Close Menu
    Latest Category
    • Finance
    • Tech
    • EU Law
    • Energy
    • fx
    • About
    • Contact
    EUbusiness.com | EU news, business and politicsEUbusiness.com | EU news, business and politics
    Login
    • EU News
    • Focus
    • Guides
    • Press
    • Jobs
    • Events
    • Directory
    EUbusiness.com | EU news, business and politicsEUbusiness.com | EU news, business and politics
    Home»Post

    South Korea set to start free trade talks with EU

    npsBy nps4 April 2007Updated:9 July 2024 Post No Comments2 Mins Read
    — Filed under: Headline2 South Korea Trade
    Share
    Facebook Twitter LinkedIn Pinterest Email

    (SEOUL) – South Korea will soon start talks with the European Union for a similar free trade agreement that it recently struck with the United States, top officials said here Wednesday.

    “The government plans to push for more free trade agreements,” Trade Minister Kim Hyun-Chong told parliament. “We will soon start negotiations with the EU.”

    He said South Korea would also consider launching free trade talks with China after a joint study by Seoul and Beijing on costs and benefits of a bilateral free trade deal that began last month is completed in December.

    Minister of Finance and Economy Kwon O-Kyu also told journalists that Seoul would push to strike a free trade agreement with China after it wraps up negotiations with the EU.

    “South Korea cannot go against the tide of free trade amid intensifying global competition,” Kwon was quoted as saying by Yonhap news agency.

    “Since it has sealed an FTA with the US, it is crucial for South Korea to sign such a deal with China.”

    The United States and South Korea on Monday reached a free trade agreement which scraps tariffs on thousands of items and will boost commerce by billions of dollars a year, wrapping up 10 months of tough negotiations.

    South Korea and the EU reportedly plan to launch talks in early May on forging the trade deal by the year’s end.

    The two-way trade volume of the EU and South Korea reached 71 billion dollars last year as that of South Korea and the US stood at 74 billion dollars in 2006.

    China has emerged South Korea’s largest trading partner, with the 2006 bilateral trade volume reaching 118 billion dollars.

    State-financed Korea Institute for International Economic Policy has said South Korea could create up to 300,000 new jobs in the short term if it signs a free trade agreement with the EU.

    A deal with the EU would also likely allow South Korea to expand its gross domestic product by 2.02 percent in the short term, it said.

    Asia’s fourth-largest economy and the EU have already held preliminary talks in Brussels.

    Add A Comment

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    nps
    • Website

    Related Content

    EU Agenda: Week Ahead – 11-16 November 2024

    How cities are adapting to host major gatherings

    The truth about walk-in baths and why it’s a game-changer for the modern bathroom

    Why 918kiss APK Is the Ultimate Casino Experience for Mobile Users

    The future of family offices: trends and predictions for the next decade in Europe

    European economic recovery is good news for Bitcoin’s price

    LATEST EU NEWS

    EU approves EUR 300m for common defence procurement projects

    14 November 2024

    EU proposes e-declaration for the posting of workers

    14 November 2024

    EU calls on Apple to end geo-blocking on media services

    14 November 2024

    EUR/USD touches one year low as Trump takes control of Congress – Euro currency news daily

    14 November 2024

    EU artificial intelligence factories set for 2025

    13 November 2024
    BRIEFING

    Agenda

    This week, COP29 begins in Azerbaijan; finance ministers discuss the EU's annual budget for 2025; and MEPs hold a plenary session on EU-US relations, EU summits, deforestation and COP 29...

    EUbusiness Week

    This week competitiveness and environment ministers will hold informal meetings…

    Eurozone Economic Calendar

    Key economic calendar events for the week 11 to 16 November 2024

    The Week's Top Stories

    This week competitiveness and environment ministers will hold informal meetings…

    Advertisement

    Subscribe to EUbusiness Week

    Get the latest EU news

    Latest Posts

    EU approves EUR 300m for common defence procurement projects

    14 November 2024

    EU proposes e-declaration for the posting of workers

    14 November 2024

    EU calls on Apple to end geo-blocking on media services

    14 November 2024

    EUR/USD touches one year low as Trump takes control of Congress – Euro currency news daily

    14 November 2024

    CONTACT INFO

    • EUbusiness Ltd 117 High Street, Chesham Buckinghamshire, HP5 1DE United Kingdom
    • +44(0)20 8058 8232
    • service@eubusiness.com

    INFORMATION

    • About Us
    • Advertising
    • Contact Info

    Services

    • Privacy Policy
    • Tems
    • EU News

    SOCIAL MEDIA

    Facebook
    eubusiness.com © EUbusiness Ltd 2025
    Design and developed by : Dotsquares

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login below or Register Now.

    Lost password?

    Register Now!

    Already registered? Login.

    A password will be e-mailed to you.

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok