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Foreign Import Restrictions, WTO Commitments, and Welfare Effects: The Case of Republic of Korea

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  • Hak K. Pyo
  • Kiwhan Kim
  • Inkyo Cheong

Abstract

This paper examines foreign import restrictions on Republic of Korea’s exports and its two policy responses: a domestic response in trade policy, investment policy, and foreign exchange regime; and an external policy response in the form of WTO commitments. The paper also analyzes the welfare effects of trade liberalization under WTO Agreements based on two alternative tariff reduction scenarios using a computable general equilibrium model. The simulation results indicate that WTO is expected to create annual gains of US$38 to 50 billion globally, with Korea expected to gain relatively the most from the global implementation of the commitments by WTO member countries, earning $3.3 to 3.7 billion. Therefore, Korea’s policy response to increasing protectionism abroad in the form of a full commitment to WTO Agreements is fully warranted.

Suggested Citation

  • Hak K. Pyo & Kiwhan Kim & Inkyo Cheong, 1996. "Foreign Import Restrictions, WTO Commitments, and Welfare Effects: The Case of Republic of Korea," Asian Development Review (ADR), World Scientific Publishing Co. Pte. Ltd., vol. 14(02), pages 21-43.
    • Handle: RePEc:wsi:adrxxx:v:14:y:1996:i:02:n:s0116110596000073
    DOI: 10.1142/S0116110596000073
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