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South Korea To Use FTAs To Boost Growth In 2015

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

23 January 2015


South Korea's Deputy Prime Minister and Minister of Strategy and Finance, Choi Kyung-hwan, has confirmed that South Korea will use its free trade agreements with other countries to shore up the nation's economic growth potential.

During a recent meeting of foreign economic ministers, Choi emphasized the need for domestic companies to make better use of Korea's free trade agreements, which have unlocked duty-free access to overseas markets. He also highlighted the urgency of ratifying the treaties already agreed with China, Vietnam, and New Zealand. He confirmed that the FTA with China is seen as particularly important, with the Government promising to produce a comprehensive plan to support companies to take advantage of the agreement.

Choi added that South Korea will also have to decide whether to take part in the United States-led negotiations for the Trans-Pacific Partnership. It is feared that non-participation could stymie the country's ambitions on regional economic integration. Korea is, however, already a participant in talks on the Regional Comprehensive Economic Partnership between the Association of Southeast Asian Nations and the nations with which the members have bilateral FTAs – South Korea, Australia, New Zealand, China, India, and Japan.

Korea is also to endeavor to conclude further FTAs in the Middle East, South America, and Central Asia, and the nation is, in general, seeking to extend agreements to developing countries.

TAGS: Finance | tax | free trade agreement (FTA) | India | trade treaty | Australia | China | agreements | Korea, South | New Zealand | United States | trade | Japan | Vietnam | South America | Middle East

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