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S. Korea to hold 4th round of talks on amending FTA with Chile

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Yonhap | 16 November 2020

S. Korea to hold 4th round of talks on amending FTA with Chile

SEOUL, Nov. 16 (Yonhap) — South Korea will hold the fourth round of negotiations with Chile this week on revising their bilateral free trade agreement (FTA) that went into effect in 2004, Seoul’s trade ministry said Monday.

The two-day videoconference talks, which are set to begin Tuesday, will focus on expanding the scope of free trade and updating terms of the 15-year-old FTA, according to the Ministry of Trade, Industry and Energy.

The two sides will also hold discussions on five categories — goods, intellectual property rights, trade promotion, anti-corruption and cooperation.

"South Korea will do its level best to further cement bilateral economic relations by holding close consultations on those five areas," said South Korea’s lead negotiator Lee Kyung-sik.

South Korea and Chile held the first round of discussions for revision in November 2018 in Seoul, with the last talks taking place in October last year.

Chile was South Korea’s first FTA partner, and the bilateral FTA has served as a springboard for South Korean firms seeking to tap the Central and South American markets.


 source: Yonhap