ID :
191922
Thu, 06/30/2011 - 05:58
Auther :
Shortlink :
https://oananews.org//node/191922
The shortlink copeid
S. Korean biz bodies hail implementation of EU FTA
SEOUL, June 30 (Yonhap) -- South Korea's leading business organizations on Thursday welcomed the scheduled implementation of the free trade pact with the European Union (EU), vowing full support for the deal that promises to promote trade and economic growth.
The free trade agreement (FTA), signed in October last year, is slated to come into effect on Friday, cutting or lowering tariffs on 96 percent of EU goods and 99 percent of South Korean goods within three years after the accord takes effect.
Business bodies such as the Federation of Korean Industries (FKI) and the Korea International Trade Association (KITA) said that the elimination of tariffs will open new opportunities for local companies doing business in the world's single largest economic bloc.
"The FTA will permit local companies to gain an advantage in the EU market compared to rivals," the FKI said in a statement.
The lobby for large conglomerates added that Europe is expected to provide new markets for small and medium enterprises that have lagged behind conglomerates in exporting goods abroad.
Echoing the view, KITA said that the EU FTA can open unprecedented opportunities for all local companies. "The EU has a US$4 trillion import market that is much larger than other markets that have been opened by FTAs in the past," it said.
South Korea already has free trade deals with countries like Chile, Singapore and the Association of Southeast Asian Nations.
The association pointed out that market share of South Korea products in EU countries stood at just 1.0 percent in 2010, much lower than 7.1 percent for China and 1.6 percent for Japan.
"The lowering or elimination of tariffs will help local companies sell more products in Europe that can contribute to pushing up the country's overall trade volume to over $1 trillion for the first time this year," it said.
The business organizations, meanwhile, urged the National Assembly to quickly pass the FTA with the United States that was signed in 2007.
yonngong@yna.co.kr
(END)
The free trade agreement (FTA), signed in October last year, is slated to come into effect on Friday, cutting or lowering tariffs on 96 percent of EU goods and 99 percent of South Korean goods within three years after the accord takes effect.
Business bodies such as the Federation of Korean Industries (FKI) and the Korea International Trade Association (KITA) said that the elimination of tariffs will open new opportunities for local companies doing business in the world's single largest economic bloc.
"The FTA will permit local companies to gain an advantage in the EU market compared to rivals," the FKI said in a statement.
The lobby for large conglomerates added that Europe is expected to provide new markets for small and medium enterprises that have lagged behind conglomerates in exporting goods abroad.
Echoing the view, KITA said that the EU FTA can open unprecedented opportunities for all local companies. "The EU has a US$4 trillion import market that is much larger than other markets that have been opened by FTAs in the past," it said.
South Korea already has free trade deals with countries like Chile, Singapore and the Association of Southeast Asian Nations.
The association pointed out that market share of South Korea products in EU countries stood at just 1.0 percent in 2010, much lower than 7.1 percent for China and 1.6 percent for Japan.
"The lowering or elimination of tariffs will help local companies sell more products in Europe that can contribute to pushing up the country's overall trade volume to over $1 trillion for the first time this year," it said.
The business organizations, meanwhile, urged the National Assembly to quickly pass the FTA with the United States that was signed in 2007.
yonngong@yna.co.kr
(END)
