CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. South Korea To Seek More FTAs in 2011

South Korea To Seek More FTAs in 2011

by Mary Swire, Tax-News.com, Hong Kong

28 December 2010


In order to play their part in furthering the country’s economic growth, it has been indicated by the Ministry of Strategy and Finance that South Korea’s international economic policies will concentrate their efforts into concluding free trade agreements (FTAs) with developing countries in the next twelve months.

With an economy that is heavily reliant on exports and imports, this reiterates what President Lee Myung-bak had said last month, in that “backed by its successful development experiences, South Korea will seek co-prosperity with developing countries through strengthening human resources and the growth potential of development experiences."

While South Korea has concluded eight FTAs (including the regional agreements with the European Union, European Free Trade Association and the Association of Southeast Asian Nations), it is currently negotiating twelve more. Following the successful conclusion of the re-negotiations with the United States, it is probable that South Korea will begin negotiations with other countries in, for example, South America and Africa.

It was also indicated that the FTA negotiating rounds with Australia will be completed within the next six months, while discussions on possible agreements with both China and Japan will get the go-ahead. The President has previously made a trade deal with China a priority given its growing economic importance for South Korea, while the long-discussed FTA with Japan has been delayed by the latter’s difficulties with lower agricultural import tariffs.

TAGS: free trade agreement (FTA) | law | tariffs | agreements | Korea, South | import duty | trade

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »