Division of International and Area Studies, Pukyong National University / Laboratory of Food and Agricultural Policies, Department of Agricultural and Resource Economics, Faculty of Agriculture, Kyushu University
Laboratory of Food and Agricultural Policies, Department of Agricultural and Resource Economics, Faculty of Agriculture, Kyushu University : Professor
九州大学大学院農学研究院 : 教授
This study aims at conducting a quantitative assessment of the potential economic effects of a Japan–Korea free trade agreement (FTA) on agriculture in both countries at the macroeconomic and microeconomic levels using a multi–region and multi–sector computable general equilibrium model. The GTAP model and GTAP database version 9 released in May 2015 are used for this study. There are three scenarios assumed for the Japan–Korea FTA: a 50% cut of tariffs on all imports between Japan and Korea, a 75% cut of tariffs and a 100% cut of tariffs. In addition, it is assumed that for each of the three scenarios total factor productivity (TFP) of Japan and Korea increases by 0.15%, as trade openness defined as a ratio of a sum of exports and imports to GDP rises by 1% as a result of the FTA and that labor supply increases by 0.8%, as real wage rises by 1%. Japan and Korea are predicted to get additional gains in terms of real GDP, welfare, exports and imports from the FTA. A higher degree of trade liberalization between Japan and Korea leads to bigger macroeconomic effects for both of them. However, its impact on their production and value–added by sector varies.
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