The objective of this research is to review and analyze the impact of multilateralism and regionalism of world trade for Korean Economy.
Since 1990, the special feature of international economy was disappearance of ideological conflict continued during 45 years from the end of World War Ⅱ between U.S. & Soviet blocs.
The role of U.S. as a unique super-power in the world gave us many changes in world politics and economic situation.
It is not too much to say that GATT(General Agreement on Tariffs and Trade), since 1948, the year of establishment, played a major role with the purpose of doing liberalization of world trade notwithstanding several weak points. GATT became WTO in 1995 which is considered more powerful and strong to resolve trade conflict between nations.
GATT/WTO system based on multilateralism has been influenced severely by the appearance of neo-mercantilism and bilateral negotiations.
In other words. the international economic order is characterized, in these days, by two trends: multilateralism by GATT/WTO and bilateralism based on economic integration and Free Trade Agreement(FTA).
The liberalization of world trade is inevitable including agricultural products. For Korea, there is nothing for it but to rely on acceleration of readjustment in respect of agriculture, industry and services to prepare advantageous position concerning multilateralism & regionalism of world trade.