S. Korea likely to benefit much from FTA with EU: finance minister

SEOUL, July 6 (Yonhap) -- South Korea will likely benefit much from the recently-implemented free trade deal with the European Union in its efforts to enhance the nation's overall competitiveness, the top economic policymaker said Wednesday. The free trade agreement between South Korea and the EU went into effect on Friday. Under the deal, both sides 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. "It is very meaningful that we have implemented the FTA with the biggest market, which accounts for 26 percent of the global gross domestic product," Finance Minister Bahk Jae-wan told an economy policy coordination meeting. "It will help us improve our mid and long-term economic fundamentals and also raise our national competitiveness." Bahk said that the government should provide help for local companies to enjoy all possible benefits from the free trade deal with the 27-member economic block. The government should also offer support for any industries that might get hurt by the tariff-removing accord, he added. As for the FTA with United States that still awaits parliamentary approval years after it was signed, Bahk said that the government should "do all it can to make the deal ratified as soon as possible."