S. Korea aims to cope with economic slowdown through FTAs: official

SEOUL, Dec. 9 (Yonhap) -- South Korea aims to cope with the expected slowdown in growth next year by expanding free trade pacts with Russia and South America's Mercosur members, a government official said Tuesday.

In a meeting with local umbrella business groups and think tanks, Kwon Tae-kyun,
head of the trade office at the Ministry of Knowledge Economy, said Seoul plans
to lay the groundwork to launch earnest free trade agreement (FTA) talks with
these countries in 2009.
With its rapidly expanding economy, Russia has become an important buyer of
locally made goods, while Mercosur's Argentina, Brazil, Paraguay and Uruguay
could help South Korea diversify its export market and become important sources
of natural resources, he said.
The official added that Seoul wants to expand ongoing talks with Australia, New
Zealand and Peru to push for a liberal trading regime with these countries.
South Korea has engaged in initial talks with the two Oceanian countries while
agreeing to hold formal talks with Lima in the new year.
Kwon also said every effort will be made to conclude FTA negotiations with the
European Union (EU) and fully implement the comprehensive economic partnership
agreement (CEPA) with India before June.
South Korea is a relatively late starter in the FTA race, with its first pact
with Chile going into effect in April 2004. It has since signed deals with
Singapore, the European Free Trade Association, the Association of Southeast
Asian Nations and the United States. The bilateral deal with Washington is
pending ratification by lawmakers from both countries.
Business umbrella groups like the Korea Chamber of Commerce and Industry and the
Korea International Trade Association, meanwhile, called on the government to
reflect local interests when agreeing to the EU FTA so actual changes can be made
to bolster exports of cars, machinery, consumer electronics and nonferrous
metals.
yonngong@yna.co.kr
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