FTA with S. Africa expected to boost exports: think tank
Yonhap 06/12/18
FTA with S. Africa expected to boost exports: think tank
SEOUL, Dec. 18 (Yonhap) — South Korea could see its exports to South Africa soar over 30 percent if it signs a free trade agreement (FTA) with the country, a state-run think tank said Monday.
An FTA with South Africa could see exports jump 35.7 percent annually with imports likely to rise 11.9 percent, the Korea Institute for International Economic Policy (KIEP) predicted, adding that the African nation has significant growth potential and a business-friendly environment.
South Korean exports to it currently stand at around US$1.3 billion a year, with imports worth around $1.1 billion.
"South Korea has adopted a policy of forging strategic partnerships with Algeria, Egypt, Nigeria, Angola and South Africa on the African continent," Park Young-ho, a research fellow at the KIEP, said.
He said that, in economic terms, closer ties with South Africa may have a greater impact than other countries under consideration.
Park also said the European Union has already signed an FTA with the country, and the United States is in the process of doing so.
South Korea has ratified an FTA with Chile and Singapore and is trying to sign another pact with the United States that would remove barriers on trade.
