Korea seeks free trade with Russia, Mercosur
Yonhap | December 10, 2008
Nation seeks free trade with Russia, Mercosur
Korea wants to offset the expected slowdown in growth next year by expanding free trade pacts with Russia and South America’s Mercosur members, a government official said yesterday.
In a meeting with local umbrella business groups and think tanks, Kwon Tae-kyun, head of the trade office at the Ministry of Knowledge Economy, said Seoul plans to lay the groundwork to launch earnest free trade agreement talks with these countries in 2009. With its rapidly expanding economy, Russia has become an important buyer of locally made goods, while Mercosur’s Argentina, Brazil, Paraguay and Uruguay could help Korea diversify its export market and become important sources of natural resources, he said.
The official added that Seoul wants to expand ongoing talks with Australia, New Zealand and Peru to push for a liberal trading regime with these countries. Korea has engaged in initial talks with the two Oceanian countries while agreeing to hold formal talks with Lima in the new year.
Kwon also said every effort will be made to conclude FTA negotiations with the European Union and fully implement the comprehensive economic partnership agreement with India before June.
Korea is a relatively late starter in the FTA race, with its first pact with Chile going into effect in April 2004. It has since signed deals with Singapore, the European Free Trade Association, the Association of Southeast Asian Nations and the United States.
Business umbrella groups like the Korea Chamber of Commerce and Industry and the Korea International Trade Association, meanwhile, called on the government to reflect local interests when agreeing to the EU FTA so actual changes can be made to bolster exports of cars, machinery, consumer electronics and nonferrous metals.
