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 Use FTAs To Boost Growth In 2015

South Korea To Use FTAs To Boost Growth In 2015

by Mary Swire,, 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

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 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 »