Ten years ago today, Korea's very first free trade agreement with another country went into effect.
The Korea-Chile FTA took effect in April 2004.
Over the past decade, Korea has signed many more free trade pacts and now is among the world's leaders in tearing down trade barriers with other economies.
Marking the anniversary, we would like to dedicate some time to assess Korea's FTA with Chile as well as those it's signed into with other countries.
We have live in the studio Dr. Kim In-chul, professor of international economics at Sung Kyun Kwan University.
Dr. Kim, great to have you back.
Let's start with your assessment of Korea's free trade agreement with Chile. How has it impacted the Korean economy and bilateral trade in the last ten years?
All right. What about all of Korea's FTAs? How has establishing trade pacts with so many economies affected different sectors of the Korean economy?
First of all, for Korea's exporters?
What about imports? Would you say the effects of cheaper import items have trickled down and been felt by the average consumers in this country?
Who are the winners and the losers from the FTAs? Have the agro-fisheries and livestock sectors been negatively impacted? The winners are in Korea's automobile industry?
Korea continues to expand its FTA frontier - we know that the Korea-China FTA negotiations are currently underway. Seoul has been working to join the Trans-Pacific Partnership and many more are in the works as it strives to become an FTA hub.
What are the benefits of becoming such a trade-friendly country and your forecast for Korea's FTA situation?
Dr. Kim In-chul, professor of international economics at Seoul-based Sung Kyun Kwan University thank you for speaking with us this evening. We appreciate it.