S. Korea hopes to seal free trade deals with Peru, GCC this year: minister

SEOUL, Jan. 4 (Yonhap) -- South Korea wants to conclude free trade deals with a
group of six oil-producing gulf states and Peru within this year, Seoul's trade
minister said Monday.

South Korea and the six nations, including Saudi Arabia, have held three rounds
of free trade negotiations so far. The six nations are the members of the Gulf
Cooperation Council (GCC), comprising Saudi Arabia, the United Arab Emirates,
Bahrain, Qatar, Oman and Kuwait.
"Both sides have sought to conclude the deal during last year.... but we will be
able to reach agreements on key issues within this year," South Korean Trade
Minister Kim Jong-hoon told the Yonhap News Agency.
The GCC was established in 1981, and its member states hold around 40 percent of
the world's oil reserves. The GCC was South Korea's second-largest trading
partner after China in 2008, with two-way trade reaching $101 billion.
Kim also said the country will be able to conclude a similar trade deal with Peru
within this year. South Korea also has held four rounds of free trade
negotiations with Peru.
"Given the pace of negotiations, Peru may be this year's first country that South
Korea seals a free trade deal with," Kim said. "Agricultural issues are not so
sensitive compared to other negotiations, and leaders of the two nations are much
interested in the bilateral free trade agreement," he said.
Bilateral trade reached US$1.62 billion in 2008, with South Korea's exports to
the South American country reaching $720 million, according to the ministry.
Currently, South Korea has free trade agreements with India, Chile, Singapore and
the European Free Trade Association, as well as a pact with the Association of
Southeast Asian Nations and India.
A free trade pact between Korea and the United States was signed in 2007 but
still awaits ratification in the legislatures of both countries.
In November last year, South Korea initialed a similar trade pact with the
European Union (EU).
Kim reaffirmed that the free trade pact with the EU would take into effect in the
second half of the year after being officially signed in the first half of the
year.
sam@yna.co.kr
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