South Korea: Ministry of Oceans and Fisheries “RCEP, Opportunity to Protect Seafood and Expand Market”

Published 2020년 11월 23일

Tridge summary

The Regional Comprehensive Economic Partnership Agreement (RCEP), recently signed at the 4th Regional Comprehensive Economic Partnership Summit, has sparked concerns regarding the future of fisheries trade, particularly with Japan. This agreement, which aims to streamline trade among its member countries, including Korea, China, ASEAN, and Japan, has led the Ministry of Maritime Affairs and Fisheries to strategize its approach to protect domestic seafood industries. The ministry's efforts include minimizing market opening in existing FTAs and negotiating for expanded export opportunities while limiting the impact on sensitive domestic products. The response from the Federation of Korean Fisheries Business Owners underscores the need for vigilance against illegal imports and the protection of local fisheries, highlighting the complex balance between economic growth and the preservation of domestic industries in the face of increasing international trade.

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Original content

With the final signing of the Regional Comprehensive Economic Partnership Agreement (RCEP) at the 4th Regional Comprehensive Economic Partnership Summit held on the 15th, attention is being drawn to how the import and export of fisheries will develop. In particular, since this is the first trade agreement signed with Japan, voices are calling for countermeasures in response to changes in the import and export of seafood to Japan. According to the Ministry of Maritime Affairs and Fisheries, RCEP fisheries negotiations were concluded at the level of minimizing additional market opening based on the existing FTA while maintaining current tariffs on sensitive domestic seafood such as shrimp, squid, dome, scallops, and yellowtail. . The Ministry of Maritime Affairs and Fisheries said that negotiations with China were completed at the same level as the existing FTA (effective in 2015) without additional market opening, and in the case of ASEAN and Vietnam, negotiations were conducted to ...

Source: Fisheco