Financial Services Regulations in Trade Agreements: A Comparative Analysis of Korea-EU, Korea-Canada FTA and CETA

Abstract

This thesis models the alterations between three free trade agreements in order to examine the recent development in negotiations concerning financial services. Along with the renegotiation of several FTAs including the Korea-US FTA, the emergence of new and more liberalized agreements such as the CETA has caught the attention of many scholars and policymakers alike. Furthermore, financial services trade has been increasing in amount, with global financial crises having contagious effects into other fields of the socioeconomic sphere.

The findings from this study provide appropriate analysis and policy recommendations to guide future trade negotiations among the three parties. Through comparative analysis, this thesis has found that due to growing concern over the inherent volatility of the financial sector, CETA provisions such as safeguard measures and dispute settlement have intensified their sophistication and clarification. Whereas other provisions such as new financial services have in fact become more liberalized. In addition, several new legislations such as the General Data Protection Regulation (GDPR) and the European Investment Court System (ICS) have been incorporated into CETA. The EU have announced its intention on implementing these developments into future negotiations, signaling the necessity for policy adjustments.