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[Title Page]

Contents

Session 1. Changes in the Global Economic Environment and Challenges to the World Trade Organization 5

Presentation 1. The Impact of the Post Crisis Economic Environment on Trade Policies and the WTO / Jeffrey R. Shafer 6

The Old Macroeconomics 7

The New Macroeconomic Reality 9

Implications for Trade and Trade Policy 12

What Can Be Done on the Global Macroeconomic Front to Improve the Environment for Trade? 15

What Role for Korea? 16

Discussion: Comments on "The Impact of the Post Crisis Economic Environment and Challenges to the World Trade Organization" / Oh-Seok Hyun 17

Discussion: The Global Economic and Trade Policy Environment / Ken Ash 20

Presentation 2. The Doha Dilemma: Implications for Korea and the Multilateral Trading System / Jeffrey Schott 28

The Doha Dilemma 29

Current Status of the Doha Round 29

Going Forward: Prospects for WHO Talks in 2012/2013 33

References 35

Discussion: Comments on "The Doha Dilemma: Implications for Korea and the Multilateral Trading System" / Richard Baldwin 36

Session 2. New Opportunities and Strategies in International Trade 40

Presentation 2. Relocating the Value Chain: Industrial and Trade Policy in the 21st Century / Richard Baldwin 41

Discussion: Comments on "Relocating the Value Chain: Industrial and Trade Policy in the 21st Century" / Keun Lee 57

Presentation 3. The Potential of la for Enabling International Trade / Tawfik Jelassi 60

How can recent developments in information & communication technologies(ICT) impact international trade? 61

New technologies, networks and applications create new windows of opportunities 64

Discussion: The Potential of ICT for Enabling International Trade / Jee Hyun Kim 72

Session 3. New Vision for Korea's Trade in the One-Trillion-Dollar Trade Era 74

Presentation: Korea's Strategy in the One-Trillion-Dollar Trade Era / Byungki Ha 75

I. Advent of One-Trillion-Dollar Trade 77

II. Trade Structure and Patterns 81

III. Challenges for Future Development 86

IV. Vision and Strategies for Korea's Trade Evolution 87

Discussion: Reinforcing Korea's Trade Negotiating Strategy / Jeffrey Schott 93

Overview 94

Korea's Multilateral Trade Strategy 95

Korea's FTA Strategy 95

Korean Participation in the TPP 97

Discussion: Korea's Future Strategy for the One-Trillion-Dollar Trade Era / Taeho Bark 98

Korea's Regional Trade Relations 100

Imports of Consumer Goods 104

Korea's Role for the Multilateral Trading System 105

[Back cover] 107