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Negotiations for a free trade agreement between Korea and the European Union will begin on Monday. Korean Trade Minister Kim Hyun-chong and EU Trade Commissioner Peter Mandelson held a joint press conference at the Ministry of Foreign Affairs and Trade on Sunday to announce the launch of the first round of talks.
Kim, the head of the Korean delegation, said, "The Korea-EU FTA will provide an excellent opportunity for Korea to become the hub of East Asia, connecting Europe, East Asia, and the U.S."
"For the EU, the free trade talks with South Korea are marking its turn to a stronger focus on Asia," the Mandelson said.
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Korean Trade Minister Kim Hyun-chong and EU Trade Commissioner Peter Mandelson shake hands at a joint press conference to announce the official launch of FTA negotiations at the Ministry of Foreign Affairs and Trade on Friday./Yonhap
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The first round of talks will take place at the Shilla Hotel in Seoul from Monday to Friday with Kim Han-soo, the head of the free trade bureau at the Ministry of Foreign Affairs and Trade, and Ignacio Garcia Bercero, director of bilateral trade relations at the European Commission, present.
The negotiations will progress in four sections: goods; services and investment; regulations for government supply, intellectual property rights, and competition policies; solving conflicts, general provisions, labor, and the environment.
The FTA with the EU promises benefits as significant as the recently concluded trade pact with the U.S. Composed of 27 countries, the EU's gross domestic product is US$13.5 trillion, larger than that of the U.S. at $12.5 trillion. The EU's average tariff rate is also higher than America's, at 4.2 percent and 3.7 percent, respectively.
(englishnews@chosun.com )
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