Vice FM to visit Europe next week for economic talks

SEOUL, July 24 (Yonhap) -- South Korea's vice foreign minister will visit Europe
next week to consult on potential economic tie-ups and seek cooperation for the
swift ratification of a free trade agreement (FTA), officials said Friday.

Vice Foreign Minister Kwon Jong-rak will leave Monday for a five-day trip to
Romania, Portugal and Spain to explore possible cooperation in renewable energy
and other economic areas in talks with his counterparts, the ministry said.
Kwon will seek their support for the prompt ratification of the South
Korea-European Union (EU) FTA, which would phase out tariffs on 96 percent of EU
goods and 99 percent of South Korean goods within three years once it takes
effect.
South Korea and the EU concluded some 26 months of negotiations on the FTA this
month and are expected to start a legal review.
In 2008, South Korea's trade with the EU totaled US$98.4 billion, with a $18.4
billion surplus for Seoul. Overall, the FTA is expected to boost bilateral trade
by as much as 20 percent, according to estimates by the state-run Korea Institute
for International Economic Policy (KIEP).
odissy@yna.co.kr
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