When the U.S. decided not to subsidize Korean electric vehicles, the Korean government is even considering filing a complaint, claiming that it is a violation of the Korea-US FTA.
However, the list of candidates for the panel chairperson who will serve as a referee in the dispute resolution court in the event of a KORUS FTA dispute has not been maintained for 8 years.
Since the initial promulgation in 2014, the FTA agreement requires that the candidate list be checked every three years, but the candidate list has been neglected.
In the meantime, one of the candidates we recommended died three years ago and it has been confirmed that he is still on our list of candidates.
In a situation where the possibility of a trade dispute is increasing, a loophole in Korea's trade policy has been exposed.
In a recent arbitration trial in the Lone Star case, the referee, a former Canadian Supreme Court judge, upheld Lone Star's hand, and some of Lone Star's arguments were cited with a 2 to 1 majority opinion.
At the same time, the Korean government asked Lone Star to pay 280 billion won.
This is an example of the importance of the panel chair as the referee in a normal dispute.
As nationalism intensifies in the global economy, the possibility of trade disputes is increasing, and whether the Korean government's ability to respond to disputes is as good as it is in the field of trade disputes where silent gunshots are ringing can be seen on SBS 8 News shortly.