Starting February, a multilateral trade pact the Regional Comprehensive Economic Partnership, or RCEP will take effect here in South Korea.
The deal is joined by 10 ASEAN countries as well as South Korea, China, Japan, Australia and New Zealand.
For more, we have Professor Shin Sang-hyup from Kyung Hee University in the studio.
Professor Shin, thanks for coming on.
The RCEP is the world's largest multilateral FTA.
Could you tell us more on what RCEP is and its size?
What impact will this mega FTA have on South Korea's trade and economy?
The U.S. is not part of RCEP but is seeking instead to bolster its Indo-Pacific Economic Framework.
And some are saying leadership in RCEP is falling to China.
Considering the U.S.-China tensions on trade, are there any potential concerns?
On Tuesday, the Korean government reviewed its policies on trade remedies ahead of the RCEP taking effect.
Those include measures on anti-dumping, countervailing duties and safeguards.
What should the country do to prepare ahead of the new pact?
Professor Shin Sang-hyup from Kyung Hee University. Thank you for your insights.