ID :
127357
Fri, 06/11/2010 - 17:14
Auther :

GCC decides not to levy antidumping duties on S. Korean steel products

SEOUL, June 11 (Yonhap) -- A group of six oil-producing gulf states, including
Saudi Arabia, has decided not to levy antidumping duties on imports of South
Korean steel products, the trade ministry said Friday.
Hyundai Steel Co. and other South Korean steelmakers export steel products worth
US$350 million annually to the Gulf Cooperation Council (GCC), which is comprised
of Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Oman and Kuwait.
The group and South Korea launched free trade talks in 2008. Their latest meeting
was the third round of free trade negotiations, which was held in July last year
in Seoul.
South Korea currently has free trade pacts with Chile, Singapore and the European
Free Trade Association (EFTA), comprised of Switzerland, Norway, Ireland and
Liechtenstein.
A free trade pact between Korea and the United States was signed in 2007 but
still awaits ratification in the legislatures of both countries.
South Korea also has a free trade agreement with the Association of Southeast
Asian Nations. The country is set to sign a similar deal with the European Union.
sam@yna.co.kr
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