It is aimed in particular at policy-makers in developing countries and aims to provide them with certain economic knowledge and techniques that enable them to carry out their own economic assessment studies on existing or future free trade agreements, or to at least critically examine the results of impact studies carried out by other countries. This publication provides a selection menu of available methods to assess the impact of free trade agreements. Of all the free trade agreements (FTAs) that Korea has concluded with its major trading partners since the turn of the century, the Korea-China Free Trade Agreement could be the most important in terms of trade. However, it is far from the best in terms of the depth of liberalization and the scale of trade and investment policy commitments. Korea and China have agreed to liberalize much of bilateral trade in 20 years, but both sides have introduced important exceptions to fundamental customs reforms and have delayed for several years important negotiations on market access through services and investment. Political interests have exceeded economic objectives and the results of the negotiations have been too numerous to achieve such an overall outcome. The limited outcome of the Korea-China talks has two obvious implications for economic integration between The countries of Northeast Asia. First, the prospects for the ongoing talks between China and Japan and Korea will be limited and are unlikely to exceed the outcome between Korea and China. Second, Korea and Japan must strengthen their bilateral stage of the Northeast Asian trilaterals and the best way to negotiate an agreement under the Trans-Pacific Partnership.

Data: The data underlying the figures for this analysis are available here [xlsx]..