Does Korea benefit from FTA with EU?

First published in The Korea Herald.  July 1 marked the fourth anniversary of the EU-Korea free trade agreement, which entered into force in 2011. It was touted as the first of a new generation of FTAs, going further than any previous agreements in lifting trade barriers. Being also the EU’s first trade deal with an Asian country, Korea was expected to benefit immensely.The agreement eliminated duties for industrial and agricultural goods in a progressive, step-by-step approach. The majority of import duties were removed already when the FTA entered into force. On July 1, 2016, import duties will be eliminated on all products...

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Pros and cons of Korea’s minimum wage law

First published in The Korea Herald. The minimum wage in Korea has been set at 6,030 won ($5.30) for next year after weeks of debate, although the labor unions boycotted the government-led talks on the final day. Labor union representatives walked out of a meeting of the Minimum Wage Council ― a trilateral committee of employers, employees and labor market experts to set the minimum wage through discussion ― on Wednesday. They were upset with the suggestion that there should be a cap on the increase in the minimum wage. However, the council went ahead and finalized an increase on the following day. The Minimum Wage Act stipulates that at least one-third of all representatives on the council can decide on the rate if any party refuses to attend the negotiations more than...

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