S. Korea, EU agree on early conclusion of free trade deal

SEOUL, Feb. 9 (Yonhap) -- South Korea and the European Union reaffirmed on Monday
their pledge to conclude free trade negotiations as early as possible, officials
here said.
During the 7th Korea-EU joint committee meeting held in Seoul earlier in the day,
officials from both sides agreed that the prompt conclusion of the free trade
agreement (FTA) will bring considerable economic benefits to both sides.
"Both sides agreed to maximize the positive effects of the Korea-EU FTA on their
economies and trade," an official said, asking not to be named.
The meeting was co-chaired by Ahn Ho-young, Seoul's deputy minister for trade,
and Karel Kovanda, the EU Commission's deputy director-general for external
relations.
Last month, Seoul and Brussels made "significant" progress in their negotiations
aimed at striking a deal during March in Seoul.
Since signing a free trade agreement (FTA) with the United States in 2007, South
Korea has held seven rounds of negotiations with the EU in a bid to gain greater
footing in the 27-nation economic bloc, South Korea's second-largest trading
partner after China.
Seoul wants to finalize a free trade accord with the EU within the first quarter
of the year, with hopes that the deal will implemented early next year.
Bilateral trade came to US$93.07 billion in 2007, with some unofficial studies
suggesting an FTA would boost that figure by as much as 40 percent in the long
run. The EU is 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 seeking similar trade deals with Canada, India and Mexico.
sam@yna.co.kr
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