Korea And Mexico Launch Free Trade Talks

by Mary Swire, for LawAndTax-News.com, Hong Kong

06 December 2007

It was announced late last week that Korea and Mexico were set to begin talks on a Free Trade Agreement between the two countries on Wednesday.

The talks are set to conclude on December 7, and cover areas such as goods, investments, services, and economic cooperation, in addition to other topics.

The FTA negotiations are designed to replace the stalled Strategic Economic Complementation Agreement talks, which ground to a halt in mid- 2006 over disagreements on tariff levels for certain types of goods.

"Both sides agreed on Aug. 8 this year to elevate the strategic economic complementation agreement talks, which have been stalled since the third round held in June 2006, and newly begin FTA negotiations," Korea's Ministry of Foreign Affairs and Trade confirmed, according to a Korea Herald report.

Free Trade Agreements have featured high on the agenda for the Korean authorities in recent times, and in late November, Trade Minister Kim Jong-hoon revealed that feasibility studies are currently being undertaken with regard to FTAs with China, Russia, and several South American nations.

Plans to launch FTA talks with Gulf Cooperation Council (GCC) countries were also recently announced, and the Korean authorities have signed a new Free Trade Agreement with the Association of Southeast Asian Nations (ASEAN), covering services.

Recommended