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An analysis of Korea-China FTA Service Chapters and Implications for Further Negotiations Strategy -With special focus on the Insurance Market-

한-중 FTA 서비스 분야의 분석에 따른 향후 추가협상에 대한 시사점 : 보험시장을 중심으로

  • 황기식 (동아대학교 국제전문대학원) ;
  • 최신영 (동아대학교 BK21+국제통상분쟁조정전문가양성사업단) ;
  • 김세진 (동아대학교 BK21+국제통상분쟁조정전문가양성사업단)
  • Received : 2018.05.30
  • Accepted : 2018.06.18
  • Published : 2018.07.31

Abstract

As Chinese insurance market grows rapidly due to market reforms, China got recognition as second-largest insurance market in the world in 2016. However Korean insurance companies have had difficulties to grow in Chinese insurance market despite Chinese participation in the World Trade Organization (WTO) and the growth of chinese insurance market. The reason for the decline in Korean insurance companies is economic retaliation due to the deployment of THAAD in Korea. However, this is not a fundamental reason. The underlying cause of the effects of economic retaliation is the result of insufficient negotiations in Korea-China FTA services sector. In Service sector of Korea-China FTA, the level of concession between Korea and China differs greatly, when comparing China and South Korea's FTA. In addition, it has only been a few years since China collected the position of the WTO Doha Agenda, which currently deals with concessions on intellectual property rights and services. More important is that the Korea-China FTA service sector, as it stopped short of being protected by the most-favored-nation state treatment level when Korean insurance companies entered China. Further negotiations to supplement the weak points in the Korea-China FTA service sector were promised in December 2017, but international tensions over THAAD deployment made it impossible to hold such negotiations. However, due to changes in international affairs in 2018, the first additional negotiation was decided and held. This paper implicates strategies of further negotiation between Korea and China for service and investment chapter. Consequently, the aim of this paper suggests directions how to re-enter Chinese insurance market to Korean insurance companies.

Acknowledgement

Supported by : 동아대학교