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The Prospect of Korea-US Agricultural Trade after the US presidential election
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| Writer | KREI |
| Date | 2016.09.06 |
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Intensification of US Protectionism Will Strengthen Non-Tariff Barriers, SPS, IPRs Enforcement: The Prospect of Korea-US Agricultural Trade after the US presidential election Under the circumstances that both of the presidential candidates Hillary Clinton of Democratic Party and Donald Trump of Republican Party are taking protectionist views on trade policy, the next US administration is expected to intensify non-trade barriers and increase claims regarding Sanitary and Phytosanitary(SPS) Measures against Korea. Dr. Sang Hyeon Lee of the Korea Rural Economic Institute (KREI) and his research team have analyzed the US presidential candidates' trade policies and forecasted their future impact on Korea's agricultural trade through "The Prospect of Korea-US Agricultural Trade after the US presidential election" The research team has analyzed the impact of agricultural trade after the US presidential election as well. Since both the candidates indicated their negative views on TPP, there is high possibility that TPP falls through or be delayed. However, as the rules of the TPP agreement are expected to be future standards of international order, they pointed out that efforts are needed to adjust the relevant domestic systems to the TPP rules. Also, if Trump, with a negative view on an increase in Korea's trade surplus with the US, wins the election, the next US government may request negotiations for modifying the Korea-US FTA. In the negotiations, the US is predicted to demand the following, continually mentioned in USTR Trade Barriers Reports: strengthening intellectual property rights; opening services, financial and healthcare markets; and reducing technical regulation. If Clinton win the election, trade-related pressure on Korea is expected to rise although the negotiations for modifying the Korea-US FTA are not likely to be requested. Therefore, Dr. Sang Hyeon Lee stressed that it is necessary to focus on enhancing technological competence including expanding quarantine-related agencies, establishing a network among relevant institutions, training SPS experts, and improving technical skills regarding animal and plant quarantine. In addition, as the enforcement of intellectual property rights, SPS, TBTs, and the safety of food and agricultural products in customs clearance is expected to tighten with the intensification of US protectionism, he argued that it is required to strengthen monitoring legislation trends and make efforts for prior resolution through an inter-governmental consultation channel. |
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