International agreements for South Korea have been crucial for the country`s economic and political growth. As a global player in trade, South Korea has been actively seeking to establish partnerships with other countries to enhance its economic cooperation and political influence.
One of the significant international agreements that South Korea has signed is the Korea-U.S. Free Trade Agreement (KORUS FTA), which came into effect in 2012. The trade agreement aimed at strengthening the economic ties between the United States and South Korea, reducing tariff barriers, and promoting the exchange of goods and services between the two countries.
Another significant international agreement is the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). South Korea joined the CPTPP in 2018, which brought together 11 countries with a combined population of 500 million people and a GDP of $13.5 trillion. The agreement aimed at reducing trade barriers and promoting economic growth among its member countries.
South Korea has also signed the Korea-China Free Trade Agreement (KCFTA) with China, which is one of its major trading partners. The agreement aimed at reducing tariffs on goods traded between the two countries and improving economic relations.
Additionally, South Korea is a member of the World Trade Organization (WTO), which has helped to promote free trade and reduce trade barriers among its member countries. Being a member of the WTO has allowed South Korea to participate in the decision-making process and benefit from the organization`s dispute settlement mechanism.
In conclusion, international agreements are essential for South Korea`s economic and political growth. These agreements have helped to establish stronger economic ties with other countries, reduce trade barriers, and promote free trade. South Korea`s active participation in international agreements has also allowed the country to have a say in the decision-making process and benefit from various dispute settlement mechanisms.
