LEAD) S. Korea, EU closer to free trade deal but still need time: official

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(ATTN: CHANGES dateline; RECASTS headline; UPDATES with remarks from South Korea's
trade minister, additional information)
BRUSSELS/ROME, July 10 (Yonhap) -- South Korea and the European Union moved
closer to signing a bilateral free trade agreement (FTA) Friday, as the European
Union's Article 133 Committee approved a final draft on the Korea-EU FTA
submitted by the European Commission, according to diplomatic sources here.

The sources said the EU committee, which is responsible for determining the
bloc's key trade policies, agreed to accept the results of the commission's
negotiations with South Korea on key sticking points, including duty drawbacks
and rules of origin.
The issues have been blocking the two sides from concluding the deal to lower
trade barriers, despite lengthy negotiations.
The commission made clear that there will be no more negotiations with South
Korea, and what was reported Friday is the final version, effectively concluding
the talks with Seoul, according to the sources.
South Korea's Trade Minister Kim Jong-hoon noted there was "wide support" for the
proposed deal at the Article 133 Committee meeting held in Brussels, but said it
may take more time before the sides can actually ink the deal.
"There was wide support for what has been agreed between Korean and EU
negotiators. However, there were several countries that said they need some more
time to conclude their domestic processes" of finally endorsing the proposed
deal, the trade minister told reporters in Rome.
Kim is currently accompanying South Korean President Lee Myung-bak on a trip to
Italy.
"Therefore, it appears it will take some more time before we can declare final
agreement on the Korea-EU FTA," he added.
The South Korean president is set to arrive in Sweden Saturday for talks with
Prime Minister Fredrik Reinfeldt, who is serving in the six-month rotating
presidency of the European Union until the end of the year.
South Korean officials earlier said the president might try to declare an
official end to the FTA negotiations with the incumbent head of the EU during his
trip to Stockholm, but many have grown more cautious amid continued opposition
from several EU members.
"A few (European) countries have yet to express their full support for the FTA,
but there are continued efforts being made to persuade them and explain to them
the benefits of the FTA," Kim Eun-hye, a spokeswoman for South Korea's
presidential office, said Wednesday in Warsaw, where the South Korean president
began his ongoing three-nation trip.
bdk@yna.co.kr
(END)

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