中주도 '세계 최대 FTA' RCEP 체결, 글로벌 무역 다변화 기대<br /><br />RCEP does not include the United States, but it is expected to be a game changer for the Asia Pacific region.<br />And while it is expected to benefit South Korea's economy, which depends on exports, there are still some concerns.<br />Kim Sung-min reports.<br />The Regional Comprehensive Economic Partnership, a mega Asia-Pacific trade pact that accounts for a third of the world's economy,...is about to reshape the global trading system.<br />Throughout the past eight years, since the deal was first established, the pact's leaders have come to an agreement on building an open, inclusive and rules-based international trade order.<br />The pact unites the fifteen Asia-Pacific nations including the ten from ASEAN along with Japan, China, New Zealand, Australia and South Korea.<br />India decided not to join due to concerns of how it will impact its domestic economy but the member states have left the door open for future participation.<br />South Korea already has bilateral, free trade agreements with RCEP members except for Japan,...meaning there is sufficient accessibility to goods and services.<br />But the RCEP can further simplify the current trade customs and reduce costs.<br />"If China opens up its market further, certain exceptional clauses which China has been enforcing will be eradicated which would, in turn, benefit South Korea."<br />The deal could also help South Korea diversify regional value chains amid trade protectionism across the world... and uncertainties coming from the U.S.-China trade war.<br />A report released by the Korea Institute for International Economic Policy suggests that the RCEP without India will expand the country's economy by up to point-five percent over the next ten years.<br />The country's consumer benefits are also expected to grow by five-point-five billion U.S. dollars.<br />However, there is the possibility that the RCEP would hit South Korea's agriculture and marine sectors...as it includes some of Seoul's competitors like agricultural powerhouse China.<br />Also, leaving the world's second-biggest economy, the U.S., out of the deal,... the China-led mega-pact could raise further concerns for South Korea in striking a balance between the two great economic powers.<br />Kim Sung-min, Arirang News<br />
