Harmonization of Economic and Trade Regulations of Korea and Japan through the Free Trade Agreement Recently, the Republic of Korea(“Korea”) and Japan started to recognize the Free Trade Agreements(“FTAs”) as the tool for complementing the World Trade Organization and promoting regional economic cooperation. The Agreement between Japan and the Republic of Singapore for a New-Age Economic Partnership came into force on November 30, 2003. The Free Trade Agreement between Korea and Chile came into force on April 1, 2004. The main purpose of FTAs is to increase trade and commerce between the parties to the agreement. The primary ways to achieve this purpose are through elimination of trade barriers and harmonization of trade rules. Harmonization is the process of making different regulatory requirements identical, equal, or at least more similar. The primary purposes of harmonization are economic integration and the reduction of trade barriers. Harmonization of trade rules and procedures may increase market accessibility, reduce costs, bring productivity improvements through specialization on the basis of comparative advantages. This paper examined the methods of harmonizing economic and trade regulations of Korea and Japan through the Free Trade Agreement. Section II introduced the functions and methods of harmonization. Section III analyzed economic and trade regulations of Korea and Japan, focusing on rules of origin, anti-dumping duties rules, countervailing duties rules, sanitary and phytosanitary rules, and competition policy/rules. Section IV reviewed and proposed effective methods of harmonization, focusing on the above five rules. Harmonization of economic and trade regulations of Korea and Japan should be sufficiently achieved to expand trade and investment, develop regional economy and the rule of law by facilitating fair trade through fair competition.

Harmonization of Economic and Trade Regulations of Korea and Japan through the Free Trade Agreement Recently, the Republic of Korea(“Korea”) and Japan started to recognize the Free Trade Agreements(“FTAs”) as the tool for complementing the World Trade Organization and promoting regional economic cooperation. The Agreement between Japan and the Republic of Singapore for a New-Age Economic Partnership came into force on November 30, 2003. The Free Trade Agreement between Korea and Chile came into force on April 1, 2004. The main purpose of FTAs is to increase trade and commerce between the parties to the agreement. The primary ways to achieve this purpose are through elimination of trade barriers and harmonization of trade rules. Harmonization is the process of making different regulatory requirements identical, equal, or at least more similar. The primary purposes of harmonization are economic integration and the reduction of trade barriers. Harmonization of trade rules and procedures may increase market accessibility, reduce costs, bring productivity improvements through specialization on the basis of comparative advantages. This paper examined the methods of harmonizing economic and trade regulations of Korea and Japan through the Free Trade Agreement. Section II introduced the functions and methods of harmonization. Section III analyzed economic and trade regulations of Korea and Japan, focusing on rules of origin, anti-dumping duties rules, countervailing duties rules, sanitary and phytosanitary rules, and competition policy/rules. Section IV reviewed and proposed effective methods of harmonization, focusing on the above five rules. Harmonization of economic and trade regulations of Korea and Japan should be sufficiently achieved to expand trade and investment, develop regional economy and the rule of law by facilitating fair trade through fair competition.

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FTA, harmonization, equivalence, rules of origin, anti-dumping duties, countervailing duties, sanitary and phytosanitary rules, competition policy.