ID :
189133
Fri, 06/17/2011 - 05:34
Auther :
Shortlink :
https://oananews.org//node/189133
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S. Korea, EU to hold high-level talks on economic, trade issues
South Korea and the European Union (EU) will hold a high-level meeting next week on economic and trade issues ahead of the planned implementation of their free trade deal in July, Seoul's trade ministry said Friday.
During the one-day meeting in Seoul on Wednesday, both sides will discuss a variety of issues such as cooperation in customs, science and medical sectors, according to the ministry.
The annual gathering comes as their bilateral free trade accord is scheduled to take effect on July 1. In April, South Korea's parliament approved the free trade pact, which was signed in October of last year. In February, the European Parliament also ratified the accord.
Under the deal, Seoul and Brussels will eliminate or phase out tariffs on 96 percent of EU goods and 99 percent of South Korean goods within three years after the accord takes effect. They have also agreed to abolish tariffs on most industrial goods within five years of the deal taking effect.
Overall, the deal is expected to boost bilateral trade between South Korea and the EU by as much as 20 percent in the long term, according to earlier estimates by the state-run Korea Institute for International Economic Policy (KIEP).
The KIEP said the free trade accord with the world's largest economic bloc will help boost South Korea's exports by US$11 billion and its economic growth by 5.6 percent while creating up to 253,000 jobs over the long haul.
During the one-day meeting in Seoul on Wednesday, both sides will discuss a variety of issues such as cooperation in customs, science and medical sectors, according to the ministry.
The annual gathering comes as their bilateral free trade accord is scheduled to take effect on July 1. In April, South Korea's parliament approved the free trade pact, which was signed in October of last year. In February, the European Parliament also ratified the accord.
Under the deal, Seoul and Brussels will eliminate or phase out tariffs on 96 percent of EU goods and 99 percent of South Korean goods within three years after the accord takes effect. They have also agreed to abolish tariffs on most industrial goods within five years of the deal taking effect.
Overall, the deal is expected to boost bilateral trade between South Korea and the EU by as much as 20 percent in the long term, according to earlier estimates by the state-run Korea Institute for International Economic Policy (KIEP).
The KIEP said the free trade accord with the world's largest economic bloc will help boost South Korea's exports by US$11 billion and its economic growth by 5.6 percent while creating up to 253,000 jobs over the long haul.
