On November 8th, 2016, Sebastien Miroudot, a senior trade policy analyst from OECD Trade and Agriculture of Trade in Services Division and also a visiting professor of Graduate School of International Studies, Seoul National University, gave a lecture to the students of the FTA Commerce and Strategy program under the topic, “Global Value Chains and Trade Policy.”Professor Miroudot explained the definition of Global Value Chains and how GVCs influence trade policy and trade negotiations. He also emphasized that in terms of GVCs, multilateral approach in trade policy is more preferred than the bilateral approach, since the trade agreements have to cover all partners in the value chain, and along with this, the final text of TPP contains some provisions related to GVCs. Lastly, he concluded that trade negotiations need to catch up with the reality of business, but also simply to resume the process of trade liberalization.
