S. Korea to push for more free trade deals

SEOUL, Jan. 13 (Yonhap) -- South Korea will seek more free trade agreements as it
aims to raise the trade volume conducted with partner countries to 50 percent of
the nation's total trade, a high-ranking official said Wednesday.
The current portion of South Korea's trade with countries with which it has
signed free trade agreements stands at around 15 percent, according to Deputy
Trade Minister Lee Hye-min.
"When free trade accords with the United States and the European Union (EU) take
effect, the portion will rise to over 35 percent," Lee said.
South Korea and the EU initialed a free trade deal in October last year, and the
accord is expected to be officially signed before March. A similar deal with the
U.S. signed in 2007 still awaits parliamentary approval.
"South Korea will actively push to conclude free trade negotiations with Peru and
other countries before the end of the year," he said.
The official added that South Korea also wants to conclude a free trade deal with
a group of six oil-producing gulf states this year.
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.
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.
sam@yna.co.kr
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