FTA doubles trade between S. Korea, Singapore

SEOUL, March 1 (Yonhap) -- Trade between South Korea and Singpore almost doubled
in 2008, three years after the two countries signed a free trade agreement (FTA),
government officials said Sunday.
Bilateral trade came to US$24.7 billion last year, compared with $12.7 billion in
2005 when the agreement was reached, according to the Ministry of Planning and
Economy. The FTA came into effect in March 2006.
During the period, South Korea's trade surplus with the city state rose to $7.9
billion from $2.1 billion, the ministry said.
South Korean investment in Singapore surged to $902 million last year from $134
million in 2005, with Singaporean investment here jumping to $916 million from
$389 million, it said.
South Korea currently has free trade agreements with Chile, Singapore, and the
European Free Trade Association. A free trade deal with the United States is
awaiting parliamentary ratification. Seoul is also seeking similar trade deals
with the European Union, Canada, India and Mexico.
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