S. Korea, Gulf states to hold free trade talks

By Park Sang-soo
SEOUL, July 7 (Yonhap) -- South Korea and a group of six oil-producing gulf
states, including Saudi Arabia, will hold their third round of free trade
negotiations in Seoul this week, the trade ministry said Tuesday.

During a three-day meeting that begins on Wednesday, negotiators from both sides
will hold a series of meetings on tariff concessions and other issues, according
to the ministry.
In a March meeting, the two sides agreed to seal a free trade pact by the end of
2009. The negotiations are the latest in a series of moves by South Korea to
forge similar deals with major economic blocs.
The six nations are the members of the Gulf Cooperation Council (GCC), comprising
Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Oman and Kuwait. The GCC
was established in 1981, and its member states hold around 40 percent of the
world's oil reserves.
The GCC was South Korea's second-largest trading partner after China in 2008,
with two-way trade reaching $101 billion.
South Korea currently has free trade pacts with Chile, Singapore and the European
Free Trade Association (EFTA), comprising Switzerland, Norway, Ireland and
Liechtenstein.
A free trade pact between Korea and the United States was signed in 2007 but
still awaits ratification in the legislatures of both countries.
South Korea also has a free trade agreement with the Association of Southeast
Asian Nations that covers manufactured goods and agricultural products. The
country is also negotiating with the European Union, Canada and Mexico for free
trade pacts.
sam@yna.co.kr
(END)