The post-Cold War global trade regime underwent a dramatic progress with the launch of the World Trade Organization (WTO) in 1995. It was an achievement reached after almost a half-century effort for multilateralism in international trade. In reality, however, the multilateralism that WTO represents had to go still along with regionalism despite the general expectation that this will wane away soon. It was understood that regionalism had been active largely because the multilateral scheme was not in full strength. Yet it was finally revealed that regionalist approaches die hard even in the era of multilateralist institutionalization. Korea must be an interesting case in that one-time staunch believer in multilateralism turned into an active pursuer of both bilateralism and regionalism. The United States also belongs to this category of converters. US turned to regionalist approach with a free trade agreement (FTA) with Israel and Canada in the 1980s, and then with Mexico in the early 1990s because it attempted to accelerate multilateral negotiations, Uruguay Round (UR) of the General Agreement on Tariff and Trade (GATT). But Korea joined this category not for the sake of such multi-regional interplay, but for the fear of losing its shares in world markets by regionalist discrimination. Korea negotiated its first FTA with Chile , and has maintained the momentum of FTA negotiations by concluding FTAs with more trade partners. While Korea has been negotiating FTAs with major economic powers including Japan , United States , and European Union , China as a huge market will be the next frontier for Korea 's FTA policy while it seems to be an even more difficult challenge. The purpose of this paper is to explore Korea 's FTA experiences with Chile for the first three years, and implications for a Korea-China FTA. Particularly this paper will attempt to show what Korea-Chile FTA has brought to Korea 's foreign economic policymakers, who once looked timid toward opening its doors. In doing this, this paper will first focus on the significance of Korea-Chile FTA, examine its general performance, and then analyze several major issues of Korea-Chile FTA at three years of age, and finally explore its implications for a Korea-China FTA.