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In order to denuclearize the Korean Peninsula and normalize economic relations between the two Koreas, it is argued that China and Hong Kong should conclude an "Economic Cooperation Pact" (CEPA) between the two Koreas.
SEOUL, Feb. 16 (Yonhap) – Lim Soo-ho, Senior Researcher at the Institute for Research on National Security Strategy, delivered a speech at the Korea-Japan Economic Partnership Standardization Forum.
He stressed that if the North acts as a normal nation in the international community, it is possible that the international community will oppose preferential measures that are currently applied only to North Korea.
The free trade agreement (FTA) between the South and the North is likely to undermine the WTO, the most-favored-nation treaty agreements and grant agreements of the United States. General Agreement on Tariffs and Trade (GATT), He stressed that it is the most stable and universal way of exempting WTO and GATT obligations.
He said: "In order to solve this problem, CEPA, a kind of FTA, can lead to natural reform and openness if we negotiate directly with the North Korean market,
CEPA is an agreement between two FTAs when there are two customs zones in a country. Given the level of economic development of North Korea and the industrial divide between South Korea and North Korea, it is desirable to gradually increase the level of integration in order to conclude an FTA of ten years after the establishment of a low-level interim FTA.
In the case of China and Hong Kong, CEPA was concluded in the process of economic integration in 2003. After the overall conclusion of all sectors, the degree of integration is gradually thorough.
The CEPA between China and Hong Kong comprises three sectors: trade in goods and trade in services, and trade and investment In June 2003, CEPA signed a complementary agreement with CEPA,.
It is estimated that Hong Kong has stimulated the economy and that China has successfully integrated the Chinese economy into economic integration with Hong Kong.
According to CEPA, China and Hong Kong have abolished all tariffs on their products since 2006, and the service has moved from open items to negative items (only listed as unopened items) as of 2015.
In addition, the government has decided to establish a cooperation plan for customs clearance, inspection, quarantine, quality control and electronic commerce with the convenience of trade and investment and decided to reach a mutual agreement without resorting to the WTO.
"The CEPA of the two Koreas should be designed on the basis of the inter-Korean economic cooperation agreement, but in a direction that will lead to substantial reform and opening up of the North," he said. he declares.
Another speaker, Lee Law-Lawyer, Pacific Lawyer, presented the risks and management plans currently facing South Korean companies in the area of inter-Korean economic cooperation.
This lawyer pointed out the problems such as the application of a tripartite legal system such as domestic law, North Korean law and inter-Korean agreement, the failure of the & # # # # # # #,,,,,,,,,,,,,,,,,,, 39; institution of dispute settlement and dispute settlement, excessive demand for prepayment,.
At the same time, we presented 10 checkpoints on North Korean investment risk management to manage these risk factors.
This means that if a broker is unavoidable, a reputable broker will be selected.When a contract is signed with North Korea, the risk will be minimized.In case of large-scale investment, laws and regulations North Korean infrastructure must be implemented to develop a business plan. .
The lawyer said: "The two Koreas, which are completely different from each other, should overcome the fact that the agreements linking different systems are not implemented, and they should build a system that s'. applies uniformly to both Koreas. "
Kwon Tae-sin, vice president of the Federation of Korean Trade Unions, said: "Although companies are reviewing projects that can be completed immediately after the complete denuclearization of the Korean peninsula and international sanctions, the implementation of projects realities is hampered by the resumption of economic exchanges.
As the economic sanctions of the United States and the United Nations are closely linked, it is impossible for individual businesses to participate in full-fledged trade and investment with sanctions, Kwon said, adding that it was necessary to look for institutional solutions rather than a piecemeal approach.
◇ 10 checkpoints on investment risk management
┌────────────────── If- If you are forced to use a broker at the beginning of your business, choose a reliable broker After- After contact with North Korean trading partner, negotiations lead │- Before the decision to promote business, commercial feasibility, feasibility and the possibility of government approval │ Consultation with the Moon │- Minimize risk by writing in detail when signing a contract with North Korea │ In- In case of large scale investment, it is necessary to establish the necessary laws and infrastructure for North Korea │ Establishment│ Considering the involvement of our government in the project │ │- Planning the situation such as business interruption │ Consider- consider a joint venture with foreign companies if possible Obtain expert advice on whether or not they are subject to sanctions against North Korea If- If government cooperation and support are needed, Face | └───────────────────────────────────────────────── ────────────────────────────────────────────────── ───────────── [email protected] (Seoul-Yonhap News)
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