Move Backwards

 

The number of trade protection measures has increased approximately seven-fold across the world since the global financial crisis six years ago. Tariff rates have rebounded, and trade remedies in the form of anti-dumping tariffs and countervailing duties are becoming more and more frequent to affect Korean exporting firms.

The Hyundai Research Institute released a report on the issue on April 5, explaining that the number of trade protection measures showed the highest increase in BRIC and the United States, while joint regulations are adopted by an increasing number of regional economic blocs. 

“According to data from the Global Trade Alert, the number of measures regarding trade restrictions rose from 633 to 5,847 between 2009 and 2014,” the institute continued, adding, “The number of those definitely doing damage or highly likely to do damage to partners, which correspond to the yellow and red measures defined by the GTA, soared about seven-fold to 4,521 during the same period.” The GTA is a private organization against trade protectionism.

According to the report, one-fourth of the trade protection measures introduced during the period targeted Korea and Korea faced 85 anti-dumping lawsuits, second only to China, between 2009 and 2014.

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