S. Korea, Japan to hold working-level talks on free trade pact
Yonhap News | 30 June 2009
S. Korea, Japan to hold working-level talks on free trade pact
SEOUL, June 30 (Yonhap) — South Korea and Japan will hold a working-level meeting this week to look into ways to resume stalled negotiations for a bilateral free trade agreement (FTA), Seoul’s trade ministry said Tuesday.
The meeting in Tokyo on Wednesday is a follow-up measure after South Korean President Lee Myung-bak and Japanese Prime Minister Taro Aso called for the early conclusion of a free trade deal during their summit over the weekend.
The negotiations that started in December 2003 have been blocked by Japan’s objection to liberalizing its agriculture market and South Korea’s reluctance to further open its automobile market.
The two sides held six rounds of talks up until November 2004, but the negotiations have remained stalled for over four years as South Korean negotiators believe Japan is unwilling to open its agriculture and fisheries sectors wider.
There is also strong concern in South Korea that such a deal would expand its trade deficit with the neighboring country.
In June and December last year, the two countries held working-level talks on a possible resumption of the negotiations, but Japan remained reluctant to further open its agriculture market.
Currently, South Korea is seeking parliamentary approval for an FTA with the U.S., and is in negotiations with the European Union for a similar deal.
Asia’s fourth-largest economy also has free trade agreements with Chile, Singapore and the European Free Trade Association, as well as a partial pact with the Association of Southeast Asian Nations. Seoul is also seeking trade deals with Canada, India and Mexico.
