Korea to Sign FTA With EU Next Year
Korea has paved the way to emerge as a global free trade agreement (FTA) hub by establishing close trade and investment relations with the European Union (EU).
The trade deal is expected to provide a significant boost to Asia's fourth-largest economy to jumpstart its growth momentum and upgrade its international status, the Ministry of Strategy and Finance said Thursday.
On Thursday, Trade Minister Kim Jong-hoon and his EU counterpart Catherine Ashton initialed the bilateral FTA in Belgium. They plan to officially sign the trade pact within the first half of 2010 after completing the translation of the text into 23 languages spoken within the 27-member European trade bloc. The two sides concluded negotiations in July.
The EU is Korea's second-largest trading partner after China and its largest foreign investor. Korea is the European Union's eighth-largest trade partner, with bilateral trade reaching $98.4 billion in 2008. The pact will give Korea priority access to the world's largest economic zone, while the EU will gain a strong foothold in the rapidly growing Asian region.
By Lee Hyo-sik (Staff Reporter)
# The Korea Times [OCTOBER 16 2009]
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