• The Southeast Asian review
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• v.24 no.2
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• pp.1-33
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• 2014

아세안은 한중일과의 무역을 통한 경제적 연계의 심화현상과 최근 글로벌 위기로 인한 경기침체를 고려하여 새로운 경제성장추진을 위해 동북아의 한중일 삼국과의 무역자유화를 적극 추진하고 있다. 이미 ASEAN-중국, ASEAN-일본, ASEAN-한국 양자간 자유무역협정(FTA)이 발효되어 실행되고 있으며, 이들 3개 양자협정을 아우르는 A+3FTA(ASEAN+중국+일본+한국) 논의도 진행중이다. 이에 본 연구는 이들 4개 자유무역협정의 경제적 효과를 분석하여 과연 A+3FTA가 아세안은 물론 동아시아 역내에서 보다 바람직한 통상정책인지를 평가한다. 본 논문의 정성적 평가는 기존의 경제통합의 경제적 효과를 결정하는 이론에 근거하여 참여국의 제반 경제적 현황(경제규모, 소득수준, 경제개발수준, 거래비용, 무역 및 산업구조, 관세율 등)을 통계적으로 비교 분석한다. 한편 정량적 평가는 무역의 경제적 파급효과 분석에 널리 이용되고 있는 연산가능한 일반균형모형(CGE)분석방법을 적용한다. 정태적 효과의 분석을 위해서 GTAP 모형을 이용하며, 이와 더불어 동태적으로 투자를 통한 자본축적을 반영하는 자본축적 CGE 모형분석을 병행한다. 분석결과 후생 및 생산확대 측면에서 아세안의 경우 일본과의 양자간 FTA가 한국이나 중국과의 FTA에 비해 보다 긍정적인 후생증진을 가져올 것으로 기대되며, 아세안과 한중일 모두에게 A+3FTA가 동아시아 역내에서 보다 바람직한 자유무역협정이 될 것으로 평가된다.

• Korea Trade Review
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• v.42 no.4
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• pp.139-157
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• 2017

Whether an investor can invoke a dispute settlement procedure stipulated in other BIT based on the MFN clause in the original BIT is an important issue. There is a difference in the interpretation of MFN clause in which the scope of the treatment stipulates the slightly different contents for each investment treaty. Therefore, this study considered ICSID arbitration cases related to the applicability of MFN clause for investment dispute settlement provisions. There are two different approaches for the applicability of MFN clause by arbitral tribunals. At first, the expanded interpretation of the MFN clause can be applied to procedural regulations, in that the purpose of the investment treaty is to protect foreign investors and to ensure their status. So, foreign investors can invoke a BIT of a third country that is advantageous to them. Second, the limited interpretation of the MFN clause can not be applied to procedural regulations. Without explicit regulation, the term treatment can not be considered to include dispute resolution provisions. And the BIT that the host state has concluded with third country is a treaty that applies only to the contracting party, so it can not be used by foreign investors of other nationality. Therefore, this study suggests concretely stipulating the scope of MFN clause under the investment treaty, highlighting that certain restrictions should be applied to the MFN clause. Furthermore, it is required continually investigating and analyzing the database of the scope of MFN clause.

• Journal of Arbitration Studies
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• v.28 no.2
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• pp.201-216
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• 2018

After the adoption of the Lisbon Treaty, the European Union's Common Commercial Policy now belongs to the exclusive competence area of the EU, including the foreign direct investment (FDI) policy. Regarding the bilateral investment protection treaties (BITs) between the EU Member States, the European Commission is of the view that such BITs should be discarded. On March 6, 2018, the Court of Justice of the European Union (CJEU) held in the Achmea BV v. Slovakia case that a BIT between the EU Member States, as well as arbitral awards based on that BIT, is not subject to request for preliminary rulings under the Treaty on the Functioning of the European Union (TFEU), and thus they are not compatible with the EU law. However, the judgment did not silence the controversy. Instead, many people questioned the legal reasoning and the legitimacy of judgment, and therefore the problem is still ongoing.

• International Commerce and Information Review
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• v.15 no.4
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• pp.217-240
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• 2013

The investment environment in Korea and U.S. dramatically changed since Korea-US FTA. The key reasons for this successful change were liberalization and strengthened protection of investment along with trade liberalization which also brought investment market expansion. As the result of trade-diversion effect, investments between two countries have been enormously increased. Through a FTA with the big economy like US, Korea's FTA network has been largely expanded. Korea further needs to utilize this outcome when competing with other countries in investment markets.

• Korea Trade Review
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• v.41 no.5
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• pp.89-111
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• 2016

The Mega-FTA is intended for emerging economies, including developed economies, to expand economies of scale in a single market. The Bilateral FTA shall take into account the relevant industries and the inter-country related industries to adjust the origin standard and preferential tariff rates. Therefore, certain competitive industries can expect foreign investment and re-investment in the domestic market as well as expansion of the market in the region. However, the mega-FTA should expand the size of the economy under the same preferential tax rates for many Partner countries. The Mega-FTA can maximize the effectiveness of the agreement by making use of the competitive advantages of the participating countries. In the mega-FTA, Cumulative Criteria should be appropriately used as a supplemental standard of origin. The Cumulative Criteria is an important FTA utilization factor that determines the success of the mega-FTA. Using FTA, Korea should export locally produced materials using cheaper labor force in FTA partner country. In addition, in order to prepare the Mega-FTA, which allows full cumulation, it is necessary to encourage the overseas transfer of low-cost structure materials processing industry so that the material suppliers can be transferred to the area where production cost is lower and raw material supply is easier.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.57
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• pp.61-78
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• 2013

The purpose of this study is to clarify the standard of fair and equitable treatment. Although most international investment treaties prescribe fair and equitable treatment that is the obligation to provide fair and equitable treatment to foreign investor, there is no clear definition and specific elements of fair and equitable treatment. Through the arbitral award cases we can find that tribunals have interpreted to include six principles; Due process & Protection from denial of justice, Good faith, Reasonableness & Nondiscrimination, Compliance with contractual obligation, Full protection and security, Transparency & Protection of the investor's legitimate expectations. This study suggest that host countries and investors focus on international trends concerning investment disputes in order to avoid future disputes. So future disputes can be prevented and prepared in advance.

• Journal of Arbitration Studies
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• v.22 no.3
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• pp.187-213
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• 2012

The purpose of this article is to examine Fair and Equitable Treatment in International Investment Agreements. Most BITs and other investment treaties provide for FET of foreign investments. Today, this concept is the most frequently invoked standard in investment disputes. It is also the standard with the highest practical relevance: a majority of successful claims pursued in international arbitration are based on a violation of the FET standard. The concept of FET is not new but has appeared in international documents for some time. Some of these documents were nonbinding others entered into force as multilateral or bilateral treaties. Considerable debate has surrounded the question of whether the FET standard merely reflects the internationalminimum standard, as contained in customary international law, or offers an autonomous standard that is additional to general international law. As a matter of textual interpretation, it seems implausible that a treaty would refer to a well-known concept like the "minimum standard of treatment in customary international law" by using the expression "fair and equitable treatment." Broad definitions or descriptions are not the only way to gauge the meaning of an elusive concept such as FET. Another method is to identify typical factual situations to which this principle has been applied. An examination of the practice of tribunals demonstrates that several principles can be identified that are embraced by the standard of fair and equitable treatment. Some of the cases discussed clearly speak to the central roles of transparency, stability, and the investor's legitimate expectations in the current understanding of the FET standard. Other contexts in which the standard has been applied concern compliance with contractual obligations, procedural propriety and due process, action in good faith, and freedom from coercion and harassment. In short, meeting the investor's central legitimate concern of legal consistency, stability, and predictability remains a major, but not the only, ingredient of an investment-friendly climate in which the host state in turn can reasonably expect to attract foreign investment.

• The Korean Journal of Air & Space Law and Policy
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• v.5
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• pp.207-264
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• 1993

항공사의 외국인 소유는 이것으로 인하여 전체 항공운송 시스템이 변화될 수 있는 핵심적인 개념이다. 작금 항공운송산업을 둘러싼 환경은 급격하게 변화하고 있어서 많은 국가들이 항공사의 외국인 소유와 관련한 기존의 법제나 정책변경을 심각하게 고려하기 시작하였다. 항공기 및 항공사의 국적과 관련한 전통적인 개념은 양자사이에 '진정한' 또는 '효파적인' 관계가 있어야 한다는 것이다. 특별히 항공사의 '실질적인 및 효과적인 통제'조항은 양자 및 다자간 항공운송 협정에서 가장 핵심적인 역할을 해오고 있다. 그러나 변화의 바람이 거세게 일고 있다. 항공운송산업에서 이러한 변화는 미국에서 시작되고 미국의 국제항공관계에 적용되고 있는 규제완화에서 비롯되었다. 미국의 규제완화정책은 합병 및 흡수를 통한 항공사의 집중이라는 결과를 가져와서 항공운송 시장은 궁극적으로 소수의 거대 항공사에 의해 지배될 것이라는 우려를 낳고 있다. 이러한 새로운 추세에 대응하여 많은 국가틀이 다양한 형태의 지역협력체를 형성하고 있다. (예, EC, 아세안, 안데안 그룹, 야마스크로 선언 등) 또한 다수 국가들은 정치.경제적인 이웃에서 정부의 소유주식을 외국인 및 외국회사를 포함한 민간부문에 매각함으로써 사유.사영화를 추진하고 있다. 한편 제조업 분야에서 다국적기업 (IBM, 코카콜라 등)은 별 어력움이 없이 성립될 수 있다. GATT의 주관하에 열리고 있는 우루과이 협상에 참여하고 있는 국가들은 최혜국 대우, 내국인 대우, 시장접근 같은 상품교역의 개념및 원리를 항공운송서비스를 포함한 서비스교역에 적용하는데 기본적으로 합의하였다. 급격히 변화하는 환경에서 항공운송 산업만이 국가의 영공 주권, 항공사의 공익기업 개념, 상업적 이익의 균형교환 같은 자기류의 논리에 집착하여 언제까지나 홀로 고립될 수는 없을 것이다. 더구나 세계 항공운송 산업은 1980년 후반부터 큰 시련에 직면해 있다. 몇몇을 제외한 대부분의 항공사는 세계경제의 불황속에서 초과공급 및 운임전쟁으로 인한 엄청난 적자를 기록하고 있다. 모든점을 미루어볼 때 세계의 항공사들은 과거 어느 때보다도 외국인 투자를 필요로 하고 있으며 항공사가 속해 있는 정부는 외국인 소유에 관한 법제를 개정하고 나아가 전체 항공운송시스템을 개편하도록 압력을 받고 있다. 많은 국가에서 외국인 소유에 관한 법규의 개정은 현존 항공운송 시스템에 다각적인 영향을 가져올 것이다. 다시말하면 양자협상, 반독점및 경쟁볍규의 적용, 고용 및 카보타지등을 포함한 제반분야가 영향을 받을 것이다. 결국 외국인 소유에 관한 법제의 완화는 항공사의 세계화 또는 다국적화의 과정을 촉진시킬 것이고, 항공사간 다양한 형태의 제휴가 이러한 방향에서 계속될 것이다.

• International Area Studies Review
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• v.21 no.4
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• pp.101-124
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• 2017

This study is to examine the current situation of the AEC (ASEAN Economic Community) and analyze macroeconomic situation of Vietnam since the launch of AEC. According to recent trade indicators, Vietnam is expected to be more productive in the manufacturing and processing sectors because it is at the heart of the global value chains (GVCs) in electronics, telephones, and textiles and shoes industry. Vietnam has signed or is negotiating free trade agreements with various countries around the world including Korea, Israel, EU and RCEP and so on. Therefore, it is expected that Vietnam's trade dependency and FDI inflows to Vietnam increase more and more. However, the fact that the proportion of exports by foreign-invested companies accounts for about 70% of the total exports implies the uncertainty of Vietnam's economy in the future. Attracting FDI investment can further reduce the competitiveness of domestic companies in Vietnam. Therefore, in order for Vietnam to maintain sustainable development in the future, it is necessary to reform the momentum of foreign-invested enterprises to the development of Vietnamese companies.