kim, Deputy Minister for 
International Trade and L egal Affairs from Seoul as the head of d elegation.  
4.20.  For many years, there has been a strong bilateral interest in fostering the growth and 
expanding the economic ties b etween our countries and 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 ev olved throughout the 
years. While in the past Israel provided mainly expertise in agriculture 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 2 020, notwithstanding COVID -19, exports of goods and services from Israe l to Korea 
amounted 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 perspecti ve, 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/M/414 • 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 b etween Israel and 
Korea, improve the Israeli industry’s competitiveness, and lower the 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 e nter 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 par ts, machinery and 
electronics,  while Israel's exports to Korea are dom inated by optical and measuring instruments, 
integrated circuits and related machinery.  
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 weat hered 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 M embers, continued during this 
period. As a result, although there was a slig ht decrease in the ratio of its trade (exports plus 
imports) in goods and services to 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 interest 
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 c ooperation in the e -commerce 
joint statement initiative, where we share some common interests. Furthermore, in transparency, 
Korea and Israel are both co sponsors  of a proposal aiming to enhance transparency and improve 
compliance across t he board in WTO no tifications. 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 ar e 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 arr ived 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, whic h entered into effect in 2012. Since then, our total two -way goods and 
service s trade has increased by 21.2%.  Korea is now the United States’ 6th largest goods trading 
partner w ith USD 127.2 billion in two -way goods trade.   
4.36.  The United States and Korea also have a strong partnership that extends beyond the KORUS 
FTA and our b ilateral relat ionship, including in the WTO. In particular, we welcome Korea’s 
announcement in October 2019 that it would no longer seek special and differential treatme nt 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 WT/TPR/M/414 • Republic of Korea  
 
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  Agreement s. These actions demonstrate Korea’s leadership and commitment to reforming the WTO 
so that it can function as a viable forum for meaningful negotiat ions 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 r eport addresses Korea’s proposed rev isions 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 Contagio us Animal 
Disease Control Act. We respect Korea’s right to a dopt sanitary and phytosanitary measures 
necessary for the protection of human, animal, and plant life a nd health.  However, as Korea develops 
and amends these regulations, we emphasize that policies regarding bovine spongiform 
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 KORUS 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 
opportunities for Korean and foreign compani es 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 States 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 i n 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 Republ ic 
of Korea for its Government r eport and Statement. Our than ks also go to you, the acting Chair , 
Ambassador Chambovey, the d iscussant , 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 longstandin g 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 t he 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 Comprehensive Economic Partnership (R CEP), 
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 example, we are currently negoti ating 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 frame works 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/M/414 • 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. The Korean New Deal is a fo rward -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 smart medical and care 
infrast ructures, 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 t he 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 i n keeping the WTO rules relevant in the 21st century. In 
May 2020 amidst the COVID -19 pandemic, Korea organi zed a Ministerial meeting involving five 
Members (Korea, Australia, Canada, Singapore, and New Zealand) where a "Joint Ministerial 
Statement on Acti on Plans to Facilitate the Flow of Goods and Services as well as the Essential 
Movement of People” was adopted. Korea, Australia, and Singapore had also circulated a joint 
communication on “Liberali zing trade in environmental goods and services and exchang ing views on 
trade -related environmental measures” in March this year. These initiatives underscore Korea’s 
commitment 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 continuing  working closely with Korea to further strengthen 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 perceptive 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 environment des pite 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 di gital’ 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 importance to  enhance econo mic 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 enhance t he 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 WTO rules on trade 
facilitation.  WT/TPR/M/414 • 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 inve stment 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. I n 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 the 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 on going  second ph ase 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 wri tten 
questions with 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 Korea n delegation every success in this TPR.  
GUATEMALA  
4.59.  On behalf of Guatemala, we welcome the delegation of Korea, led by Jeongil Kim, Deputy 
Minister for International Trade and Legal Affairs of the Ministry of Trade, Indus try and Energy of 
South Korea, and his team, as well as Ambassador Taeho Lee, Permanent Representative of the 
Republic of Korea to the World Trade Organization (WTO).  
4.60.  I take this opportunity, Chair, to thank you for your introductory remarks, as well as th e WTO 
Secretariat for the report prepared, and Ambassador Mathias Francke, Permanent Representative of 
Chile to the WTO, who as discussant, has shared with us a detailed analysis of the development, 
achievements and challenges of the Republic of Korea's tr ade policies.  
4.61.  Korea's impressive economic growth over the past 60 years is a major success story that 
merits further study and analysis. Despite the country's mountainous terrain, few flat lands and 
limited natural resources, the Korean authorities have be en driving domestic growth since the 1960s, 
with economic policies geared towards international trade and based on a rapid industrialization and 
innovation process.  
4.62.  Guatemala and Korea have enjoyed close and friendly ties and have been cooperating with 
each other for the past several decades. Our diplomatic relations date back to 1962 and have 
expanded in many areas such as policy, trade, education and culture, and more recently, in the 
security sphere. Korea is also an observer of the Central American Inte gration System (SICA), a 
mechanism that enables it to be in continuous contact with the countries of the Central American 
Isthmus.  
4.63.  A large number of Korean clothing and textile companies have set up in Guatemala since the 
1980s. More than 10,000 Koreans re side in Guatemala today, which has led to interesting cultural 
exchanges between our countries.  
4.64.  This is a very special time as regards trade relations between our two countries because we 
are on the verge of concluding the negotiations for a free trade agr eement to further strengthen our 
ties and increase the volume and diversity of our trade.  WT/TPR/M/414 • Republic of Korea  
 
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  4.65.  Guatemala's leading exports to Korea are lead, sugar, coffee, bananas and zinc. In the 
opposite direction, the main imports from Korea have traditionally been vehicle s, machines, 
mechanical appliances, plastics and plastic products. In 2020, Korean investment in Guatemala 
amounted to over USD 20 million, most of which went into the manufacturing industry.  
4.66.  Turning to the Review that brings us here today, we welcome Kore a's efforts to improve its 
regulatory framework and avoid introducing unnecessary new regulations, a process that has cut 
the number of regulations by 10%. It is also important to highlight the introduction of measures 
aimed at supporting income, creating jobs, assisting small and medium -sized enterprises (SMEs) 
and start -ups, and promoting innovation to boost productivity. Korea also made significant efforts 
over the review period to reduce the number of industrial standards and harmonize those in force 
with international standards.  
4.67.  It is fitting to highlight the various initiatives and strategies implemented by Korea in the area 
of intellectual property, which have allowed the country to successfully respond to new technologies 
and pursue its public policy  objectives.  
4.68.  We appreciate the replies to our questions, which we will forward to our capital for analysis 
and comment.  
4.69.  We close by wishing Korea and the delegation today a successful conclusion to its Trade Policy 
Review.  
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 Secretar iat for its su bstantive contribution to 
this R eview.  
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 trade 
regime by u ndertaking bold reforms since the last TPR, whil e 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 reinforce its impo rtance 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 products, 
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 exports 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 potential f or 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 imp act 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 inc rease female 
participation in the work force. We also strongly suggest that Korea joins the Informal Working 
Group on Trade and Gender.  
4.75.  On preferential trade 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 WT/TPR/M/414 • Republic of Korea  
 
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  valorem decimal rates. We also call on Korea to progressively 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 generation. Given the latest evidence on the worldwide 
effect of global warming published by the Int ergovernmental 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 de legation for 
their appreciated contribution to the work of the WTO. We wish Korea constructive and fruitful 
exchanges during this Trade Policy R eview.  
CHILE  
4.78.  I wish to greet and welcome the delegation of the Republic of Korea, led by the Honourable 
Jeongil Kim, Deputy Minister for International Trade and Legal Affairs.  
4.79.  We greet the Permanent Mission of the Republic of Korea to the WTO in Geneva, led by 
Ambassador Taeho Lee. We thank the Secretariat for the report that it has prepared for this exercise, 
as we ll as Ambassador Francke for his presentation as discussant.  
4.80.  Chile greatly welcomes this 8th Trade Policy Review of the Republic of Korea and congratulates 
the country on the work accomplished since its previous Review in 2016.  
4.81.  Chile and Korea are two eco nomies that are open to the world and share a common vision in 
their integration strategies, promotion of free trade, and continual efforts to coordinate their 
approaches to the major issues of the international agenda.  
4.82.  Chile and Korea's bilateral economic  and trade relations are governed by a Free Trade 
Agreement that was signed in February  2003 and entered into force in  April 2004. It was in fact an 
important milestone in international trade policy, as it was the first free trade agreement signed 
between a Latin American and an Asian country, and therefore represented the first step in the 
process of Chile's successful integration in the Asia Pacific region.  
4.83.  The agreement has been in force for 17 years, and its comprehensive coverage includes 
substantive m arket access commitments for goods, as well as disciplines relating to investment, 
cross border services, temporary entry of business persons, intellectual property and transparency, 
among others. In fact, this agreement is currently being modernized to in clude current themes such 
as e-commerce, the environment, labour, gender, anticorruption and global value chains.  
4.84.  Korea is one of Chile's major trading partners, currently ranking fifth. Trade amounted to 
some USD 5,160 million in 2020. Chilean exports to Korea reached USD 4,145 million in 2020, while 
imports totalled USD 1014 million.  
4.85.  Chile and Korea have highly complementary economies, which is why we are optimistic about 
the modernization of the existing Agreement, as well as the interest expressed by Ko rea in becoming 
a party to the Digital Economic Partnership Agreement (DEPA).  
4.86.  At the multilateral level, Chile and Korea have taken important common positions in various 
international forums. In this connection, I would like to underscore the work done by Korea in the 
WTO, as well as its participation in joint initiatives on e -comme rce, facilitation of investment for 
development, trade, the environment and services domestic regulation.  
4.87.  In addition, I would emphasize the joint work done in the Asia Pacific Economic Cooperation  
(APEC) forum since my country joined in 1994, which has be en one of the pillars of Chile's strategy 
to further its economic integration in Asia Pacific trade flows and help to create clear rules and 
transparent procedures for  trade.  
4.88.  Chile submitted 11 questions for this Trade Policy Review, relating to various ar eas, and we 
greatly appreciate the replies received.  WT/TPR/M/414 • Republic of Korea  
 
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  4.89.  Of particular interest are Korea's development strategy and its resilience in confronting a 
complex global economic situation, the establishment of a "creative economy" being the backbone 
that has enable d the country to maintain its ranking as one of the most innovative economies in the 
world.  
4.90.  In fact, innovation has been the economic backbone of Korea for quite some time, resulting 
in high -quality innovation outputs. No one in this room is oblivious to K orea's powerful creative 
industry. Global phenomena such as Gangnam Style, K -Pop, Pororo the Little Penguin  and more 
recently, Squid Game  are the reason Korea ranked 5th in the Global Innovation Index 2021, moving 
ahead by five spots in only a year.  
4.91.  In thi s context, we celebrate the fact that, despite global economic difficulties due to the 
pandemic, Korea achieved an average annual economic growth rate of 2.1% over the period 
2016-2020. Its export -led economy has proved resilient over the years.  
4.92.  Neverthele ss, improvements could be made in certain areas with the potential to disrupt 
trade, which is why we encourage Korea to continue its work on tariffs, measures that protect 
domestic producers, especially farmers, from foreign competition and the elimination  of restrictions 
on exports, among others.  
4.93.  To conclude, I would like mention that, in many ways, Korea is a source of inspiration on trade 
policy for many other Members, including Chile, and so we wish it a successful Review.  
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 integratio n into the world economy. 
This R eview, made in the midst of the pandemic, reflects the resilience of the Korean open e conomy, 
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 workers 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 Republic 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, on 
shipbuilding, marit ime transport, and seafood.  
4.97.  The S ecretariat '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 c ompetition between Korean and foreign 
shipping and shipbuilding companies, as well as offshore and maritime equipment suppliers. The 
OECD Working Party on Shipbuilding performed in 2015 a Peer Review of the Korean Shipbuilding 
Industry and Related Governme nt Policies. That peer review pointed out that the Korean 
government -related agencies hold substantial ownership in Korean shipbuilding companies.   
4.99.  We urge the Korean G overnment to ensure that any ownership by its government -related 
agencies does not hamp er free competition and a level -playing field among the companies engaged 
in shipbuilding, ship equipment production and maritime transport.  
4.100.   The report of the S ecreta riat contains information (paragraph 4. 236) on the Korean effo rts 
to promote green shippi ng. Norway welcomes such efforts, which are very much in line with the 
Norwegian plans and efforts on a greener and smarter maritime industry. We need to develop low 
and zero emission vessels in order to make maritime transport greener and more sustainable .   WT/TPR/M/414 • Republic of Korea  
 
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  4.101.   Exports of seafood to the Republic of Korea ar e highly important for Norway. Our exports 
include a significant volume of fresh, farmed fish. This is a perishable commodity that is vulnerable 
to any delay in the transportation chain. Consequences are qu ality reduction and reduced shelf life. 
Norway urges Korea to reconsider the practice of keeping fresh seafood 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 the Republic of Korea.  
4.102.   The food safety authorities in Korea and Norway have recently signed a memorandum of 
understanding in order to secure continu ed trade in seafood between the two countries. Norway 
therefore hopes that the good cooperation based on confidence 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 R epublic of Korea’ s commitment in 
2019 to not seek S&D in ongoing and future negotiations was an impor tant 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 to further enhancing our cooperation, not least on the last lap of our 
negotiations on fisheries subsidies, on trade and health, trade and environmen t and WTO reform.  
COLOMBIA  
4.104.   We extend our greetings to the distinguished delegation of the Republic of Korea with us 
today, led by Deputy Minister for International Trade and Legal Affairs Jeongil Kim, and to his 
Ambassador, Taeho Lee. We also wish to thank  the Secretariat for its report and Ambassador Mathias 
Francke (Chile) for his relevant comments.  
4.105.   At the previous Trade Policy Review in October 2016, we began by congratulating the Korean 
Government for its outstanding economic performance and emphasizing  that it served as an example 
for us all by maintaining steady growth combined with open trade. Such congratulations are now 
more accurate than ever.  
4.106.   The Korean economy remained strong despite the economic and social challenges resulting 
from global measur es for the containment of the pandemic. During the period under review, GDP 
grew at an average annual rate of 2.1%, peaked at 3.2% in 2017, and then progressively declined 
to -0.9% in 2020. Nevertheless, and as the report by the Secretariat justly points o ut, it is "a 
considerably milder contraction than in most other advanced economies".  
4.107.   I want to focus on the fact that this economic performance took place during the worst global 
trade crisis that the world had seen in decades. Yet, Korea maintained a stro ng connection with the 
external sector. According to the report by the Secretariat, the ratio of Korea's trade stood at 69.2% 
in 2020, which declined by just over 15 percentage points since the previous Review (84.8% in 
2015), demonstrating exemplary openn ess. 
4.108.   Several reasons explain Korea's positive performance during the crisis, but it is mainly 
attributed to a set of fiscal, monetary and financial measures that the government called the "Korea 
New Deal". This policy is built upon three pillars: "Digital New Deal", "Green New Deal" and "Human 
New Deal". Beyond assessing each pillar, I would like to point out that these are the three areas 
that we have seen transcend the country's borders in a positive way.  
4.109.   The New Deal aims to expand the integration of glo bal data and networks, as well as promote 
contactless services, the green transition of infrastructures, low -carbon energy, innovation in the 
green industry, job creation and a social safety net. If these topics all sound familiar, it is because 
they are a t the forefront of sustainable growth policies, as well as priorities in many of the ongoing 
processes within the WTO. We are certain that Korea will continue to be a leader in this Organization 
for years to come.  
4.110.   Of course, certain traditional topics also  deserve special attention. Despite the automation 
of import and export processes, Korea's tariff structure remains very complex, and the multiplicity 
of rates - 88 ad valorem  duties and 41 alternate duties, with small differences that end up being 
quite s ubtle – still represents a challenge to trade relations with this country. We note with optimism WT/TPR/M/414 • Republic of Korea  
 
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  that the implementation of initiatives such as the Information Technology Agreement and changes 
in the tariff nomenclature have contributed to a drop in applie d most -favoured nation (MFN) tariffs. 
We are confident that additional changes will be implemented to help fuel this trend.  
4.111.    Regarding agriculture, Korea continues to work on self -sufficiency in food and staples, 
focusing on rice, barley, grains, livestock  products and forage. Of course, due to limited arable land 
and large population size, it is difficult for the country to overcome its condition of net importer of 
agricultural products. This is why Korea's agricultural tariffs are fairly high, peaking at 887.4% at 
the border, and that the average applied MFN tariff for agricultural goods is higher than for any other 
product.  
4.112.   The report by the Secretariat shows that domestic prices of agricultural products are 
especially high, which is why we bring to your attention the 17 Free Trade Agreements (FTA) that 
Korea has concluded with 57 countries as of 2021, since we are convinced that these complementary 
trade relations will help liberalize the market. Here is a clear example: thanks to the FTA with 
Colombia, w hich was signed in 2013 and entered into force in 2016, exports of coffee, bananas and 
flowers from Colombia to Korea represent an increasing share of the bilateral market.  
4.113.   An aspect that we believe deserves mentioning is the Korean Government's ongoing fi ght 
against illegal, unreported and unregulated (IUU) fishing. It imposes strict Total Allowable Catch 
(TAC) limits for 14 species found in offshore and coastal fishing and promotes aquaculture production 
in shallow sea areas, which accounted for 62% of fi sh production in 2020, an increase of 5% on the 
previous Review (57% in 2016).  
4.114.   Regarding foreign investment, significant changes took place over the review period as well. 
Regulatory reforms have been launched to abolish corporation tax reductions and exem ptions; the 
government was given new powers to grant incentives for the reinvestment of unused retained 
earnings; it has been made possible to terminate contracts with foreign -invested companies that fail 
to comply with contractual obligations; the foreign  direct investment (FDI) review mechanism has 
been tightened for companies that have the possibility of leaking core national technologies. Korea 
is still one of the best places in the world to do business and has been ranked 5th out of 190 countries 
in the Doing Business 2020 report.  
4.115.   Lastly, we must emphasize the part played by Korea in the WTO. It is a party to the 
Information Technology Agreement (ITA) and its expansion, with tariffs covered by ITA II to be 
eliminated on 1 January 2023; it ratified the F TA in 2015 and implemented 100% of its Category A 
commitments; it is a member of the Government Procurement Agency (GPA) and has been 
implementing the revised Agreement since 2016. The country is a strong advocate of the WTO's 
rule-based multilateral tradi ng system and actively participates in all ongoing processes, including 
the various initiatives stemming from the Joint Ministerial Statements. Furthermore, this Member 
has a constructive approach to the WTO reform and partakes in the Ottawa Group discussi ons. 
4.116.   To conclude, we wish Korea every success  in its Trade Policy Review and urge Ambassador 
Lee and his Mission to continue playing an active role in the WTO with a view to improving the 
functioning of the multilateral trading system.  
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 f or 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 insightf ul 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 b y the 
pandemic. We believe that  this Review is important to evaluate the Republic of Korea’s effectiveness WT/TPR/M/414 • Republic of Korea  
 
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  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 relationship. 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 th e Republic of 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 o f 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 ha s 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 revitali ze 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 of 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 welcome 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 str ong 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 period under review at an average annual rate of 2.1%.  
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 con tinues 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 a lso 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 
legislative amendments in competition policy, strengthen the legislations of the int ellectual property 
rights.  WT/TPR/M/414 • Republic of Korea  
 
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  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 exceeded 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 countries.  
4.132.   Korea as a G20 member and an active member of this house continues to pla y 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 would like to express my sincere ap preciation to H.E. Mr. Taeho Lee,  
Ambassador and Permanent Representative of the Republic of Korea to the WTO and his 
distinguished team for the excelle nt cooperation between our two M issions 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 Republic 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 R epublic of Korea and the WTO Secretariat for preparing such 
comprehensive reports. We also appreciate the overview by the discussant, His Excellency 
Ambassador Ma thias 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 
Republic of Korea ’s dialogue partner status was elevated to a Leaders or Summit lev el. 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 t wo-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 achievements 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 with a combined size of USD 26.2 trillion or 30% of the world’s GDP. We there fore 
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 contribute to enhancing regional and international 
peace, security, stability, prosperity and partnership.  
4.139.   This also builds upon the Republic of Korea ’s “New S outhern 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 h ow 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 
activi ties. 
4.140.   The announcement by the Republic of Korea of the “New Southern Policy Plus” in 2020, an 
upgraded version 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 illustrates the priority the 
Republic of Korea continues to place on its relations with ASEAN.  WT/TPR/M/414 • Republic of Korea  
 
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  4.141.   ASEAN looks forward to strengthening its cooperation and engageme nt with the Republic of 
Korea , including through the ASEAN -Korea Free Trade Agreement.  
4.142.   ASEAN further recognizes the important contributions of the Republic of Korea to the 
international community, and its active engagement in the multilateral trading syst em, particularly 
in the WTO negotiations and the works of the various committees. We appreciate the leadership role 
the Republic of Korea has shown, not least by committing, in 2019, not to seek special and 
differential treatment for developing countries i n 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 effe ctively 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 cooper ation with them and with His  Excellency Ambassador Taeho Lee  and his 
team at the Geneva Mission, in particular.  
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 fo r the written responses . 
JAPAN  
4.145.   Japan welcomes the distinguished delegation of the Republic o f Korea headed 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 prepare the insightful re ports shared with the Members in 
advance. Our delegation also offers its appreciation to the d iscussant, H.E. Mr. Mathias Francke , 
Ambassador of Chile, for his insightful remarks.  
4.146.   At the outset, Japan wishes to mention that it appreciates the Republic of K orea’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 i n the JSI on e -commerce. 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 t he Republic of Korea 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 force.  
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 J apan 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. I t is indeed regrettable 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 manuf acturing and export of WT/TPR/M/414 • Republic of Korea  
 
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  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 exposu re of business confidential 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 Anti -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 K orea 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 maintenance 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 Deputy Minister Kim 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 agreem ents, Korea has demonstrated 
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 t he 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 infras tructures 
to minimize the 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 h as been published.  
4.158.   We welcome 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 s trengthening social safety 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.  
4.159.   We also 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 c ombat unfair business practices. 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 highligh ted 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 requir e international partnerships, and Canada 
stands ready to explore greater cooperation with Korea as it seeks to meet its current and future 
energy needs.  WT/TPR/M/414 • Republic of Korea  
 
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  4.161.   Canada is pleased with our cooperation with Korea b ilaterally and multilaterally. The 
Canada -Korea Fre e Trade Agreement, Canada’s first and only bilate ral 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 inter national 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 tran sparency and improve notification 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 facil itation 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 refor m and in the Ottawa Group 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 whether we will be posing any follow -up questions.  
4.166.   We are pleased to consider Korea as a valued trade, inves tment, and diplomatic partner. We 
look forward to co ntinuing to work with you on the global stage and we wish Korea a productive and 
useful Trade Policy 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 International 
Trade and Legal Affairs, Ministry of Trade, Industry and Energy Mr. J eongil Kim , to its 8th Trade 
Policy Re view. I also wish to thank the d iscussant,  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 p eriod since its las t review. Even during the 
COVID -19 outbreak, Korea was able to weather the pandemic 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 focus ing 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 multilater al 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 facilitation. In addition, we 
fully share Korea’s dedication to enhancing the trade capacities of developing countries and LDCs. 
We stand ready to collaborate further w ith Korea on ways of enhancing the multilateral trading 
system.  
4.170.   In the area of fisheries, we value 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 aquaculture 
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 will continue to work with Korea to strengthen 
the deliberative functions of the WTO.  WT/TPR/M/414 • Republic of Korea  
 
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  4.172.   At the bilateral level, we have long enjoyed close partnership wi th 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 p andemic. This trend continued from January to August this year. 
The important areas of cooperation range from smart cities, biotechnology and medicine, new 
innovations, and electric vehicle operation facilities, to culture, tourism, etc. Both sides can cer tainly 
extend their cooperation in the supply chain resilience and digital trade beyond the pandemic. We 
look forward to further strengthening the economic cooperation in the future at bilateral, plurilateral, 
and multilateral levels.  
4.173.   We have raised some w ritten questions and would like to thank Korea in advance for its 
replies.  
4.174.   Finally, we wish the Republic of Kor ea a productive and successful Trade Policy R eview.  
PHILIPPINES  
4.175.   At the outset, the Philippines associates its elf with the ASEAN statement de livered by Brunei 
Darussalam, recognizing t he robust economic relations between the ASEAN member S tates 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 Mathias Francke  of Chile for his insightful comments as discussant, and the 
WTO S ecretariat for a comprehensive R eport.  
4.177.   The Philippines has a longstanding bilateral rel ationship wi th Korea which started in 
March  1949 when the Philippines became the fifth country t o recog nize the Republic of Korea which 
was inaug urated in August 1948. The rela tionship further developed in the course of the decades 
through cooperation in b oth 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 
complementari ties 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 s tages of concluding the negotiations, will  be an 
important vehicle for im proving the balance of trade with Korea throu gh enhanced trade flows, 
facilitating the movement of natural persons, an d generating more investment op portunities and by 
extension, job generation possibilities.  
4.180.   Since its last Trade Policy Review, Korea has climbed up from being the Philippines’ 8th major 
trading partner in 2015 to being its 5th major trading partner in 2020 with tot al bilateral trade valued 
at USD  9.75 billion. It also consistently ranked as among the Philippines’ major sources of foreign 
investments ranking 3rd with U SD 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 shock s 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 WT/TPR/M/414 • Republic of Korea  
 
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  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 notes Korea’s efforts to reduce inequality and secure its growth potential 
while pursuing the liberalization of global trade. We recognize the Korean Gove rnment ’s policy efforts 
to realize a “human -centric economy”  by upholding its three core values of innovation, inclusion, 
and fairness, comple mented by the Administration’s “Korean New Deal”  initiative to address the 
impact of the global crisis.  
4.184.   We also a cknowledge Korea’s New Southern Policy and New Northern Policy, which expand 
its FTA network based on the 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 M embers of the WTO and it has  achieved rapid economic growth 
and development through the multilateral trading system. It has successfully transformed itself from 
an aid -recipie nt 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 subsidies, 
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 mutually beneficial 
economic relations with the Republi c of Korea in the bilateral, re gional, and multilateral fora.  
AUSTRALIA  
4.189.   On behalf of Australia, I wou ld like to warmly welcome Deputy Minister Kim and his 
delegation to this Trade Policy Review of Korea, and thank the discussant, Ambassador Francke of 
Chile.  
4.190.   The strong economic relationship between Australia and the Republic of Korea (ROK) is a 
clear exam ple of the benefits of trade in allowing countries to follow their comparative advantages, 
with benef its 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 utili zation rates on both sides. Australia and the Republic of 
Korea are examining options to further 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 ra tify RCEP by the end of 2021. Australia 
continues to engage informally 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 ‘K orean 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. Austral ia has also been pleased to work with the Republic of Korea in 
explo ring opportunities for liberaliz ation of environmental goods and services trade in the WTO, 
including through the Trade and Environmental Sustainability Structured Discussions (TESSD) and 
exploratory market access discussions under the Council for Trade in Services.  WT/TPR/M/414 • Republic of Korea  
 
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  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 essential medical products. We want to work with the Republic of Korea on 
supply ch ain 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 structure. 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 service s 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 ave rage. Further services liberaliz ation, and enh ancing transparency and  moderniz ation 
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 ar e often regulated. The liberaliz ation of the 
Republic of Korea 's energy and resources sector would represent an 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 investment 
remains amongst the lowest in the OECD despite the Korean government's effo rts to promote and 
attract FDI. Ongoing concerns by business regarding the regulatory environment in the Republic of 
Korea , including the complexities of registration, notification, licensing and approval requirements, 
appear to be impeding foreign investm ent. 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  
recogni zed internationally. Australia appreciates the ROK's constructive contributions to the WTO 
trade facilitation discussions and looks forward to working with Korea in the TFA’s ongoing 
improvement, including in advance consultation, streamlining bord er procedures and interagency 
cooperation. We welcome the Republic of Korea ’s leadership in supporting plurilateral rulemaking, 
particularly its role in the services domestic regulation JSI, and its constructive engagement in the 
e-commerce JSI.  
4.200.   In relatio n to agriculture, Australia urges the Republic of Korea to work constructively with 
stakeholders and in accordance with its WTO transparency obligations to minimi ze potential trade 
disruptions arising from the development of a Positive List System for pest icides 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 regul ators.   
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 bilateral economic relationship.  
4.202.   To conclude, let me wish Korea and the delegation a very suc cessful Trade Policy Review.  
COSTA  RICA 
4.203.   On behalf of the Government of Costa Rica, I would like to extend a warm welcome to the 
delegation of Korea, led by Jeongil Kim, Deputy Minister for International Trade and Legal 
Affairs,  as well as Ambassador and Pe rmanent Representative of the Republic of Korea to the WTO, 
H.E. Taeho  Lee and his team here in Geneva, and thank them for their report and excellent 
presentation this morning. I would also like to extend my thanks to Ambassador Francke for his 
insightful comments and to the WTO Secretariat for the report that it has prepared.  WT/TPR/M/414 • Republic of Korea  
 
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  4.204.   Costa Rica is pleased to participate in the Trade Policy Review of the Republic of Korea, as 
this country is our third largest trading partner in Asia. Bilateral trade between Costa R ica and Korea 
totalled USD 228 million in 2020, a sum which we hope will grow even more in the years to come 
as a result of the Free Trade Agreement that recently entered into force between our two countries.  
4.205.   Costa Rica would like to emphasize the high imp ortance that Korea attaches to the WTO in 
its economic integration strategy, as well as its strong support for the multilateral trading system. 
Like Korea, Costa Rica participates in joint initiatives such as the Micro, Small and Medium Enterprise 
(MSME) i nitiative, investment facilitation, e -commerce, survives domestic regulation, trade and 
environmental sustainability . 
4.206.   Turning specifically to the Review, we attribute Korea's economic stability to its 
implementation of sound public policy measures. Despite the COVID -19 pandemic, annual average 
GDP growth rate stood at 2% during the review period.  
4.207.   Korea's economic openness to international trade and its integration into the world economy 
continue to play an important role in the framework of  growth and economic stability. Both exports 
of Korean goods and foreign direct investment recorded strong growth during this period, boosted 
by trade in the Asia Pacific Region.  
4.208.   During the current review period, we note with interest the changes introduce d by Korea to 
its foreign direct investment regime. Although these changes are relatively recent, we would like to 
know whether Korea has undertaken any preliminary assessment of the results obtained through 
these changes and whether it plans to make addit ional changes, in particular in relation to the 
elimination of foreign investments restrictions on other activities of the Korean economy.  
4.209.   Another aspect that caught our attention was Korea's energy policy, which relies heavily on 
fossil fuels. In this res pect, the plans and measures implemented by the Korean Government to 
increase the share of renewable electricity and gradually phase out coal and nuclear energy from 
the energy mix stand out. We urge Korea to continue in this endeavour to reach the goal of  achieving 
carbon neutrality by 2050, as outlined in the "Green New Deal".  
4.210.   Among the positive aspects of the Review, we welcome the adjustments that Korea 
introduced to its legislation in terms of competition policy and intellectual property. These reforms  
will surely contribute to better promoting innovation and competition in the age of the Fourth 
Industrial Revolution.  
4.211.   Finally, we are very pleased with the entry into force and notification of the Free Trade 
Agreement between the Republics of Central Amer ica and the Republic of Korea, which allows us to 
work on tariff reductions and enhance market access conditions for both parties, especially for 
agricultural products. We will therefore closely follow the steps that Korea is taking towards greater 
market -oriented agricultural trade and to increase the sector's competitiveness and productivity in 
the long term.  
4.212.   For this Trade Policy Review, Costa Rica submitted a set of questions to Korea concerning 
various elements of its trade policy. I would like to than k Korea for addressing these questions and 
wish it every success in its Trade Policy Review.  
ARGENTINA  
4.213.   We would like to join other Members in welcoming the delegation of the Republic of Korea, 
led by Jeongil Kim, Deputy Minister for International Trade and  Legal Affairs of the Ministry of Trade, 
Industry and Energy of South Korea.  
4.214.   We thank the Republic of Korea and the Secretariat for their reports, as well as Ambassador 
Francke for his valuable comments and remarks, which have enabled us to deepen our 
understanding of this Member's trade practices.  
4.215.   The Republic of Korea is an esteemed trading partner for Argentina. We mostly export cereal, 
fish and sea food, pharmaceutical products and animal foodstuffs to Korea, while Korea supplies us 
with machinery and e lectric products, chemical products and plastics.  WT/TPR/M/414 • Republic of Korea  
 
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  4.216.   Bilateral trade is prosperous but has not yet reached its full potential. To help expand it, we 
give weight to the negotiations for a trade agreement between Korea and the Southern Common 
Market (MERCOSUR).  Since 2018, Korea and MERCOSUR have been negotiating a free trade 
agreement that aims to be mutually beneficial as well as balanced for all parties, with an emphasis 
on progressively liberalized trade, cooperation and job creation.  
4.217.   The negotiations for th is Agreement were not immune to the difficulties caused by the 
COVID -19 pandemic, but our negotiating teams have been able to resume negotiating rounds 
remotely. The differing economic patterns of Argentina and Korea, as well as the composition of our 
bilateral trade are challenges in these negotiations. Nevertheless, we are confident that the following 
rounds will lead to substantial progress, especially in the areas of sanitary and phytosanitary 
measures, services and government procurement.  
4.218.   We also rejoice that Korea lifted its import restrictions on beef from some European countries 
in May 2019 and we hope to make strides in the ongoing bilateral negotiations for the opening of 
the Korean market to Argentine exports of beef and poultry.  
4.219.   Argentina is  pleased to note the sustained GDP growth of Korea and celebrates the efforts 
carried out by its authorities to boost economic growth while reducing inequality and promoting free 
trade.  
4.220.   Also worth noting are the measures implemented by Korea to tackle imba lances due to the 
COVID -19 pandemic and maintain its position as one of the most competitive economies in the 
world.  
4.221.    Argentina understands that SMEs form a vital pilar of the economy and are a main source 
of employment. That is why we highlight the assist ance provided to SMEs as part of the Korean New 
Deal, as well as the promotion of innovation and the conservation of the environment.  
4.222.   We emphasize Korea's place as a global investor and we are pleased with Korea's gradually 
increasing investments in our co untry. As an example, Korean companies have announced that they 
will increase their investments in Argentina's lithium sector, encouraged by the positive results 
obtained. Korea is also a key partner of Argentina in the development of hydrogen as a source of 
clean energy. We are assessing the perspective and modalities of collaborating in the future in order 
to jointly develop this resource.  
4.223.   Argentina sees in Korea an active and committed Member of the multilateral trading system. 
We are both party to numer ous incentives such as the Joint Statement on E -Commerce, Investment 
Facilitation, MSMEs, to name a few.  
4.224.   Argentina would also like to point out that in 2019, the Republic of Korea stopped seeking 
special treatment for developing countries in ongoing and fu ture negotiations.  
4.225.   As part of this Trade Policy Review, we have submitted questions to the Republic of Korea 
regarding, inter alia , sanitary and phytosanitary regulations, quarantine regulations and 
geographical indications. We thank Korea in advance for i ts replies, which will be duly studied by our 
authorities in Buenos Aires.  
4.226.   To conclude, we reiterate our appreciation of this renewed opportunity to exchange 
comments on Korea's trade practices and wish the Korean delegation a successful conclusion to this  
Review.  
EUROPEAN  UNION  
4.227.   Let me first welcome the d elegation of the Republic of Korea, led by Mr Jeongil Kim, Deputy 
Minister for International Trade and Legal Affairs (Ministry of Trade, Industry and Energy). I would 
also like to thank the d iscussant, H.E.  Mr. Mathias F rancke  (Ambassador of Chile) for his introductory 
remarks and the Secretariat and Government of Korea for their respective reports.  
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 Asi a, but also the 5th largest exporter and 7th largest importer WT/TPR/M/414 • Republic of Korea  
 
- 36 - 
 
  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 resil ience 
through the COVID crisis, with a decline of GDP limited to 1% 2020, the OECD’s best performance 
and the second best among G20 countries. In this context, the EU commends Korea for providing 
practical support in the early phase of the epidemic, by exp orting  test kits worth around 
USD 3.4 billion.  
4.229.   With trade in goods and services worth 70% of its GDP in 2020, Korea remains 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 destination 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 both 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 particular. The EU therefore commends Korea’s active engagement in the 
WTO negotiations on fisheries subsidies, e -commerce, investment facilitati on, 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 Tr ade and Environmental Sustainability Structured Discussions.  
4.233.   The EU also commends Korea’s October 2019 decision to no longer seek special treatment 
reserved for developing countries in current and future WTO negotiations. Korea’s own experience 
of transfor ming from an aid -recipient country to a donor country over a few decades is a striking 
example of the benefits brought about by trade liberali zation.  
4.234.   The EU would like to take the opportunity of this review to thank Korea for its cooperation 
on labour righ ts. In particular, the EU would like to reiterate its congratulations to Korea for ratifying 
three fundamental ILO Conventions in December and looks forward to the ratification of the 
outstanding fundamental ILO Convention.  
4.235.   Finally, with regard to sanitary  and phytosanitary matters the EU regrets that  no significant 
improvements have  been recorded in Korea during the period under review. The EU notes the 
continued discrepancies between the Korean legislation, the WTO SPS Agreement and the relevant 
internati onal standards of the OIE, especially f or the recognition of regionaliz ation and lengthy and 
overly burdensome approval  procedures. Instead of recogniz ing EU regional ization 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 ta ke prompt steps and the 
authoriz e 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 R epublic of Korea a very productive and successful R eview.  
THAILAND  
4.237.   At the outset, Thailand would like to associate itself with the ASEAN statement delivered by 
Ambassador Mazlizah Mahalee of Brunei Darussalam.  
4.238.   Thailand is very pleased to participate in th e 8th Trade Policy Review of Republic of Korea. 
We extend our warmest welcome to the Korean delegation led by His Excellency Mr. Jeongi l Kim, 
Deputy Minister for International Trade and Legal Affairs , and to Ambassador Lee Taeho , the 
Permanent Representative to the WTO . WT/TPR/M/414 • Republic of Korea  
 
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  4.239.   We would like to express our appreciation to Ambassador Mathias Francke  of Chile, for his 
contribution as a discussant. We would also like to thank the Government of Republic of Korea and 
the WTO Secretariat for preparing such co mprehensive reports.  
4.240.   Over the past 63 years of the diplomatic relations between Thailand and Republic of Korea, 
the two countries have developed close ties in politics, trade and investment, culture, education, 
and people -to-people exchanges. I am confiden t 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 poli cy 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 tw o 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 countri es is dominated by electronic integrated circuits, iron and 
steel, machinery and mechanical 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.   Historica lly, the economic success of the Republic of Korea has long been underpinned by 
high degree 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 mai ntained 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 K orea towards the ratification of the agreement.  
4.246.   Thailand applauds Republic of Korea’s long standing  support of the open and rule -based 
multilateral trading system. The country ratified the Trade Facilitation Agreement and has made 
substantial and constructi ve contribution to the WTO negotiations on fisheries subsidies, the Joint 
Statement Initiatives on e -commerce, investment facilitation for development, domestic regulations, 
and micro, small, and medium -sized enterprises, Trade and Environment Sustainabili ty 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, Thail and 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 developmen t. 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 R eview, Thailand submitted a set o f 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 interest s. Thailand recognizes Republic of Korea’s WT/TPR/M/414 • Republic of Korea  
 
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  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.   Indonesia would like to ext end its warm welcome to Mr. J eongil 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 also like to convey m y appreciation to His 
Excellency Ambassador Mathias Francke (Chile) for his contribution as a discussant, and to the a cting 
Chair of the Trade Policy Review Body, His Excellency Ambassador Didier Chambovey  (Switzerland) 
for the remarks. Indonesia also than ks 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 years. 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 countries in sustaina ble 
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) according to the late st 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 R eview, Indonesia recalls that, alongside of its commitment to the rules -based 
multilateral trading syste m, 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 to this matter, 
Indon esia 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 services, trade and inves tment 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 are 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 product s 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 
USD 6.84 billion. Meanwhile Indonesia exported coal, petroleum gas, flat -rolled products of stainless 
steel, copper ores 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 App ellate Body M embers 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 agricultur al sector (57%) 
which remains to be highly protected. Indonesia’s ongoing concern also lies on business 
environment, including the complexities of registration, notification, licensing and approval 
requirements.  
4.259.   Indonesia also notes that Korea is now impo sing 1 (one) anti -dumping duty on flat -rolled 
stainless -steel products from Indonesia since January 2021 and we kindly remind, based on the WT/TPR/M/414 • Republic of Korea  
 
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  provisions of Anti -Dumping Agreement that the duty shall be terminated when domestic industry 
has recovered from inj ury.  
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 those that allow non -GPA 
and non -FTA bilateral/regional parties to participate in GP i n 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 market since they could not compete with bigger local rivals. We are 
looking forward t o 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 implement ation measures, including on how Korean government ensure that the 
measures do not cause market distortions.  
4.262.   Finally, Indonesia expects that the collaboration established between 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 t he Korean G overnment to share the country’s 
expertise and experience, particularly in the use of in novative 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 delegation 
of Korea for their hard work. We look forward to a follow -up communication wit h 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 co ngratulate the WTO 
Secretariat  for the thoroug h and  efficient preparation of Korea’ s 8th Trade Policy Review, as well as 
Ambassador Taeho Lee for all  the work in preparing for the R eview.  
4.267.   As we mentioned at the last Trade 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 track 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 aspect 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 in 
both plur ilateral 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 agricu ltural export subsidies; and  
• tariff peaks on agricultural products, which can reach 887.4%.  WT/TPR/M/414 • Republic of Korea  
 
- 40 - 
 
  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 clo se 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 also highlight the impor tance 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 trading 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, a utomobiles 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 extends a most cordial welcome to the Korean delegation, led  by Deputy Minister 
for International Trade and Legal Affairs Jeongil Kim, on the occasion of its 8th Trade Policy Review. 
We thank Ambassador Francke for his presentation and the Secretariat for its high -quality report.  
4.277.   Furthermore, I would like acknowled ge Korea's commitment to the multilateral trading 
system, reflected in the remarkable work of Ambassador Taeho Lee and his team at the WTO.  
4.278.   In 2020, the COVID -19 pandemic dealt a blow to the economies of the WTO Members, and 
Korea was no exception. That be ing said, Korea's 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. Korea was therefore able to weather the COVID -19 pandemic 
comp aratively well, supported by a comprehensive set of fiscal, monetary, financial, and other 
measures. We point out that developments in Korea's position among the most competitive 
economies in the world involved labour and total factor productivity growth.  
4.279.   Since its previous Trade Policy Review, Korea has maintained its general trade policy thrust, 
which has remained practically unchanged, though particular emphasis was placed on SMEs and 
innovation. As an important step in supporting the development of SMEs , in 2017 the Small and 
Medium Business Administration was reorganized and expanded into the Ministry of SMEs and 
Startups. Furthermore, Korea continued helping companies, including SMEs, utilize trade 
preferences subject to diverse and complicated rules o f origin, through Regional Trade Agreement 
(RTA) and Free Trade Agreement (FTA) action.  
4.280.   Korea sits at the forefront of customs clearance at the international level. Its trade facilitation 
developments included the full implementation of Trade Facilitation Agreement (TFA) commitments 
and transparency notifications, the extension of e -clearance examination to all goods imported by 
authorized economic operators, and the exploration of blockchain technologies.  
4.281.   In contrast, we notice that, according to the repor t by the Secretariat, Korea continues to 
use export subsidies for certain farm products under the provisions of Article  9.4 of the Agreement 
on Agriculture. We recommend that these measures be reconsidered, with a view to eliminating 
them in 2023, in line with the historical Nairobi Ministerial Decision on Export Competition.  
4.282.   Uruguay recognizes Korea's commitment to make a policy shift to achieve a "human -centric 
economy" with the aim of providing a path towards sustainable growth by means of innovation, 
inclusion and fairness. Korea, just like Uruguay, is bent on creating a more inclusive economy to 
ensure that all our citizens benefit from globalization and international trade.  WT/TPR/M/414 • Republic of Korea  
 
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  4.283.   In terms of bilateral trade, the Republic of Korea ranked 56th as a destination  for Uruguayan 
exports in 2019. The main exported product was sawn wood, followed by beef, wool and frozen fish. 
The Republic of Korea ranked 18th as a source of imports, in particular for vehicles, television 
receivers and flat rolled iron products. Moreo ver, Uruguay plays an active role in trade negotiations 
between MERCOSUR and Korea. We advocate for the expansion and strengthening of our trade ties 
for the development of our countries.  
4.284.   Korea and Uruguay agree on the importance of the WTO and its central  role in the rules -
based multilateral trading system, as well as the need to achieve significant outcomes in the Twelfth 
Ministerial Conference. Likewise, both countries believe in the necessity of ensuring the WTO's 
relevance and ability to rise to the oc casion in the years to come.  
4.285.   To conclude, we would like to reiterate our appreciation for this latest opportunity to discuss 
Korea's trade practices. We hope to continue collaborating with Korea on every level: bilateral, 
regional and here at the WTO. Thank you and best wishes for a s uccessful Review.  
DOMINICAN  REPUBLIC  
4.286.   First of all, we wish to welcome Jeongil Kim, Deputy Minister for International Trade and 
Legal Affairs and his delegation, especially Ambassador Taeho Lee, Ambassador and Permanent 
Representative of the Republic of Kor ea to the WTO.  
4.287.   We also congratulate the discussant, H.E. Mathias Francke, Ambassador of Chile, and the 
Secretariat for the preparation of the report.  
4.288.   The Dominican Republic and the Republic of Korea have historically enjoyed excellent 
relations, and trade between the two countries has remained smooth. Our bilateral trade relations 
have not resulted in any trade agreements. Both countries conduct their trade under the most -
favoured nation principle, due to their membership in the WTO.  
4.289.   Over the period 2 019-2020, exports from our country to Korea amounted to 
USD 92,030,026.86. The Dominican Republic's leading exports to Korea are copper ores and 
concentrates, aluminium ores and concentrates, instruments and appliances used in medical, 
surgical or veterina ry sciences.  
4.290.   Over the period 2019 -2020, the Dominican Republic's imports from Korea amounted to 
USD 372,667,261. The main imported products were motor cars for transport of persons and 
photosensitive semiconductor devices.  
4.291.   Investment by Korean companies i s estimated at USD 76,000,000. Dominican legislation on 
promoting the establishment of free zones has been benefitting Korean companies – mostly textile 
- established in the country for many years. Among the main Korean companies established in the 
Dominic an Republic are Korean Electric Power Corporation (KEPCO), SK E&S (energy and other 
services), Astro Carton (carboard), Willbes (textiles) and ESD (energy, construction and other 
services), to name a few.  
4.292.   We congratulate Korea for having implemented struct ural reforms in trade and trade -related 
issues, which focused on supporting income, creating jobs, assisting SMEs and start -ups - even 
expanding into the Ministry of SMEs and Startups – and promoting productivity -boosting innovation, 
as well as strengtheni ng social safety nets and substantially raising the minimum wage.  
4.293.   We are pleased to note that Korea remains a reference at the international level in terms of 
customs clearance and trade facilitation and is at the cutting edge of best practice, as recogniz ed by 
the WTO Secretariat. We must highlight the country's trade facilitation developments, including the 
full implementation of WTO Trade Facilitation Agreement commitments and transparency 
notifications, and especially wide -ranging trade -facilitating ini tiatives to stop the spread of the 
COVID -19 pandemic and mitigate its damage. These measures include the speeding up of customs 
clearance, tax relief measures, and the operation of Customs Clearance Support Centers.  
4.294.   The Dominican Republic extends its grati tude to the Republic of Korea for providing important 
cooperation and bilateral assistance programmes to developing countries, to help build capacity WT/TPR/M/414 • Republic of Korea  
 
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  related to trade and customs duties. Korea has also provided invaluable assistance to build platforms 
for e-commerce to improve the export and import environment and promote trade, and provided 
scholarships to improve trade policies for 35 developing countries as of 2020.  
4.295.   Lastly, we welcome the timely replies from Korea to the questions raised by the 
Dominican  Republic regarding various points in the report.  
MEXICO  
4.296.   Mexico extends a warm welcome to the delegation of the Republic of Korea, led by Jeongil 
Kim, Deputy Minister for International Trade and Legal Affairs. I also thank Ambassador Mathias 
Francke (Chile ) for his thorough analysis and the WTO Secretariat for its hard work in preparing this 
report.  
4.297.   We are pleased to acknowledge the progress made by Korea since its previous Review, 
despite this period of great challenges and insecurity due to the COVID -19 sanitary and economic 
crisis. It is thanks to sound economic fundamentals and a solid financial system that Korea has been 
able to respond assertively to the pandemic, applying fiscal, monetary and financial measures to 
lessen its impact.  
4.298.    Nevertheless, the  challenges identified in the previous Review, such as the rapidly ageing 
population – the highest proportion among all countries of the Organisation for Economic 
Co-operation and Development (OECD) – lower productivity in some sectors, the gender gap and 
weak domestic demand have not disappeared, affecting growth prospects. Additionally, disruptions 
to global value chains – in which Korea is deeply integrated - due to the health crisis and political 
and economic tensions, pose additional risks to such pros pects.  
4.299.   We notice the high levels of market opening of the Korean economy, which reached nearly 
70% of the trade to GDP ratio in 2020. We also notice that its trade is greatly centred on 
manufacturing, such as machinery and electrical equipment. Exports hav e played a key role in 
Korea's economic growth, but they could be severely impacted by the weak global economy.  
4.300.   All the while we observe a marked increase in trade under preferential arrangements, which 
represented 72% of the country's total trade in 2020,  up 29 percentage points from 2015 (43%). 
The is no doubt that the signature and entry in force of several RTAs will increase its market 
diversification and resilience.  
4.301.   Otherwise, we recognize its customs clearance performance, which makes Korea an example  
to follow. We also appreciate its full implementation of the Trade Facilitation Agreement 
commitments and the exploration of blockchain technologies.  
4.302.   Likewise, we see that the Korean Government has continued to improve its regulatory 
framework, implementi ng reforms for the enhancement of trade and its business environment. We 
point out, among others:  
• Significant changes to the foreign direct investment regime, following criticism from certain 
Members at the previous Review regarding foreign equity limitati ons, which were removed 
for fishing and supporting air transport activities;  
• Greater emphasis on policies that encourage innovation and SMEs.  
 
4.303.   We observe that Korean authorities are pursuing growth that is greener and more digital, as 
well as a more solid social safety net, through the intermediary of the Korean New Deal programme. 
We are confident that its successful implementation will lead to inclusive and green growth that will 
benefit its economy and its population.  
4.304.   As part of its strategy to contain the spread of COVID -19, Korea took advantage of digital 
tools, especially mobile applications, artificial intelligence and devices for teleworking, as well as 
services such as telemedicine.  
4.305.   It would be interesting to see whether the success of good regulat ory practices implemented 
in controlled regulatory environments or "sandboxes" in electronics, manufacturing and financial WT/TPR/M/414 • Republic of Korea  
 
- 43 - 
 
  technologies, among others, could be replicated in other sectors of its economy to encourage 
innovation in products or business model s, with a view to boosting growth and providing better 
access to services.  
4.306.   We are concerned by the fact that certain issues notified in the previous Review, regarding 
trade policy instruments, still persist, such as:  
• The general average applied tariff of 13.9% in 2021 is still high compared to the OECD 
standard;  
• The increase in tariff items using "flexible tariffs" and taking advantage of the difference 
between bound and applied tariffs;  
• Despite the fact that agricultu re represents only 2% of GDP and accounts for 5.4% of total 
employment, the agricultural sector remains highly protected, since:  
o Tariffs much higher than those for non -agricultural products are maintained, with peaks 
around 900%;  
o Notwithstanding so -called international forums, Korea continues to use export 
subsidies;  
o Domestic support is well above the OECD average. The most recent notification (2018) 
shows a considerable rise in trade -distorting support, increasing the proportion from 
9% in 2015 to 15% tota l domestic support in 2020.  
 
4.307.   We observe persistent State involvement in a wide range of trade activities and again, no 
progress towards greater privatization. We hope that this will be a major headline at its next Review.  
4.308.   Finally, I wish to point out Korea 's important role in the work of this Organization, a role 
which is reflected in its active participation in joint initiatives on e -commerce, facilitation of 
investment and services domestic regulation. Furthermore, Mexico and Korea maintain important 
bilateral ties and a partnership via MIKTA, where we share a strong commitment to the multilateral 
trading system and the implementation of a reform process at the WTO.  
4.309.   To conclude, I thank Korea for its replies to my delegation's questions and I wish the Kore an 
delegation every success in this Review.  
UNITED  KINGDOM  
4.310.   Thank you Chair. Let me join others in welcoming Jeongil Kim, Deputy Minister for 
International Trade and Legal Affairs and his team from the Republic of Korea and express our 
gratitude to his Government and to the WTO Secretariat for their respective reports. Let me also 
thank you, Chair, and our distinguished dis cussant, Mathias Francke, for facilitating this Trade Policy 
Review and his insightful comments.   
Strength of the bilateral relationship  
4.311.   Chair, it is a pleasure to attend a Trade Policy Review of one of the United Kingdom’s most 
valued and like -minded tra ding partners.  
4.312.   The Republic of Korea 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 als o during a session at this year’s Public Forum, Korea’s 
experience provides valuable lessons on the role of trade in achieving a country’s development goals.  
We heard from Minister Yeo recently on Korea’s national experience in becoming a trading nation, 
and the numbers are here to illustrate this success story: Korea ranks as the world’s 7th largest 
exporter, and the 9th in terms of world trade, a testimony of its robust participation in the 
multilateral trading system. The United Kingdom welcomes Korea’s  strong contribution to the WTO, 
its deep expertise and its ability to work collaboratively and pragmatically with Members. Including 
ourselves, of course.  
4.313.   3. Chair, the United Kingdom and the Republic of Korea share close economic ties. Despite 
the pandem ic, Korea remains one of our top five trading partners in Asia Pacific, with bilateral trade 
between our countries totalling over £11 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 WT/TPR/M/414 • Republic of Korea  
 
- 44 - 
 
  enhance this agreement before the end of 2022. It is our view that there is significant potential to 
grow trade between our two countries in areas such as digital trade, a priority for the UK in the Asia 
Pacific region, whe re technological innovation and the digital economy are growing exponentially. 
We were pleased to see the strategic importance Korea places on these sectors as well, another 
indicator of our alignment.  
Korea TPR  
4.314.   Korea’s hard -working WTO team, led by our distinguished colleague, Ambassador Lee, 
should be proud of their contributions during this reporting period. We have witnessed Korea’s active 
participation across different files in the WTO and covering a wide range of issues, which others 
before me h ave mentioned. We value Korea’s valuable engagement in the plurilateral Joint 
Statement Initiatives and look forward to working closely together to modernise the WTO Rulebook 
to make it fit for the third decade of the 21st century. Services, digital, trade  and development, 
trade and health and trade and the environment, all these areas are ripe for discussion and we look 
forward to continuing to collaborate with Korea on these (and other) agendas in this Organization. 
On that note, we would also like to rec ognise Korea’s contribution to the ongoing work on WTO 
reform as a fellow member of the Ottawa Group.  
4.315.   The UK has engaged closely with this TPR, which is a signal of the diverse and highly 
integrated nature of our trading relationship. I would like to touch  on three areas of particular 
interest to us.  
4.316.   Firstly, we commend 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 commensur ate 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 other countries seeking greater levels of economic devel opment, 
particularly regarding market access for agricultural goods.  
4.317.   Secondly, financial services is a major area of trade between our two countries, and we 
welcome steps to facilitate businesses operating in this sector. Financial services is a dynamic s ector, 
benefiting from the growth of fin -tech and new technologies. We are particularly interested in how 
Korea will utilise these technologies as part of the country’s “innovation -led growth strategy”, as a 
common theme underpinning Korea’s policies throu gh the reporting period.  We have posed several 
questions in regard to these issues and thank our Korean friends for their responses.  
4.318.   Lastly, as COP26 President, we warmly welcome Korea’s efforts to reduce 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, in order to limit global warming to 1.5 degrees Celsius. It is our 
view that 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 were plea sed to see so many references to Korea’s 
Green New Deal strategy today and the emphasis Korea places on this transition, and thus in view 
of COP26 we encourage Korea’s active cooperation with partners to meet its ambitious climate 
commitments, particularly  when decarbonising the economy.  
4.319.   9. In closing, I thank our Korean friends for their positive engagement, their responses to 
our questions, and for their positive role 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 reform and revitalise the WTO and enhance our already strong bilateral trade 
relationship.  
VIET  NAM 
4.320.   On behalf of Viet Nam’s delegation, I wish to extend our warm wel come to the distinguished 
delegation of the Republic of Korea led by His Excellency , Mr. Jeongil Kim, Deputy Minister for 
International Trade a nd Legal Affairs to its eighth Trade P olicy Review. I would like to thank the 
Government of Korea and the WTO Sec retariat for the preparation of comprehensive reports for this 
review, especially under the circumstances of the COVID -19 pand emic. My thanks also go to the WT/TPR/M/414 • Republic of Korea  
 
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  discussant , His Excellency Ambassador Mathias Francke from Chile , for insightful observations and 
introduction.  
4.321.   First of all, we would like to associate ourselves with the ASEAN statement delivered by 
Brunei earlier.  
4.322.   Since its last TPR, we are happy to note that Korea’s economy continued to grow averaging 
2% annually during the review period despite inc reasing 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 t ime of uncertainties.  
4.323.   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 total, Viet Nam’s exports 
to Korea was USD 19.1 billion, accounte d 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 Nam’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.  
4.324.   In terms of investment, Korea’s FDI to Viet Nam ranked the 1st in Viet Nam and reached 
USD 72.34 billion as of August 2021.  
4.325.   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 p arties will continue to 
promote closer cooperation through regional and bilateral cooperation frameworks.  
4.326.   Viet Nam takes note of Korea’s priority in promoting digital economy and e -commerce and 
is looking forward to working closely with Korea to explore mu tual benefits in this area.  
4.327.   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 fisherie s subsidies and the active participation in major JSI 
negotiations on e -commerce, investment facilitation, domestic regulation in services, MSMEs, and 
Trade and Environmental Sustainability Structured Discussions (TESSD), as well as talks on trade 
and environment, and trade and health.   
4.328.   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 revie w 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  
4.329.   First of all, Ecuador welcomes the delegation of the Repu blic of Korea, led by Jeongil Kim, 
Deputy Minister for International Trade and Legal Affairs of the Ministry of Trade, Industry and 
Energy, as well as Ambassador Lee and the officials of the Permanent Mission to the WTO. I would 
like to join my voice to th e thanks expressed by those who spoke before me regarding the solid 
reports prepared by both the Secretariat and the Government of Korea.  
4.330.   In addition, we would also like to commend the discussant, Ambassador Mathias Francke, 
Permanent Representative of Chi le, for his comments, remarks and questions.  
4.331.   Korea is a major player when it comes to international trade, at bilateral and multilateral 
level. Everyone is aware of the impressive economic growth that the country has achieved in the 
last few decades, which  has placed it among the main exporters, importers and investors in the 
world.  WT/TPR/M/414 • Republic of Korea  
 
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  4.332.   Ecuador deeply values its relationship with Korea, one of its main partners in the Asia Pacific 
region. Traditionally, our exports to this country consist of seafood, bananas, c acao, as well as 
copper and aluminium products. Conversely, we import vehicles, machinery and fuels.  
4.333.   In the medium term, my country aspires to renew conversations with Korea as part of the 
agenda for bilateral trade negotiations, to strengthen both the al ready fruitful relations in various 
domains, whether economic or cultural, and capacity building through various cooperation 
programmes.  
4.334.   My country looked on with special interest as Korea handled the recent pandemic, 
implementing measures that allowed it to face trade and economic difficulties in a remarkable 
manner. In fact, my delegation also wishes to acknowledge the assistance received from Korea, 
which aimed to support national efforts to overcome the health crisis. We fully share the view that 
the WT O will, today and beyond, play a substantial role in weathering the current crisis and any 
other that might crop up in the future.  
4.335.   We are furthermore interested in Korean policy on intellectual property and creative 
industries, the pillars of the Korean N ew Deal and industrial development, among others.  
4.336.   At the multilateral level, we acknowledge Korea's proactive participation in many matters of 
common interest, such as fisheries subsidies – especially regarding illegal, unreported, and 
unregulated fishing – investment facilitation, e -commerce, gender, tra de and health, to name a few.  
4.337.   In addition, and with a consistently constructive approach, my delegation looks forward to 
the replies that the Korean delegation will provide to the questions raised in this exercise, particularly 
with regard to compensatory subsidies to SMEs in work settings, the tariff structure for agricultural 
goods, the administration of quotas, the "cost -in, cost -out" system for companies and maximum 
residue limits (MRLs).  
4.338.   In conclusion, Ecuador wishes the Republic of Korea great success  in conducting and 
concluding its 8th Trade Policy Review.  
TURKEY  
4.339.   Turkey joins other M embers in welcoming the delegation of Korea headed by Mr. Jeongil 
Kim, Deputy Minister for International Trade and Legal Affairs.  
4.340.   We would like to thank the Secretariat a nd the Government of Korea for their detailed reports 
as well as discussant Ambassador Francke of Chile for his insightful comments.  
4.341.   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 t he negative impact of the 
COVID -19 pandemic comparatively well. Consequently, Korea's economic growth is expected to 
gradually gain momentum in 2021.  
4.342.   Since its previous TPR, Korea has continued to promote a free and open econo my based on 
market principles. Korea's 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.  
4.343.   Turkey commends the "Kore an New Deal" initiative which was released in 2020 to respond 
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.  
4.344.   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.  
4.345.   Turkish and Korean nations cultivated a special bond during the Korean War.  WT/TPR/M/414 • Republic of Korea  
 
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  4.346.   We are pleased that there is a mutual commitment to strengthen ties between our countries.  
4.347.   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 init iative launched in 2019.  
4.348.   We finalized a currency SWAP Agreement last August. We have Free Trade Agreement since 
2013. “Agreement on Investments” and “Agreement on Trade in Services” expanded the range of 
the FTA.  
4.349.   There is a continual trade imb alance weig hing against Turkey.  Thus, we believe that the FTA 
needs to be revised to obtain a further balanced and sustainable trade.  
4.350.   We welcome interest of Korean investors in the Turkish market. Korean companies 
successfully have taken part in various contracting p rojects in Turkey.  
4.351.   We look forward to further intensifying the cooperation among Turkish and Korean business 
circles.   
4.352.   Turkey follows with interest Korea’s endeavour  to build “Industry 4.0” through combining 
high-tech with the manufacturing sector.  
4.353.   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.  
4.354.   In conclusion,  we would like to thank the delegation of Korea, Ambassador Taeho Lee and 
his team for the excellent preparation for this R eview, as well as their constructive contributions to 
WTO activities.  
4.355.   We wish Korea a very successful Trade Policy R eview.  
CAMBODIA  
4.356.   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 also 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 their reports for  this Review.  
4.357.   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, which entered i nto force in January 2010, laid a solid 
foundation for the two -way trade between ASEAN and Korea.   
4.358.   The development achievement of the Republic of Korea is truly one of the outstanding 
successes. This is the testament to the creativity and ingenuity 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.  
4.359.   We would also like to congratulate the Republic of Korea for maintaining its economic st ability 
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 pan demic, 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.   
4.360.   Cambodia and the Republic of Korea have shared a close political, economic, t rade 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 relations through t he enhancement of bilateral mechanisms especially WT/TPR/M/414 • Republic of Korea  
 
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  with the conclusion for Cambodia -Korea Free Trade Agreement (FTA), aimed at improving economic 
cooperation in the investment, trade, and other sectors.  
4.361.   During the course of  1996-2018, Republic of Korea offered a total gr ant aid of USD  300 
million to Cambodia in five priority areas, including transport, water resource management, public 
health, education, and rural development.  
4.362.   In March 2019, Cambodia was privilege to welcome President Moon Jae -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 Cambodian, we like K -Pop and a lot of our people have cried watching 
Korea drama on TV.  
4.363.   Trade between the two countries was around USD 729.13 million in 2020, decreased by 
17.3% compared to 2 019 which was about USD 881.76 million, due to the impact of COVID -19 
pandemic. However, from January to August 2021, the bilat eral trade was worth more than 
USD 635.5 million, surging by 11.33% if compare to the same period in 2020. Cambodia mainly 
export ed footwear and other apparels, travel products, beverages, electrical and electronic 
components, rubber, pharmaceuticals and agricultural products to the Republic of Korea. Whilst, the 
Republic of Korea exports vehicles, electronics, kitchen appliances, b everages, pharmaceuticals and 
finished plastics and products. In addition, Korean foreign direct investment in Cambodia increased 
immensely from USD 25.08 million in 2019 to USD 262.81 million in 2020.  
4.364.   The upcoming signature of the Cambodia -Korea FTA will  deepen cooperation among the two 
countries particularly it will broaden up market access for exchanging Cambodian products and 
services and attract more direct investment.   
4.365.   I take this opportunity also to thank the Korean Government and people for provid ing 
scholarship to Cambodian students to build up on human resources for current time and the future 
ahead.  
4.366.   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 p articularly appreciate the Republic of Korea for the generous supports 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).  
4.367.   Finally, we commit to working clos ely with the Republic of Korea in both bilateral and 
multilateral levels to strengthen our good cooperation for economic growth and development.  
4.368.   We wish the Republic of Korea a successful conclusion of its 8th Trade Policy Review.  
INDIA  
4.369.   My delegation is p leased to participate in the 8th Trade Policy Review of South Korea. On 
behalf of India, I would like to welcome the delegation of South Korea led by H.E. Jeongil Kim, 
Deput y Minister international Trade and  Legal Affairs and the delegation of South Korea to the WTO 
in Geneva led by its Ambassador and  Permanent Representative H.E. Taeho Lee and his team for 
the TPR. We thank H.E. the Minister for his comprehensive o pening statement, Ambassador 
H.E. Mr. Mathias Francke of Chile, for hi s insightful observatio ns as a d iscussant, and the Secretariat 
and the Government of South Korea for the reports prepared for the Review.  
4.370.   We are pleased to note from the Secretariat's report that during the period under Review, 
South Korea has maintained strong macro economic  fundamentals and resilience of its export -led 
economy. The average growth 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 manageme nt of the pandemic and we would like to complement the Government 
and people of South Korea for this achievement.  WT/TPR/M/414 • Republic of Korea  
 
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  4.371.   We are pleased to note that during the Review period South Korea has continued to promote 
free and open economy, based on market principles an d has taken trade -related structural and 
regulatory reforms to spur 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 mult iplicity 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 Facilitation Agreement (TFA) commitments and 
transparency notifications as well as the trade facilitation measures implemented during the 
pandemic.  
4.372.   India and Korea share close and multi -faceted ti es, 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, 2018, 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 I ndia’s exports accounted for USD  5 billion. The gr owing 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, e ngineering products, food and agricultural products 
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.  
4.373.   The two -way investment flows are also on the upswing. Major Korean 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 cong lomerates have also been 
on the rise in recent years. Both countries 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 and 
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.  
4.374.   Finally, we commend South Kore a’s commitment to the multilateral trading system and its 
active role 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 
bilate rally and at the multilateral fora, including here at the WTO to advance 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  
4.375.   The Kingdom of Bahrain is delighted to participate in the 8th Trade Policy Review of the 
Republic of Korea, and would like to warmly welcome H.E . Mr. Jeongil Kim, Deputy Minis ter for 
International Trade and Legal Affairs at the Ministry of Trade, Industry and  Energy of the Republic 
of Korea, and wish his and hi s delegation a very successful R eview.  
4.376.   We would also like to thank the WTO Secretariat for their efforts in preparing the detailed 
report.  
4.377.   The Republic of Korea has always been an important partner of the Kingdom of Bahrain, 
sharing a strong economic relationship.  
4.378.   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 year.  
4.379.   Korea is also a major destination for Bahraini aluminium, making up a large share of the 
USD 172 million exports to Korea last year.  WT/TPR/M/414 • Republic of Korea  
 
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  4.380.   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 2020, we foresee this strong economic relationship growing even further.  
4.381.   We are therefore encouraged by the findings of the report, that Korea ranked third among 
major economies in terms of eco nomic growth amid the COVID -19 pandemic.  
4.382.   In closing, we would like to thank the discussant for his/her remarks and active di scussion 
and the WTO Secretariat for their tireless efforts in preparing the detailed report.  
MAURITIUS  
4.383.   Mauritius welcomes Mr. Jeon gil Kim, Deputy Minister for International Trade and Legal Affairs 
and his delegation to Geneva.  
4.384.   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 d espite 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.  
4.385.   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 forward -looking 
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 main tain stable 
economic growth, which is commendable.  
4.386.   While the pandemic 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.  
4.387.   Mauritius and Korea share relatively limited trade linkages and as expected we both source 
some of our traditional and prevalent ex port 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 product s between Mauritius and 
Korea. This goes to show that Mauritius and Korea could explore each other’s markets for new 
opportunities with a view to creating new and sustainable trade partnerships.  
4.388.   We were particularly impressed by the reforms undertaken by Korea and its strate gic plan s 
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 en vironment and I am sure that we could draw a 
number of ideas and lessons from the Korean model. Of course, Korea’s IP framework will benefit 
from its strong manufacturing base and the industrial transformation plan will surely contribute to 
the growth of t hese sectors.  
4.389.   We are also pleased to note that Korea has not neglected sustainability and made it an 
important element of its development strategies.  
4.390.   This brings us to the WTO discussions on fisheries subsidies which is of particular interest to 
Korea, Ma uritius 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 so, should 
voluntarily endeavour to go beyond these requirements and take effective measures to ensure that 
global fish stocks remain at biologically susta inable levels.  
4.391.   I would like to conclude by reiterating our appreciation for Korea’s governance and economic 
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.   WT/TPR/M/414 • Republic of Korea  
 
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  4.392.   We hope that Korea succeeds in its future trade and development endeavours and we wish 
Korea a successful Trade Policy R eview.  
RUSSIAN  FEDERATION  
4.393.   Russia welcomes  the opportunity to participate in the 8th TPR of Korea . I would like to 
warmly welcome the Korean delegation led by H.E. Minister  Jeongil Kim and thank the Government, 
the discussant , Ambassador Mat hias Francke,  and the Secretariat for laying a solid groundwor k for 
a frank and open discussion.  
4.394.   Let me start by commending Korea’s efforts on maintaining macroeconomic 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 integration into the world economy.  
4.395.   On bilateral level, Russia is pleased with the positive dynamics in the development of trade 
and economic ties. Trade turnove r 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. 
4.396.   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 sust ainable 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.  
4.397.   On multilateral level, we would l ike 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 
welco me Seoul’s active participation in the WTO negotiations, both in multilateral and pl urilateral 
formats, and in the O rganization’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 light of the upcoming Ministerial 
Conference.  
4.398.   In conclusion, I would like to wish Korea a successful Trade Policy Review.  
TAJIKISTAN  
4.399.   Tajikistan is pleased to  participate in the eighth review of the trade policies and practices of 
the Republic of Korea and would like to  extend warm welcome to entire d elegation of Korea led by 
H.E. Jeongil Kim, Deputy Minister for International Trade and Legal Affairs, Ministry of Trade, 
Industry and Energy.  
4.400.   Diplomatic relations between the Republic of Tajikistan and the Republic 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%.  
4.401.   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 expansion of trade relations, 
implementation of joint socio economic  projects and deepening cooperation in different areas of the 
economy.  WT/TPR/M/414 • Republic of Korea  
 
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  4.402.   We commend the efforts of the Republic of Korea and the Secretariat for two reports 
prepared wel l ahead of the meeting and the d iscussant, H.E. Ambassador Mathias Francke  of Chile 
for his comments. The reports provide details on the developments in Korea’s economic a nd trade 
policy.  
4.403.   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 doubl e threat of the world's economic uncertainty 
and the global pandemic.  
4.404.   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.  
4.405.   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 Revie w. 
JAMAICA  
4.406.   Jamaica extends a warm welcome to the delegation of the  Republic of Korea to this its e ighth 
Trade Policy Review (TPR). We commend the delegation led by Honourable Jeongil Kim, Deputy 
Minister for International Trade and Legal Affairs, for its c omprehensive presentation. In addition, 
we extend thank s to you Chair, as well as our d iscussant, Ambassador Mathias Francke of Chile , for 
the insightful and valuable contributions. We further thank the Secretariat for the report that has 
been provided.  
4.407.   Jamaica and Korea share longstanding ties, which trace back to the establishment of 
diplomatic relations between our two countries in 1962. The COVID -19 pandemic has ravished many 
nations and continues to threaten the progress made by the international commu nity 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 c ountries to initiate lockdown measure, the 
Korean Government donated test kits and medical equipment, which enhanced Jamaica’s testing 
capacity and aided our fight against the virus. Korea’s leadership and advocacy for a collective/global 
response to addre ssing the pandemic must be commended.  
4.408.   Jamaica and Korea have also collaborated in the fields of agriculture, land surveying, 
strengthening of national identification systems and in other areas of capacity -building. There is 
ongoing work to further strength en the existing trade and investment exchanges at the bilateral and 
multilateral levels.  
4.409.   Jamaica commends Korea for its performance over the review period. The Government’s 
implementation of a comprehensive set of fiscal, monetary and financial policy mea sures 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.  
4.410.   Korea has made significant strides, which has allowed it to improve its global rankings; the 
World Bank currently ranks it at N o. 5 overall for ease of doing business. It is ranked thirty -sixth for 
‘Trading Across Borders’. It ranks high in information and communications services an d is one of the 
main hubs in the international manufacturing production network. Indeed, there are lessons and 
good practices that 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 admini stration and facilitate trade. We welcome the indication that Korea has 
fully implemented the WTO Trade Facilitation Agreement (TFA) and note positively that Korea 
remains a glo bal leader in customs clearance. This again highlights that there may be several best 
practices, such as the establishment of Customs Clearance Support Centres, from which Members 
may benefit.  
4.411.   Jamaica commends the Republic of Korea for its continued constr uctive engagement in work 
of the WTO, as well as its efforts to fulf il 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 WT/TPR/M/414 • Republic of Korea  
 
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  dispute settlement mechanism, w hich demonstrates its confidence in and commitment to the WTO 
and the multilateral trading system. Efforts to advance the country’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 encouraged. The positive outlook on economic growth for 2021 is noted, 
and the government’s ongoing structural reforms in this regard sh ould be supported.  
4.412.   In conclusion, Jamaica appreciates the opportunity provided by this meeting to discuss 
Korea’s trade policies and we extend to the delegation our best wishes for a successful Trade Policy 
Review.  
KAZAKHSTAN  
4.413.   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 Republi c of Korea for its informative report and s tatement. We also thank 
Ambassa dor Mathias Francke  (Chile) for his insightful comments as a discussant and the WTO 
Secretariat for its comprehensive report.  
4.414.   Kazakhstan enjoys strong bilateral cooperation with the Republic of Korea and attaches high 
importance to further deepening econo mic and trade relations.  
4.415.   The Republic of Korea is one of Kazakhstan's key economic partners, ranking second in terms 
of trade volume within the Asian continent. Last year the volume of our bilate ral 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.  
4.416.   The volume of direct investments from the Republic of Korea to Kazakhstan over the past 
15 years has exceeded USD 6 billion. More t han 550 enterprises with the Korean capital successfully 
operate in Kazakhstan, including leading companies such as Samsung, Hyundai, LG, Lotte, and 
others.  
4.417.   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 energy efficiency, and environmental friendliness of 
production.  
4.418.   Kazakhstan welcomes the ongoing comprehensive reforms i nitiated by the Republic of Korea 
under the "Korean New Deal" Strategy aimed at addressing economic challenges caused by the 
COVID -19 pandemic and development of new growth drivers for the post -pandemic economic 
recovery.  
4.419.    The "Korean New Deal" initiative , through investment and regulatory improvement, has 
accelerated remote work and education, promoted low carbon and eco -friendly manufacturing and 
led to the transformation of its economy into a green and digital economy.  
4.420.   We also recognize Korea's construc tive engagement in the work of the WTO. Particularly , we 
commend Korea's contributions in the discussions on Agriculture, Trade and Health and the WTO's 
Response to the Pandemic.  
4.421.   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 Discussions.  
4.422.   In conclusion, we would like to congratulate the delegation of the Republic of Korea and the 
WTO Secretariat fo r the hard work and efforts that went into preparing for this TPR. We also like to 
express ou r appreciation to Ambassador Lee  and his team in Geneva.  
4.423.   We wish the delegation of  Korea every success for their e ight Trade Policy Review.  WT/TPR/M/414 • Republic of Korea  
 
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  SRI LANKA  
4.424.   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.  
4.425.   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 meeting and  appreciate 
Ambassador Mathias Francke (Chile) on his insightful information and analysis as the discussant .  
4.426.   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 t he 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 prote ct the marine environment, e -commerce to set digital trade rules 
and investment facilitation.  
4.427.   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 ite m from Sri Lanka while plastics 
and articles thereof were the main import item from Korea.  
4.428.   The Agreement on Economic Cooperation between Sri Lanka and Republic of Korea was 
signed in November 2017 with the objective of enhancing the economic cooperat ion be tween the 
two countries. During its first meeting, matters relating to economic development including trade, 
investment, tourism, infrastructure develo pment, energy, ports, maritime and  fisheries were 
discussed. My delegation noted that the second session is due to be held in the Republic of Korea . 
4.429.   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 . More than 50% of Sri Lanka’s exports to the Republic of Korea  in 
2020 received tariff preferences under the APTA.  
4.430.   The Republic of Korea has been one of the important sources of foreign direct investment to 
Sri Lank a. Sri Lanka –Republic of Korea  Bilateral  Investment 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  FDI 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.  
4.431.   The development assistance extended by the Republic 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 Internation al 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 devel opment and public administration. Since 1990 the 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.  
4.432.   There are over 22,000 migrant Sri Lankans employed in the Republic of Korea  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.  
4.433.   During the pandemic, the Government of t he Republic of Korea  offered assistance by gifting 
PCR Test Kits and a large quantity of masks, PPEs and other necessities to counter and to contain 
the COVID pandemic in Sri Lanka, which is commendable.  
4.434.   Sri Lanka appreciates the support in various forms extended by Korea so far that facilitated 
to strengthen the economy and livelihood of the country.  WT/TPR/M/414 • Republic of Korea  
 
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  4.435.   As my delegation understands, the Korean Ministry of Food and Drug Safety (MFDS) is 
charging very high fees on sample testing of tea imported to Korea, whic h is a serious and an 
additional burden on the tea sector of Sri Lanka. 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 La boratories to meet the requirements 
stipulated by MFDS, the decision has been taken to differ the registration at MFDS.  
4.436.   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, “Positive List Sy stem (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 application form, 
enabling the MFDS to develop the “official pesticide residue allowance standards” in advance to 
facilitate the smooth flow o f 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.  
4.437.   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 
pave the way to remove such non -tariff barriers in order to enhance bilateral trade between two 
countries i n the future.  
4.438.   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 Plus 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 enjo y a “win -win” situation in this endeavour.  
4.439.   In concluding, my delegation 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.  
4.440.   We wish Republic of Korea a productive and successful Trade Policy Review.  
BANGLADESH  
4.441.   At the outset, the Ba ngladesh 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 p resentation. We also th ank 
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.  
4.442.   The Republic of Korea has made remarkable progress in recent years. It is encour aging to 
see that prudent macro economic measures adopted by the country have resulted in impressive 
economic growth and remarkable improvement in almost all indices.  
4.443.   Since the last TPR in 2016, relatively strong economic fundamen tals and solid buffers to 
external shocks have helped the country maintain macroeconomic stability and ensure the resilience 
of its export -led economy.  
4.444.   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 during 
the review period, Korea's annual GDP growth peaked at 3.2% (2 017). However, due to the 
COVID -19 outbreak it progressively declined to -0.9% (2020) which is a considerably mi lder 
contraction than in most other advanced economies. Annual average GDP growth rate for 2016 -20 
stood at 2.1%, whereas inflation remained below target and dropped progressively to 0.5% in 2020.  WT/TPR/M/414 • Republic of Korea  
 
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  4.445.   The Republic of Korea's openness to international trade an d 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.  International trade and foreign direct investment trends reflect the 
continued importance of Asia  Pacific as Korea's main regional market and FDI supplier.  
4.446.   We appreciate that  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 on going and future negotiations. We note with appreciation that Korea's customs 
clearance performance is at the cutting edge of best practices.  
4.447.   Bangladesh and Korea enjoy excellent bilateral trade and economic relations, though 
bilateral trade is tilted towa rds 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 t o 
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.  
4.448.   Bangladesh appreciates Korea’s constructive 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 dele gation will continue to work closely with the Korean delegation, led by 
Ambassador H.E. Mr. Taeho Lee , to strengthen the multilateral trading system while we strive t o 
enhance our bilateral trade.  
EGYPT  
4.449.   Egypt joins previous speakers in extending a very war m 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.  
4.450.   We thank Ambassador Matias Francke (of Chile) for his insightful comments as discussant 
and express our appreciation to the Republic of Korea and the WTO Secretariat for their 
comprehensive reports.  
4.451.   It gives us great pleasure to participate in the 8th TPR of Korea, and we star t by 
congratulating the Korean G overnment 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.  
4.452.   We also commend Korea for the wide range of reform polic ies implemented during the review 
period, including those related to job creation, supporting SMEs, promoting innovation, Intellectual 
Property and adopting e -government strategies.  
4.453.   The Secretariat report highlights many facets of Korea’s openness to international trade, and 
integration into the world economy. We applaud the Government of Korea for the full implementation 
of the Trade Facilitation Agreement, and underscore Korea’s exe mplary customs clearance 
performance.  
4.454.   Egypt and Korea enjoy very cordial relations that have developed over the last years on 
several fronts, particularly economic cooperation and development. It is worth mentioning that Korea 
is considered by many develop ing countries as an inspiring success story for economic transition 
and development, where trade plays a central role.  
4.455.   During the review period, Egyptian exports to Korea recorded a remarkable 10 -fold increase. 
The top exports are natural gas, vegetable su bstances, non -metallic minerals and fabrics. On the 
other hand, top Korean exports to Egypt include, vehicles and automotive parts, screens and 
synthetic petrochemical products. Yet we believe that there is abundant room to further develop our 
trade relati ons. WT/TPR/M/414 • Republic of Korea  
 
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  4.456.   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.   
4.457.   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 Kor ean market, for which 
no feedback has yet been received.  
4.458.   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, i ncluding industry, services, construction, agriculture, tourism, and information technology.  
4.459.   However, we believe there is much untapped potential in other sectors and encourage more 
Korean investments to Egypt, especially in the fields of infrastructure an d technology transfer. In 
this vein, Egypt looks forward to the upcoming visits of the Korea Trade -Investment Promotion 
Agency professionals to explore further areas of cooperation between both countries.  
4.460.   Finally, Egypt wishes the Korean delegation a succe ssful Trade Policy R eview and reaffirms 
its aspirations to deepen cooperation between both countries.  
KZRGYZ  REPUBLIC  
4.461.   The Kyrgyz Republic warmly welcomes the delegation of the Republic of Korea led by 
H.E. Deputy Minister, Mr.  Jeongil Kim. 
4.462.   We would like to  thank the WTO Secretariat and the Government of Korea for preparing such 
a comprehensive an d detailed Trade Policy Review r eports. We wo uld also like to thank the 
discussant, H.E. Ambassador Mathias Francke of Chile, for his insightful comments.  
4.463.   Since the beginning of its membership to WTO, Korea has demonstrated its highest of 
dedications to WTO rules and has continuously shown its commitment to trade liberalization under 
the multilateral trading system centered on t he WTO.  
4.464.   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.  
4.465.   Since the establis hment of diplomatic relations, Kyrgyz -South Korean relations have been 
developing consistently. During this period, the parties managed to create favourable  conditions 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 cooperation with the Republic of Korea.  
4.466.   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 Central Asia -Republic of Korea Forum.  
4.467.   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.  
4.468.   In 2020, the volume of foreign trade turnover between the Kyrgyz Republic and the Republic 
of Korea amounted to USD 74. 6 million.  
4.469.   Kyrgyzstan imports plastics a nd 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 
other s. 
4.470.   Exported from Kyrgyzstan are mainly rare earth metals, honey, nuts, chocolate, livestock 
products, and medicinal herbs.  WT/TPR/M/414 • Republic of Korea  
 
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  4.471.   Also, we need to emphasize about activity of the KOICA organization in the Kyrgyz Republic. 
From 2012 to 2020, KOICA projects in the Kyrgyz Republic have been i mplemented 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 th e 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.  
4.472.   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.  
4.473.   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.  
4.474.   Meanwhile, today we recognize that the level of trade and e conomic relations does not 
correspond to the existing potential. Kyrgyzstan is interested in filling this gap. The Kyrgyz Republic 
and Korea have a number of business events, which lay forward the progress in economic relations.  
4.475.   In terms of services, it is  worth to note that tourism seems very attractive to strengthen the 
potential of trade relations in services sector.  
4.476.   Taking this opportunity, the Kyrgyz Republic wishes a very successful Trade Policy Review 
to the d elegation of Korea.  
EL SALVADOR  
4.477.   On behalf  of the delegation of El Salvador, I would like to extend a warm welcome to the 
delegation of the Republic of Korea, led by Deputy Minister for International Trade and Legal Affairs, 
Mr. Kim, and thank Ambassador Francke for his remarks. Naturally, I also greet Ambassador Lee 
and his team in Geneva.  
4.478.   We are pleased to highlight the excellent performance of the Korean economy, which 
experienced stable growth between 2016 and 2019, and, in spite of the challenges due to the 
pandemic, Korea has been climbing the ranks of the International Classification o f Functioning, 
Disability and Health (ICF), rising from 14th position in 2016 to 10th in 2020.  
4.479.   We also draw attention to the significant trade structural reforms undertaken, focused on 
creating jobs, assisting MSMEs and start -ups and promoting productivity -boosting innovation.  
4.480.   We wish to point out, as well, the progress made by Korea regarding the implementation of 
the Trade Facilitation Agreement, a topic which is especially important to El Salvador. Specifically, 
we applaud Korea's efforts in the area of customs clearance, which are continually appreciated at 
the international level, putting Korea  at the cutting edge of best practice.  
4.481.   El Salvador greatly values its bilateral relationship with the Republic of Korea. This Member 
is one of our most important trading partners and we hope that our Free Trade Agreement will help 
strengthen our trade ties  further. Moreover, I wish to acknowledge and show appreciation for the 
significant economic, trade and intellectual property cooperation that Korea has extended to our 
country.  
4.482.   In the multilateral framework, we recognize Korea's contribution to the multil ateral trading 
system as well as its active participation in ongoing negotiations, regular work of the Organization 
and joint initiatives. We look forward to continuing working with Korea and other Members to achieve 
a successful Ministerial Conference.  
4.483.   There is nothing left for me to say but to wish Korea every success in this exercise, which 
falls within the scope of the transparency exercises that are essential for the proper functioning of 
the multilateral trading system.   WT/TPR/M/414 • Republic of Korea  
 
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  5  REPLIES BY THE REPRESENTATIVE OF THE REPU BLIC 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 appreciat e the positive observations of M embers re garding Korea’s policies for 
market openings as well 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 com prehensive overview of Korea’s 
positions in relation 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 upgrades 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 ou tcomes of multilateral 
negotiations including FTAs, 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 has 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 dome stic industries, when the 
import of a certain product 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 initiative 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 digital economy; the transition to a low carbon society; and strengthening 
the em ployment 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 received questions regarding privatization and the future plans of the  
Korean Gove rnment. The Korean G overnment 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 f ollowing 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 
attracting 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 relevant laws to screen FDI to 
protect against the possibility of the leakage of co re 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 affecting each other, such as production costs, 
income level, natural resources, marke t 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 m odernize 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/M/414 • 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 international cooperation for the strengthening 
of supply chains based on its te chnological 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 includin g 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 int ernational 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 understands 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 
enforcemen t of the obligation to notify the WTO as well as enhance transparency within the WTO. 
To this end, Korea would like to ask for th e keen interest and support of M ember countries.  
5.16.  Regarding the p romotion of carbon neutrality, M ember countries asked about Ko rea’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 combat climate change. We are currently formulating 
scenarios to realize this vision by establish ing the Carbon Neutrality Committee. In addition to the 
enforcement of a wide range of policies to accelerate the supply of renewable energies and reducing 
dependency 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 M embers mentioned that Korea should focus its efforts more on operating its import 
quarantine policy in line with international standards, while minimizing trade disrupti ons. 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 IPPC 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 measures comprehensively considering each disease characteristic as well as the 
direction of int ernational discussions.  
5.18.  Regarding the Positive List System (PLS), we have exchanged opinions with exporters and 
stakeholders on its introduction. As for veterinary 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 M embers, Korea’s agricultural tariff rates were determined 
through consultations with Members during the Uruguay Round negotiations in 1 994. Since then, 
Korea has promoted additional trade liberalization for agricultural products by signing 17 FTAs. 
Furthermore, our agricultural export subsidy, which 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 G overnment is now preparing 
for the gradual reduction of the subsidy rates.  
5.20.  Korea has applied general tariffs on rice since 2015 aft er finishing the application of WTO 
special measures for rice. As of January 2021, the application process of general tariffs has been 
finalized with the completion 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 copyright owners’ rights, while responding to copyright infringements. Given the high 
interest in Kore a’s copyright policy enforcement  and legislation changes, we will make more of an 
effort to share relevant information and trends with Members.  WT/TPR/M/414 • Republic of Korea  
 
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  5.22.  With regard to questions on the participation of SMEs and women in trade, the Korean 
government newly establishe d 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 onc e again to Chairman Chambovey, d iscussant 
Francke, and t he WTO Secretariat for preparing Kore a’s 8th TPR. My thanks also go  to WTO M embers 
for your interest in Korea’s trade policies. Thank you.  
DISCUSSANT  
5.28.  First, I would like to thank Korea for its replies to the questions posed by Members. I know 
that this is a draining exercise that tests the reviewed Member's ability to coordinate its various 
public agencies.  
5.29.  Second, I would like to make the following comments relating to some of the points raised by 
Members during last Wednesday's discussion and which I fou nd interesting. I make these comments 
while taking into account the position of the WTO: not only is it in the middle of a pandemic that has 
ravaged human lives and the economy, but it is especially at a critical moment for the Organization. 
Its function a nd negotiating capacities are almost at a standstill, its dispute settlement mechanism 
is indeed at an impasse and loudly called into question and its rules are not adapted to the 
opportunities and challenges of the 21st century economy.  
5.30.  This is why Korea' s example can teach us a few things and help us.  
5.31.  No one denies the progress made by Korea in the last few decades. This progress, however, 
is based on a model of widespread State intervention in the economy, which stimulates sectors such 
as manufacturing a nd SMEs and highly protects other sectors, especially agriculture. While this 
model seems to have borne fruit, it cannot necessarily be reproduced in all respects to give the same 
results as those obtained by Korea.  
5.32.  State intervention is a cause of concern  for many Members, judging by their questions and 
statements. But it also contributes to market distortions as well as low productivity and high labour 
costs in Korea. Similar externalities generate high concentration in certain sectors. Recent 
amendments to competition legislation are steps in the right direction, as are changes and 
improvements to the framework of foreign investment, especially the opening of certain sectors to 
foreign capital. All of this should boost the vitality of certain industries a nd services, while increasing 
competition and reaping benefits to consumers.  
5.33.  Policies such as the Digital New Deal and the Green New Deal, the human -centric economy 
and the lifting of regulations were met with approval by the Members, as instruments to pro mote 
innovation and achieve carbon neutrality, although the heavy reliance on fossil fuels seems to be a 
challenge brought up by many.  WT/TPR/M/414 • Republic of Korea  
 
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  5.34.  Also highlighted were the policies and measures for greater equality and inclusivity - such as 
the ones in favour of wome n's economic empowerment, as well as support and incentives for SMEs, 
entrepreneurs and innovators - and especially, diversification. All of these are worthy of analysis and 
imitation in their own right. An honourable mention goes out to creative industrie s, which, as 
someone mentioned on Wednesday, are a soft power that Korea has successfully capitalized on. 
Those of us who live on this side of the world have not yet had the opportunity to enjoy Korean 
culture beyond the boy band BTS and Squid Game . 
5.35.  The im portant role of international trade in Korean economy was generally used as an example 
of the benefits of trade liberalization. In the long run, its exports cannot balance out its limited 
industrial goods. The pandemic, crises and even natural accidents an d disasters expose the 
vulnerability of countries whose foreign trade is based on a few goods. Likewise, a model for 
international trade cannot be sustained by maintaining high levels of protection for certain sectors. 
The example of a complex tariff struc ture, with many tariff levels and implementation of instruments 
such as flexible tariffs and adjustment tariffs was called into question by many WTO Members. 
International operators require predictability and clear rules.  
5.36.  On this note, at the expense of Ko rean consumers and competitive and efficient exporters in 
other countries, Korea maintains substantial levels of protection for agricultural products using tariff 
and non -tariff measures, domestic support, subsidies, including export subsidies, all of whic h many 
hope that Korea will eliminate within the timeframe of the Nairobi Decision. Several Members 
expressed concern about the use of sanitary and phytosanitary measures and regulations on 
residues as additional barriers.  
5.37.  I find it interesting to note tha t two thirds of the 45 statements made last Wednesday came 
from Members that currently have or are negotiating trade agreements with Korea. This is a 
testament to Korea's successful venture into bilateralism and regionalism. This process will only 
grow str onger as new negotiations are added, including the Comprehensive and Progressive 
Agreement for Trans -Pacific Partnership (CPTPP), the Pacific Alliance and the Digital Trade 
Partnership Agreement, to name a few for which interest was shown. Several of these  partners 
mentioned their wish to modernize the existing agreements, which can be understood as a desire to 
improve the preferential terms of access to market. As I mentioned during my statement, the 
agricultural sector is practically unaffected by trade l iberalization, with average preferential tariffs 
above 50% in some agreements and very few cases with 0 tariff. There is still work to be done.  
5.38.  If I am not mistaken, I believe all the Members pointed out Korea's active commitment to the 
multilateral tradin g system, ongoing negotiations and the WTO reform, as well as its strong support 
to transparency and improvements in notifications, and its participation in joint initiatives. The fact 
that a majority mentioned them indicates that these joint initiatives a re an effective tool for finding 
solutions to the great challenges and opportunities of the 21st century economy and that successful 
results would benefit all WTO Members, especially developing countries and least -developed 
countries (LDCs).  
5.39.  My impression from these statements is also that Korea can offer even more support and 
contribute actively to obtain successful outcomes in the ongoing negotiations. As for fisheries 
subsidies, Korea's experience seems to show that a focus on sustainable r esources is crucial for the 
industry's survival, be it artisanal or industrial. Also mentioned were steps to fight against illegal and 
unregulated fishing. Nevertheless, its subsidies are still high and – at least from notifications to the 
WTO – it is not always clear where they go nor what purpose they accomplish. Korea could make 
progress in this respect and also show more flexibility to attain the agreement that we all seek. With 
regard to agriculture, Korea should also bring more to the table by contrib uting to bridge gaps and 
help build a more market -oriented agricultural trading system.  
5.40.  Many delegations also underlined Korea's decision to not seek Special and Differential 
Treatment (SDT), therefore forgoing its status as a developing country. In additi on, the country 
renewed its commitment to providing greater bilateral technical and development assistance in its 
region and in the framework of the WTO, especially in terms of customs clearance, where Korea is 
a world reference, as many have mentioned. We applaud Korea for that.  
5.41.  To conclude, please allow me to make one last personal comment, as Ambassador of Chile, 
to showcase the historical links that unite my country to Korea, as well as the successful trade WT/TPR/M/414 • Republic of Korea  
 
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  relationship that started since the entry into  force of the bilateral Regional Trade Agreement (TLC) 
17 years ago. Korea is now Chile's 6th largest export destination and 7th largest source for imports. 
As a result of long -term work and trust building, we have successfully positioned ourselves as the 
main provider of blueberries, fresh grapes and wine to the Korean market, as well as second provider 
of fresh cherries and lemons, third of kiwifruits, fourth of avocados and fifth of oranges. By the same 
token, I would like to say that it was an honour to  have contributed to Korea's successful Trade 
Policy Review and thank both the Korean delegation and the Secretariat for its support during this 
process.  
5.42.  Deputy Minister Kim, it was a pleasure to meet you and I wish you and your delegation a safe 
return ho me. To everyone else, have a nice weekend. Thank you.  
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 commend 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  secretariat for 
comprehensive t rade policy review reports of South Korea.  
5.46.  Korea’s high level of commitment to the rule s-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 i n 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 trad e policy has become one of the examples and source of encouragement to the many of 
the resource -poor developing countries including Nepal 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 developing 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 strengthening 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 cooperation bilaterally based on mutual benefit.  WT/TPR/M/414 • 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 mutual 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), Nepal has 
become an important source of international migrant workers for South Korean economy and an 
attractive e mployment market for Nepali youths.  
5.59.  Nepal extends sincere appreciation to the Government of Republic of Korea for its continued 
support and cooperation being provided through the Korea International Cooperation Agency 
(KOICA) and others means, mainly in bu ilding infrastructures and developing human resources, 
among others.  
5.60.  Trade, investment, tourism and other socioeconomic aspects are major areas of interest of 
both the countries and means of further strengthening our bilateral relation by expanding it fro m 
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 
approximately 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 ar ound 
NRs 10.28 billion.  
5.62.  The main products exported by Nepal were tobacco, felt, wigs of human hair, articles of 
Christmas festivities, carpets, woollen  shawls, scarves, mufflers and other garm ent 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 e tc.  
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 investing 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 collaboration 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 R eview of the 
country.  
PANAM A 
5.66.  I wish to first greet and warmly congratulate Jeongil Kim, Deputy Minister for International 
Trade and Legal Affairs of the Ministry of Trade, Industry and Energy of South Korea, and th e entire 
Korean delegation for their outstanding preparatory work. I also wish to welcome Ambassador 
Mathias Francke of Chile, Discussant at this Review, and thank the Secretariat for preparing the 
respective reports.  
5.67.  Korea is Panama's second most importan t trading partner in Asia, the 6th greatest user of the 
Panama Canal and an important trading partner in our logistics and redistribution operations of 
Korean merchandise from the Colon Free Zone in Panama to the rest of Latin America.  
5.68.  Trade between Panama  and the Republic of Korea over the past five years has ranged from 
USD 202 million to USD 481 million. In 2020, despite – or perhaps because of – the pandemic, an 
increase of 86.7% in exports from Panama to the Republic of Korea was recorded compared to 2 019. 
The following exported products stand out: copper ores, ferrous waste of iron or steel, roasted 
coffee, among others.  WT/TPR/M/414 • Republic of Korea  
 
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  5.69.  Conversely, the Republic of Korea mostly exported vehicles and vehicle accessories, diagnostic 
or laboratory reagents, electric accum ulators, laminated products, among others.  
5.70.  It is with great pleasure that my delegation informs the Members that the Free Trade 
Agreement between the Republics of Central America and the Republic of Korea was signed on 21 
February 2018 and entered into for ce on 1 March 2021. We are certain that this will increase trade 
between our countries.  
5.71.  We are pleased to hear about the implementation of the new plan called Korean New Deal, 
composed of the Digital New Deal, the Green New Deal and the Human New Deal. We applaud the 
efforts made to promote digital innovation across the economy and to build infrastructure for online 
and digital industries, as well as the goal of achieving carbon neutrality by 2050. Specifically, we 
commend the focus of the Human New Deal, w hich aims to strengthen safety nets for the vulnerable 
and narrow the digital gap. We hope that this initiative brings them closer to delivering on the 
Sustainable Development Goals.  
5.72.  However, we are concerned about Korea's reliance on exports of manufacturing, which 
exposes its economy to disturbances in global value chains. As the 4th most diversified economy in 
the world, it is in an optimal position to continue developing the resilience of its economy.  
5.73.  Labour productivity differences between big companies and SMEs is very steep. We wish the 
Government of Korea success in its plans to promote fair competition between big and small 
companies and promote innovation in SMEs.  
5.74.  We congratulate Korea for its active participation in the multila teral trading system. It plays 
an active part in the support subgroup for WTO reform and in various negotiations, especially those 
related to fisheries subsidies. Korea has furthermore made important annual financial contributions 
in support of the WTO's e fforts to help developing countries improve their trade capacities in order 
to fully participate in world trade negotiations, which shows the importance they give to 
strengthening the multilateral trading system.  
5.75.  We wish Korea success in this Review and hi ghlight the laudable management of its delegation 
in Geneva, led by Ambassador 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 K im, Deputy Minister for 
trade. We also thank the d iscussant, H.E Mr. Mathias Francke  of Chile 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 per iod 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 du e to the 
global pandemic, recording 58.6% in the first quarter of 2021. Accordingly, the figure rebounded 
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 
recogniz e Korea’s active role in the negotiations on: fisheries sub sidies; e -commerce; domestic 
regulation in services, MSMEs, TESSD, trade and environment; trade and 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 topics, 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 
transformation of the global economy. Korea`s active approach to trade liberalization through 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.  WT/TPR/M/414 • Republic of Korea  
 
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  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 sta bility and has ensure d 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 re gulatory burden on firms, especially in 
the service sector in order to achieve an all -inclusive growth 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 mini mum 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 treatment 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 rule s-based multilateral trading system that is responsive the current 
global economic realities.  
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 s trong partnership with Korea and 
the significant contributions Korea has made  to the global trading system.  
5.86.  We would like to reiterate that Korea is a key strategic ally and a major trading p artner for 
the United States. Moreover, the United States and Kor ea 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 ag ain like to commend Korea on it s announcement in October 2019  along with other 
Members  that it  would no longer seek special and differential treatme nt 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 compli ance 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 on 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 eng ineered agricultural products. We encourage Korea to base these 
policies and regulations on science and to remain consistent with internatio nal agreements and 
guidelines.  
5.89.  Additionally, regarding market access, we encourage Korea  to ensure that its regulations and 
policies provide access and opportunities for Kore an and foreign companies alike.  We look forward 
to hearing more from Korea on some of these policies, which were also addressed i n the advance 
written questions on day on e. WT/TPR/M/414 • Republic of Korea  
 
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  5.90.  Finally, Korea is a strong ally and a valued  partner of the United States. We welcome Korea’s 
progress in opening its economy and impl ementing reform since the 2016 Review. We look forward 
to further cooperation with Korea on all fronts – bilaterally, r egionally, 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 E uropean 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 E uropean Union appreciates the responses provided by Korea to the advance questions. 
The E uropean 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 mann er and demonstrating its 
commitment to the WTO. We are confident that our good cooperation will continue.  
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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 opportunities 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 attache d by Members to Korea's trade and investment 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 discussant , 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 a cknowledged Korea's solid economic fundamentals 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 openne ss to 
international trade and its integration 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 economic and infrastructure cooperation, 
were welcomed. Members also commended its reforms focused on supporting inco me, creating jobs, 
assisting SMEs and start -ups, as well as measures on taxation, competition policy and corporate 
governance. Korea was invited to continue enhancing regulatory transparency and streamlining 
regulatory procedures that impeded foreign inves tment. 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 incre ase 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 environment. Many Members commended 
Korea's active engagement on WTO reform discussions and for co -sponsoring  the pro posals to : 
(i) enhance transparency and strengthen notification compliance under the WTO Agreements, 
(ii) the Trade and Health Initiative, and (iii) the Trade and Environmental Sustainability Structured 
Discussions. It was noted that Korea continued to ser ve 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 negotiat ions, 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 network s, including the recently signed 
Regional Comprehensive Economic Partnership (RCEP), some Members encouraged their review and 
subsequent modernization.  
6.5.  Members noted that despite a decrease of the average applied MFN tariff rate, tariffs remained 
relatively h igh, the tariff structure continued to be complex,  and the number of items covered by 
"flexible tariffs" had increased; therefore, they encouraged Korea to liberali ze and streamline its 
tariff regime as well as to minimi ze the application of "flexible tari ffs". 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 in cluding import restrictions on food products, anti -dumping 
duties on stainless steel bars, export restrictions, and some aspects of the government procurement 
regime. Korea was encouraged to phase out the remaining temporary and conditional export 
prohibit ions enacted during the COVID -19 pandemic. References were made to policies and 
measures on imports of beef and ruminant products, perishable seafood fruits, food products and 
genetically engineered agricultural products, inter alia,  urging Korea's measure s to be based on WT/TPR/M/414 • Republic of Korea  
 
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  science and consistent with international agreements and guidelines. Korea was invited to minimi ze 
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 t hem 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 mo dernization of services domestic 
regulation to improve its global competitiveness, support foreign investment and create local jobs. 
Concern was expressed on competition policies and regulatory mechanisms on shipping and 
shipbuilding, as well as regulation s in the digital economy sphere, including certain restrictions in 
cloud services.  
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 th e many constructive 
comments, both broad and detailed, that it has received during 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 successf ully concluded.  
__________