South Korea: Prepare proper measures for direct and indirect damage to RCEP

Published 2021년 9월 16일

Tridge summary

Economic ministers from Korea, China, Japan, and ASEAN have decided to implement the Regional Comprehensive Economic Partnership (RCEP) by January, leading to the Korean government's ratification process at the National Assembly. The RCEP, which includes 10 ASEAN countries and 16 other countries, is anticipated to significantly increase the import of tropical fruits like durian, mangosteen, papaya, and frozen tropical fruits. However, there are concerns about the potential negative impact on domestic fruit and vegetable consumption, as well as on farmers in regions like Jeollanam-do, Gyeongnam, and Jeju, who are increasing subtropical crop production due to extreme weather. There are also concerns about the impact of negotiations on the import of items subject to sanitary quarantine and localization-related procedures. The growing damage to the agricultural and fishery industry due to FTAs signed with each country has prompted calls for effective countermeasures to ensure industry recovery.

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

Original content

On the 14th, the economic ministers of Korea, China, Japan and the Association of Southeast Asian Nations (ASEAN) decided to make the Regional Comprehensive Economic Partnership (RCEP) into effect by January next year. Accordingly, it is expected that the Korean government will also enter the process of ratifying the RCEP by the National Assembly, and it is highly likely that it will be completed before the ASEAN-Korea summit scheduled for November. RCEP is a huge FTA involving 10 ASEAN countries and 16 countries including Korea, Japan, China, Australia and New Zealand. In particular, according to the 'Analysis of the Impact of Tariff Reduction on RCEP Tropical Fruits' recently published by the Nonghyup Economic Research Institute, four items, including durian, mangosteen, papaya, and frozen tropical fruits, are expected to experience a sharp increase in imports. did. At the same time, it is expected that the consumption of domestic fruits and vegetables, which overlaps the time ...

Source: Aflnews