Figures unveiled at the weekend by the Korea Customs Service have revealed that trade volumes between Korea and countries with which it has reached Free Trade Agreements (FTAs) have increased significantly over recent years.
According to a report on the figures by the official Korea Information Service (KOIS), Korea's trade deficit with Chile, with which an FTA came into force in April 2004, dropped to $279mn in the first quarter of this year, from $479mn a year previous.
The KOIS further reported that Korea's trade deficit with EFTA countries (Iceland, Liechtenstein, Norway and Switzerland) dropped from $486mn in the first three months of 2007, to $150mn in Q1 2008.
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