Korea, Republic of
Report by the Republic of Korea
Korea’s prompt recovery from the global financial crisis of 2008 presents a forceful example which illustrates the important role and benefits of the multilateral trading system. Although tumultuous financial markets around the world impeded global production and employment the Korean economy’s deep integration into the multilateral trading system coupled with the Korean government’s prompt economic policies for a more open and competitive business environment proved to be crucial factors in moving the Korean economy forward. Korea has continued to promote liberal trade and investment policies as well as domestic regulatory reform measures. As a result despite ongoing uncertainties and volatility in the global economic environment Korea is projected to sustain moderate growth in 2012.
Preface
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT CONTRACTING PARTIES in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.