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Recently, the Korean government seeks to expand trade with the countries of the Southeast Asian Nations in addition to the existing major export markets such as the United States and China. The direction of the government's new trade policy is expected to be further refined through the RCEP. This study examines the potential impact of changes in imported beef tariff rates due to the RCEP on the Korean beef cattle market and farm labor demand for Korean beef cattle using a dynamic partial equilibrium model. According to the scenario analysis, when the Australian and New Zealand beef tariff rates fell 100% over the 2021-2029 period, the agricultural production value and labor demand for Korean beef fell by up to 3.9% and 1.5%, respectively, compared to baseline which assumes current tariff schedule. This study further analyzed the impact of the overall abolition of the imported beef tariff rates including U.S. beef in addition to changes in the Australian and New Zealand beef tariff rates. Empirical results showed that agricultural output value and total labor demand decreased by up to 7.0% and 2.5%, respectively, compared to baseline as the overall tariff rates are abolished over the 2021-2029 period.
