Korea sees progress in FTA talks with EFTA
Korea Herald
Korea sees progress in FTA talks with EFTA
By Kim Ji-hyun
6 June 2005
Korea made progress in talks for inking a free trade agreement with the four countries of the European Free Trade Association, the government said yesterday.
The Ministry of Foreign Affairs and Trade said that during the third round of negotiations with Switzerland, Norway, Iceland and Liechtenstein last week, the two sides ironed out many of their differences, especially in the area of service and non-agricultural goods.
"We were able to complete a first draft for an agreement," said one official of the Foreign Ministry who declined to be named.
He said that the two sides agreed to eliminate tariffs on industrial goods and fisheries immediately after they ink a free trade agreement.
"But for some products, we requested a grace period or an outright exception," the ministry official added.
The reason that the two sides were able to reach such a quick consensus is due to widely differing areas of interests, the government explained.
The ministry assured local industries that Korea will reap only benefits from the accord, such as access to the vast European markets.
In services, the five countries agreed to liberalize to the level stipulated in the Doha Development Agenda, controversial multilateral trade and investment talks that are expected to be completed this year.
Following additional negotiations, the government expects to reach a consensus on a full agreement soon with the EFTA nations.
In television broadcasting, EFTA reacted positively to Korea’s proposals to create a broadcasting environment that allows the two sides to jointly produce programs.
"This may provide an opportunity for local programs to enter the European Union markets," the ministry said in a press release following the talks.
The EFTA also said it would slash tariffs on goods produced from North Korea’s Gaeseong, but to the level consistent with the World Trade Organization regulations.
The fourth round of talks with the association will be held in Seoul between July 4 and 7.
