Fukunari Kimura: Cheong critically reviews the China–Korea FTA (CK FTA, hereafter) from the economic viewpoint. This straight and candid evaluation on the agreement is given based on the examination of the actual contents of the agreement. The paper will surely be an important reference for both academics and policymakers.
Until recently, Korea's networking strategy of bilateral free trade agreements (FTAs) with major trading partners was successful. FTAs with the United States and the European Union were of impressively high quality and helped Korean multinational enterprises extend their business, moving ahead of their competitors. China naturally became the next country as a possible FTA partner.
The Korean economy has enjoyed many economic benefits from China through exports and foreign direct investment in global value chains, particularly since the global financial crisis began in 2008. The economic relationship between Korea and China, or the dependency of Korea on China, has substantially deepened...