special tax in order to complete the project by 1998, three years earlier planne
ID: 1203574 • Letter: S
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special tax in order to complete the project by 1998, three years earlier planned. than originally 2.1.5 Period of trade liberalization (1995-present) With the start of the WTO in 1995, all agricultural products except rice were liberalized, and thus non-neutral agricultural policies became unviable. Rice price supporting programmes and other government subsidies were gradually abolished. Rice was the only commodity sil acing non-tariff brriers. For Korea, trade liberalization of rice was postponed until the end of 2004, however, the minimum market access (MMA) requirement of the agreement forced Korea to maintain a minimum level of imports for those te n years. Rice trade liberalization was postponed once again in 2004 through negotiations until 2014. The MMA level was increased and a small proportion of imported rice began to appear on the consumer market. Further liberalization is expected when the WTO/DDA negotiations conclude. Meanwhile, many countries strive to ratifty FTAs with relevant trading partners, resulting in agricultural trade liberalization. In 2004, Korea completed its first FTA: the Korea-Chile FTA. Since then Korea has entered into FTAs with Singapore, EFTA, ASEAN, EU and Peru. Now, the U.S.-Korea FTA is awaiting ratification by their respective legislative branches of government. Transformation of agriculture in the Korean economy During the 1950s and 1960s, the vast majority of Koreans lived in rural areas. As 2.2 industrialization began and the industrial structure changed during the 1970s, employment opportunities increased in urban areas that drove the excess rural population from rural areas to urban areas. Table 2.2 and igure 2.2 show that due to rapid industrialization, the rural population of 14.42 million in 1970 declined to 10.82 million by 1980, 6.66 million by 1990, 4.03 million by 2000 and 3.12 milion by 2009. By 2009, the rural population had dropped 78 per cent compared to 1970. Meanwhile, the total population in 2009 was 48.75 million, an increase of 51 per cent from 32.24 million in 1970.Explanation / Answer
It seens the table provided all are exhibiting the transition of Korea from being an agricultural economy to an urbanized one.
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