South Korea: Conservative estimation of ‘Alseph’ agricultural damage, the agricultural industry and the time difference

Published 2021년 11월 10일

Tridge summary

The Regional Comprehensive Economic Partnership (RCEP), which South Korea participated in, is set to be launched in January, following Australia and New Zealand's ratification. However, the agricultural sector in South Korea opposes the government's impact assessment, stating that the potential damage has been underestimated. The government predicts a decrease in domestic agricultural production by an average of 7.7 billion won over the next 20 years. The report highlighting the potential harm to agriculture, however, notes limitations in the analytical model and underscores unconsidered factors like the likely increase in imports and the effects of the RCEP's Sanitation and Quarantine for Animals and Plants (SPS) and the cumulative origin clause. Experts warn that these factors could significantly damage Korean agriculture, but their impact is not accurately reflected in the damage calculation.

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Original content

The Regional Comprehensive Economic Partnership (RCEP), in which Korea participated, is expected to be launched in January next year. As Australia and New Zealand ratified the agreement earlier this month, the minimum depositary state (10 countries) required for ALSEp to enter into force was met. South Korea is only left with the process of ratification by the National Assembly. However, the agricultural sector strongly opposes the impact assessment on the agricultural sector, which the government announced last month when it submitted a motion to ratify ALSEp to the National Assembly, saying that the amount of damage was underestimated. In the midst of this, the National Assembly Legislative Investigation Agency is drawing attention by claiming that “the amount of damage to the agricultural sector resulting from the signing of ALSEp was very conservatively estimated” through a report titled “Main Results and Future Tasks for the Agriculture Sector of the RCEP Impact ...

Source: Nongmin