S. Korea to hold public hearing on trade deal with EU

SEOUL, Nov. 15 2006 (Yonhap) — South Korea said Wednesday it will hold a public hearing next week to discuss a possible free trade agreement the the European Union.

Earlier this year, South Korea and the EU began preliminary talks on signing a free trade pact, which could offer an opportunity for EU countries to expand trade with Asia’s fourth-largest economy.

The hearing, organized by the Ministry of Foreign Affairs and Trade, will be held on Nov. 24 in Seoul, the ministry said in a brief statement.

"After reviewing results of the hearing and a series of internal discussions, the government will make a decision on whether to begin free trade negotiations with the EU," the ministry said.

Last year, two-way trade between South Korea and the EU reached US$71 billion. The EU is the largest foreign investor in South Korea, accounting for more than a third of total foreign direct investment.