ID :
193432
Thu, 07/07/2011 - 08:58
Auther :
Shortlink :
https://oananews.org//node/193432
The shortlink copeid
China should pay attention to S. Korea-EU FTA: media
HONG KONG, July 7 (Yonhap) -- China should pay attention to the potential impact of a bilateral free trade pact between South Korea and the European Union (EU) as it will intensify competition among exporters in the region, a state-run news media said Thursday.
The free trade agreement (FTA), which took effect on Friday, is the first of its kind between an East Asian country and the EU. Seoul has said that the FTA could help two-way trade with the 27-member economic bloc go up by as much as 20 percent in the long run.
The China Economic Times, a Chinese-language newspaper sponsored by the Chinese cabinet State Council's Development Research Center, said the South Korea-EU FTA will enhance the competitiveness of South Korean companies in Europe, which is also the largest export destination for Chinese companies.
"If South Korean goods can enter the EU market at lower prices, it will pose a great threat to Chinese firms," the newspaper said in a column. "Policymakers must re-examine China's FTA strategy in an aim to maximize the country's strategic interests aimed at growing competition among the regional economies."
As the FTA between South Korea and EU comes into force, South Korea and the United States will likely speed up the pace to ratify their own trade pact, the media predicted.
"South Korea may become the only country in the region to have the world's two largest markets opened up for it," it said. "It will not only give South Korea direct economic benefits but will also enhance the image of the country in the global arena."
The China Economic Times urged the government to establish a target and to execute proper measures to carry out FTAs with its trading countries, saying progresses in China's FTAs have been "disproportionate."
It also stressed that the FTA among South Korea, China and Japan needs to be accelerated.
"East Asia is the world's most dynamic region in terms of economy. China, Japan and South Korea are the world's largest trading nations," it said. "Trade within the Northeast Asia region accounts for 50 percent of their total trade."
The three countries had long before agreed to seek a three-way FTA but appear to be away from striking a deal. A joint government study on the feasibility of a three-way FTA was launched last year and is still under way.
South Korea is currently considering signing separate and bilateral FTAs with China and Japan.
ygkim@yna.co.kr
(END)
The free trade agreement (FTA), which took effect on Friday, is the first of its kind between an East Asian country and the EU. Seoul has said that the FTA could help two-way trade with the 27-member economic bloc go up by as much as 20 percent in the long run.
The China Economic Times, a Chinese-language newspaper sponsored by the Chinese cabinet State Council's Development Research Center, said the South Korea-EU FTA will enhance the competitiveness of South Korean companies in Europe, which is also the largest export destination for Chinese companies.
"If South Korean goods can enter the EU market at lower prices, it will pose a great threat to Chinese firms," the newspaper said in a column. "Policymakers must re-examine China's FTA strategy in an aim to maximize the country's strategic interests aimed at growing competition among the regional economies."
As the FTA between South Korea and EU comes into force, South Korea and the United States will likely speed up the pace to ratify their own trade pact, the media predicted.
"South Korea may become the only country in the region to have the world's two largest markets opened up for it," it said. "It will not only give South Korea direct economic benefits but will also enhance the image of the country in the global arena."
The China Economic Times urged the government to establish a target and to execute proper measures to carry out FTAs with its trading countries, saying progresses in China's FTAs have been "disproportionate."
It also stressed that the FTA among South Korea, China and Japan needs to be accelerated.
"East Asia is the world's most dynamic region in terms of economy. China, Japan and South Korea are the world's largest trading nations," it said. "Trade within the Northeast Asia region accounts for 50 percent of their total trade."
The three countries had long before agreed to seek a three-way FTA but appear to be away from striking a deal. A joint government study on the feasibility of a three-way FTA was launched last year and is still under way.
South Korea is currently considering signing separate and bilateral FTAs with China and Japan.
ygkim@yna.co.kr
(END)
