The Export Control Reform Act of 2018(ECRA) is a law enacted to wage a war for hegemony in cutting-edge technology in the era of the 4th Industrial Revolution that emerged after the COVID-19 pandemic. The ECRA stipulates not only national security but...
The Export Control Reform Act of 2018(ECRA) is a law enacted to wage a war for hegemony in cutting-edge technology in the era of the 4th Industrial Revolution that emerged after the COVID-19 pandemic. The ECRA stipulates not only national security but also foreign policy as the purpose of the export control system. The United States' export control system is not limited to the general goal of non-proliferation of weapons of mass destruction. It encompasses a wide range of national security and foreign policy issues, including maintaining the qualitative advantage of U.S. military power, strengthening the foundation of the defense industry, protecting human rights and promoting democracy, controlling emerging and basic technologies, and regulating foreign direct investment. The ECRA stipulates that the impact on the U.S. economy be considered when using export controls. This provides a basis for not implementing export controls on items that have a negative impact on the international competitiveness of the domestic industry.
In this study, opinions on the revision of the Foreign Trade Act were presented based on the characteristics and implications derived from the Export Control Reform Act. A complete revision of the Foreign Trade Act is desirable, but at a minimum, revision of the legislative purpose, implementation of export control after considering the impact on the Korean economy, revision of laws related to export control of advanced technology, and expansion of jurisdiction to respond to unjustified trade restrictions should be introduced. It is time to enact the Foreign Trade act that contribute to expanding the industrial competitiveness of our companies.