ID :
212303
Wed, 10/12/2011 - 07:07
Auther :
Shortlink :
https://oananews.org//node/212303
The shortlink copeid
KORUS FTA to boost brake pad, pump exports
SEOUL (Yonhap) - Exports of South Korean brake pads, pumps and eight other products are expected to receive an immediate boost from a free trade agreement (FTA) with the United States, a state-run trade promotion agency said Wednesday.
The Korea Trade-Investment Promotion Agency (KOTRA) said its forecast is based on the marketability and competitiveness of the products and the general rise in demand for such goods by U.S. companies.
The agency also said the trade deal may also benefit locally made engine blocks, bolts and nuts, polyester textiles, car mats, ball-bearings, touch screen monitors, epoxy and non-rechargeable lithium batteries.
The bilateral pact, also called the KORUS FTA, was signed in June 2007 and is currently waiting ratification from lawmakers in the two countries. If the deal is approved, it could lower tariffs on a wide range of products and services, and fuel trade.
"The 10 products that KOTRA think will do well reported average export growth of 129 percent on-year in 2010," the agency said.
It pointed out that once the KORUS FTA goes into effect, tariffs levied on the 10 products will all go down to make them more cheap in the North American country.
"There is a need to take full advantage of the good market conditions that the FTA can provide, with South Korean exporters needing to do more to improve their supply networks and after-sale services," KOTRA said.
yonngong@yna.co.kr
(END)
SEOUL, Oct. 12 (Yonhap) -- Exports of South Korean brake pads, pumps and eight other products are expected to receive an immediate boost from a free trade agreement (FTA) with the United States, a state-run trade promotion agency said Wednesday.
The Korea Trade-Investment Promotion Agency (KOTRA) said its forecast is based on the marketability and competitiveness of the products and the general rise in demand for such goods by U.S. companies.
The agency also said the trade deal may also benefit locally made engine blocks, bolts and nuts, polyester textiles, car mats, ball-bearings, touch screen monitors, epoxy and non-rechargeable lithium batteries.
The bilateral pact, also called the KORUS FTA, was signed in June 2007 and is currently waiting ratification from lawmakers in the two countries. If the deal is approved, it could lower tariffs on a wide range of products and services, and fuel trade.
"The 10 products that KOTRA think will do well reported average export growth of 129 percent on-year in 2010," the agency said.
It pointed out that once the KORUS FTA goes into effect, tariffs levied on the 10 products will all go down to make them more cheap in the North American country.
"There is a need to take full advantage of the good market conditions that the FTA can provide, with South Korean exporters needing to do more to improve their supply networks and after-sale services," KOTRA said.
The Korea Trade-Investment Promotion Agency (KOTRA) said its forecast is based on the marketability and competitiveness of the products and the general rise in demand for such goods by U.S. companies.
The agency also said the trade deal may also benefit locally made engine blocks, bolts and nuts, polyester textiles, car mats, ball-bearings, touch screen monitors, epoxy and non-rechargeable lithium batteries.
The bilateral pact, also called the KORUS FTA, was signed in June 2007 and is currently waiting ratification from lawmakers in the two countries. If the deal is approved, it could lower tariffs on a wide range of products and services, and fuel trade.
"The 10 products that KOTRA think will do well reported average export growth of 129 percent on-year in 2010," the agency said.
It pointed out that once the KORUS FTA goes into effect, tariffs levied on the 10 products will all go down to make them more cheap in the North American country.
"There is a need to take full advantage of the good market conditions that the FTA can provide, with South Korean exporters needing to do more to improve their supply networks and after-sale services," KOTRA said.
yonngong@yna.co.kr
(END)
SEOUL, Oct. 12 (Yonhap) -- Exports of South Korean brake pads, pumps and eight other products are expected to receive an immediate boost from a free trade agreement (FTA) with the United States, a state-run trade promotion agency said Wednesday.
The Korea Trade-Investment Promotion Agency (KOTRA) said its forecast is based on the marketability and competitiveness of the products and the general rise in demand for such goods by U.S. companies.
The agency also said the trade deal may also benefit locally made engine blocks, bolts and nuts, polyester textiles, car mats, ball-bearings, touch screen monitors, epoxy and non-rechargeable lithium batteries.
The bilateral pact, also called the KORUS FTA, was signed in June 2007 and is currently waiting ratification from lawmakers in the two countries. If the deal is approved, it could lower tariffs on a wide range of products and services, and fuel trade.
"The 10 products that KOTRA think will do well reported average export growth of 129 percent on-year in 2010," the agency said.
It pointed out that once the KORUS FTA goes into effect, tariffs levied on the 10 products will all go down to make them more cheap in the North American country.
"There is a need to take full advantage of the good market conditions that the FTA can provide, with South Korean exporters needing to do more to improve their supply networks and after-sale services," KOTRA said.
