ID :
39273
Wed, 01/07/2009 - 15:52
Auther :
Shortlink :
http://m.oananews.org//node/39273
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S. Korea strives to ink free trade deal with EU at early date: official
SEOUL, Jan. 7 (Yonhap) -- South Korea will seek to clinch a free trade deal with
the European Union (EU) at an early date as negotiations are in their last stage,
a trade official said Wednesday.
Since the signing of an FTA with the United States in 2007, South Korea has held
seven rounds of negotiations with the EU, the nation's second-largest trading
partner after China.
The negotiations have made little headway, however, 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.
"At a recent meeting between chief negotiators from both sides, progress has been
made," Ahn Ho-young, deputy trade minister, told reporters. "At a minister-level
meeting slated this month, more progress will be made."
In a 2009 policy report to President Lee Myung-bak, the trade ministry said it
will strive to seal a free trade agreement (FTA) with the 27-nation economic bloc
by the end of the first quarter with the aim of implementing it in 2010.
A date for the eighth round of talks has not yet been set, but trade ministers
from both sides are scheduled to meet next month to iron out differences.
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.
The trade ministry also said it will begin free trade negotiations with
Australia, Peru, New Zealand, Turkey and Columbia next year 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.
sam@yna.co.kr
(END)
the European Union (EU) at an early date as negotiations are in their last stage,
a trade official said Wednesday.
Since the signing of an FTA with the United States in 2007, South Korea has held
seven rounds of negotiations with the EU, the nation's second-largest trading
partner after China.
The negotiations have made little headway, however, 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.
"At a recent meeting between chief negotiators from both sides, progress has been
made," Ahn Ho-young, deputy trade minister, told reporters. "At a minister-level
meeting slated this month, more progress will be made."
In a 2009 policy report to President Lee Myung-bak, the trade ministry said it
will strive to seal a free trade agreement (FTA) with the 27-nation economic bloc
by the end of the first quarter with the aim of implementing it in 2010.
A date for the eighth round of talks has not yet been set, but trade ministers
from both sides are scheduled to meet next month to iron out differences.
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.
The trade ministry also said it will begin free trade negotiations with
Australia, Peru, New Zealand, Turkey and Columbia next year 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.
sam@yna.co.kr
(END)
