APEC EVSL was scheduled to implement 9 sectors including fish and fish products since 1999. However, as APEC failed to reach the agreement for EVSL, this project will be continuously discussed at WTO. While the EVSL is supposed to have positive effects on the national economy, it may have significant negative effects on producer`s profit. That is, it may cause a sharp drop in the producers` surplus in the fishery industry. If the negative effects continue for a long time, it causes the sharp drop in the number of fishermen and finally it leads to the contraction of the fishery industry.

Therefore, this paper attempts to analyze both effects (positive and negative), and suggests that some commodities be excluded from EVSL, which was adopted as a formal policy direction by the Korean government. Furthermore, this paper also suggests some policy directions to minimize negative effects based on the results of this study. These are, for example, the establishment of negotiation strategies for future agreement, import management and export promotion strategies for fish products, the mechanization and modernization of fishing gear, the buy back of fishery licenses, etc.