A surge in trade: Pressure on the agricultural industry again this year in South Korea

Published 2024년 1월 4일

Tridge summary

This year, numerous trade agreement negotiations are expected, including efforts to improve the existing free trade agreement (FTA) and mega FTA negotiations, which will impact the agricultural industry. The Korean government is actively pursuing FTA improvement negotiations with Chile, India, and the United Kingdom, with particular focus on the 'Korea-Chile FTA improvement negotiations.' Chile, a major exporter of agricultural products, is seeking to reduce tariffs on domestically produced agricultural products through these negotiations. The Indo-Pacific Economic Framework (IPEF), which is nearing the end of negotiations, is also expected to produce tangible results this year, particularly in the area of trade for agriculture.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

It is expected that a large number of trade agreement negotiations will be held this year, which the agricultural industry is paying close attention to. While negotiations to improve the existing free trade agreement (FTA) are being pursued in earnest, mega FTA negotiations are also expected to put pressure on the agricultural industry. According to trade authorities, the countries with which the Korean government is pursuing FTA improvement negotiations in earnest this year include Chile, India, and the United Kingdom. Among these, what the agricultural community is looking at with concern is the ‘Korea-Chile FTA improvement negotiations.’ Negotiations to improve the Korea-Chile FTA began in 2018 after the opening was declared on November 18, 2016, but progress was sluggish after the COVID-19 pandemic (global pandemic). Then, last year, face-to-face negotiations were held for the first time in four years, and the pace of negotiations is picking up. An official from the Ministry ...

Source: Nongmin