ID :
42009
Wed, 01/21/2009 - 22:56
Auther :
Shortlink :
https://www.oananews.org//node/42009
The shortlink copeid
S. Korea, EU exchange initial offers on tariff cuts: official
SEOUL, Jan. 21 (Yonhap) -- South Korea and the European Union (EU) have exchanged initial offers on tariff reductions at the latest round of high-level talks that could help seal the ongoing free trade negotiations, an official said Wednesday.
South Korean Deputy Trade Minister Lee Hye-min said at a news conference that
both sides have effectively reduced the gap on issues related to cutting tariffs
at the trade ministers' meeting held in Seoul earlier in the week.
He said with an understanding reached on principles, negotiators are working on
individual rates for products, as well as exchanging views on certain outstanding
issues.
At present, the two sides are still at odds over the extent and timing of tariff
cuts on certain sensitive products, a customs refund system, country of origin
rules and auto-related technical standards.
Lee said that while there are some who claim Washington may ask for
renegotiations if the South Korea-EU FTA allows more market access in the service
sector than the FTA signed with the United States in 2007, such concerns are
unfounded.
"Under the pact with the United States, other FTAs that go into effect before the
bilateral deal is ratified by respective lawmakers will be exempt from having
influence on that agreement," the official said.
He said if the South Korean-EU FTA is signed and ratified before the deal with
the United States, the latter may not ask for most-favored nation status on this
issue.
The deputy minister, meanwhile, said the eighth meeting that is planned for early
March in Seoul will be the last round of negotiations, adding that both sides
will carefully review all concession-related options that can be made to reach an
agreement.
South Korea and the 27-nation-strong EU have held seven rounds of talks so far
that could help Seoul gain advantageous footing in its second-largest export
market after China.
Bilateral trade came to US$93.07 billion in 2007, and some unofficial studies
suggest an FTA could 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.
Seoul is also seeking similar trade deals with Canada, India and Mexico.
yonngong@yna.co.kr
(END)
South Korean Deputy Trade Minister Lee Hye-min said at a news conference that
both sides have effectively reduced the gap on issues related to cutting tariffs
at the trade ministers' meeting held in Seoul earlier in the week.
He said with an understanding reached on principles, negotiators are working on
individual rates for products, as well as exchanging views on certain outstanding
issues.
At present, the two sides are still at odds over the extent and timing of tariff
cuts on certain sensitive products, a customs refund system, country of origin
rules and auto-related technical standards.
Lee said that while there are some who claim Washington may ask for
renegotiations if the South Korea-EU FTA allows more market access in the service
sector than the FTA signed with the United States in 2007, such concerns are
unfounded.
"Under the pact with the United States, other FTAs that go into effect before the
bilateral deal is ratified by respective lawmakers will be exempt from having
influence on that agreement," the official said.
He said if the South Korean-EU FTA is signed and ratified before the deal with
the United States, the latter may not ask for most-favored nation status on this
issue.
The deputy minister, meanwhile, said the eighth meeting that is planned for early
March in Seoul will be the last round of negotiations, adding that both sides
will carefully review all concession-related options that can be made to reach an
agreement.
South Korea and the 27-nation-strong EU have held seven rounds of talks so far
that could help Seoul gain advantageous footing in its second-largest export
market after China.
Bilateral trade came to US$93.07 billion in 2007, and some unofficial studies
suggest an FTA could 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.
Seoul is also seeking similar trade deals with Canada, India and Mexico.
yonngong@yna.co.kr
(END)
