Lecture Summary

For any organization including a nation, in the negotiation process, we cannot get anywhere without trusting one another. Breaking a deal is easy compare to making a deal. Often he is asked, “What is the secret to a successful negotiation. His answer is communicating diligently until trust is developed. He does not want to be known as either a push over or a gladiator. He likes to be perceived as a good person to work with. The art of negotiation is creating value by working together. In the international society, a reputation for consistency and credibility that commensurate with our economic status is critical. In negotiation, pursuing efficiency is important but at the same time ensuring a democratic process is essential. As 80% of high school graduates are entering college, the present economic growth cannot provide enough jobs for those with college degrees. Even ones who get jobs are not always satisfied. This is not a new phenomenon. Recently, the rage among young people is more apparent and outspoken due to the development of SNS(Social Network Service). It is not easy to find quick solutions. Leaders in the world should work together and communicate with one another to develop options. We have grown economically through exports by moving into other countries. It is not plausible for us to insist on protecting our domestic markets. International efforts like GATT, WTO, etc are directed toward lower trade barriers, which ultimately result in freer flow of goods and increased wealth. The recent trend in the international trade meetings is not just focused on freer markets but on sharing equitably the fruit of international trade. In a similar analogy, sharing wealth equitably and reducing income disparity are as important as growing our economy. The trade between Korea and China is important as China is our biggest trade partner and even more important from the standpoint of the security and peace on the Korean peninsula. The best way to reduce a negative impact on the agricultural industry is finding ways to make our agricultural industry competitive by improving food quality, reliability, etc. We adopted the ISD(Investor-State Dispute settlement) provision in1976 and have included the ISD in trade protection agreements with 81 countries including China. In the world, among 147 countries who joined the ISD pact there are only two countries which excluded themselves from the ISD. They are Bolivia and Ecuador. There are rumors that Koreans will suffer from expensive medical bills and high public utility charges as Bolivia faced after the FTA with the United States. However, both rumors are false. There are answers in detail to recent criticisms against ISD with respect to various areas in the booklet published by the Ministry of Foreign Affairs and Trade. There is no way we can insist on getting our way on everything.