Officials from the European Union and South Korea have failed to bring their negotiations for a Free Trade Agreement (FTA) to a conclusion.
After reaching a preliminary trade agreement late last month, it had been hoped that the final meeting between Korean Trade Minister Kim Jong-hoon and the EU's trade representative Catherine Ashton in London on April 2 would result in a concrete conclusion.
However, it has emerged that the two Ministers failed to reach an agreement over the issue of duty drawback. EU Ministers are still opposed to the idea of reimbursing Korean manufacturers for the import tariffs they pay on materials used in the production of exports, saying that such schemes are not present in similar trade deals they have with Mexico and Chile.
It is hoped that the issue will be resolved in time for the FTA - which aims to eliminate 97% of trade tariffs between the two parties - to be ratified before next year.
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