ID :
35570
Sun, 12/14/2008 - 13:49
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Shortlink :
http://m.oananews.org//node/35570
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S. Korea, EU to hold high-level talks on free trade deal
SEOUL, Dec. 14 (Yonhap) -- Chief negotiators from South Korea and the European Union will hold a meeting in Vienna this week to resolve contentious issues such as auto trade and rules of origin in their free trade negotiations, officials said Sunday.
During the inter-session meeting that will run from Monday to Wednesday, South
Korean Deputy Trade Minister Lee Hye-min and his European counterpart Ignacio
Garcia Bercero will discuss how the two sides can strike a deal as soon as
possible, according to the officials.
Since signing a free trade agreement (FTA) with the United States last year,
South Korea has held seven rounds of negotiations with the EU in a bid to gain a
greater footing in the 27-nation economic bloc, South Korea's second-largest
trading partner after China.
During their seventh round of negotiations in May, the two sides reported
"significant" progress in their free trade negotiations, saying they had agreed
to reach a deal within the year.
A date for the eighth round of talks has not yet been set, but will be held
depending on the results of this week's negotiations, the officials said.
The negotiations have made little headway as both sides have been reluctant to
accept each other's demands on tariff reductions, rules of origin and auto trade
and auto-related technical standards.
The latter has been one of the most divisive issues between the two sides.
Brussels wants Seoul to cut regulations for European carmakers by applying
international standards instead of domestic rules.
Bilateral trade came to US$93.07 billion in 2007, and some unofficial studies
suggest an FTA would boost that figure by as much as 40 percent in the long run.
The EU is also the largest foreign investor in South Korea, with outstanding
investment reaching $43.40 billion at the end of 2007.
South Korea is seeking to sign FTAs with as many countries as possible in an
effort to strengthen its export-oriented economy. Currently, South Korea has FTAs
with Chile, Singapore and the European Free Trade Association, as well as a
partial pact with the Association of Southeast Asian Nations. The Korea-U.S.
agreement has been signed but still awaits approval by the legislatures of both
nations.
Seoul is also seeking similar trade deals with Canada, India and Mexico.
During the inter-session meeting that will run from Monday to Wednesday, South
Korean Deputy Trade Minister Lee Hye-min and his European counterpart Ignacio
Garcia Bercero will discuss how the two sides can strike a deal as soon as
possible, according to the officials.
Since signing a free trade agreement (FTA) with the United States last year,
South Korea has held seven rounds of negotiations with the EU in a bid to gain a
greater footing in the 27-nation economic bloc, South Korea's second-largest
trading partner after China.
During their seventh round of negotiations in May, the two sides reported
"significant" progress in their free trade negotiations, saying they had agreed
to reach a deal within the year.
A date for the eighth round of talks has not yet been set, but will be held
depending on the results of this week's negotiations, the officials said.
The negotiations have made little headway as both sides have been reluctant to
accept each other's demands on tariff reductions, rules of origin and auto trade
and auto-related technical standards.
The latter has been one of the most divisive issues between the two sides.
Brussels wants Seoul to cut regulations for European carmakers by applying
international standards instead of domestic rules.
Bilateral trade came to US$93.07 billion in 2007, and some unofficial studies
suggest an FTA would boost that figure by as much as 40 percent in the long run.
The EU is also the largest foreign investor in South Korea, with outstanding
investment reaching $43.40 billion at the end of 2007.
South Korea is seeking to sign FTAs with as many countries as possible in an
effort to strengthen its export-oriented economy. Currently, South Korea has FTAs
with Chile, Singapore and the European Free Trade Association, as well as a
partial pact with the Association of Southeast Asian Nations. The Korea-U.S.
agreement has been signed but still awaits approval by the legislatures of both
nations.
Seoul is also seeking similar trade deals with Canada, India and Mexico.
