Under the Epidemic Situation: The Study of Bilateral Trade Zone and Agreement Between China and Korea

Abstract

In 2019, Coronavirus outbroke, and many countries in the world were impacted by COVID-19. The COVID-19 epidemic has clouded the global economic outlook. In the current dynamic situation of the world, businesses have need to integrated internationally. Chinese and Korean government has progressively upgraded the free trade zones (FTZ) to attract greater foreign investment and tourism development. In this article, we discuss the important factors for tariff concessions in the China and Korea free trade agreement (FTA). Further, according to Korean Tourism Development Bureau (KTDB), in perspective of tourism China and Korea are more prominent in the Universal Economy. Chinese and Korean tourists are rapidly integrated in the world. Consequences created by Free Trade Zone, it is suggested that both countries should consider strategies to combat negative factors by diversifying the range of products and services and both countries can also use tourism-related professionals in areas that support FTZ's economic development.