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S. Korea, Columbia to launch FTA negotiations

(Xinhua)
Updated: 2009-11-18 17:33

SEOUL: South Korea and Columbia agreed to launch formal negotiations to seal a free trade agreement (FTA) as a result of the bilateral summit where their leaders agreed on the need for the deal, Seoul's trade ministry said Wednesday.

According to the ministry, the first round of FTA negotiations will be held in Seoul, from December 7 to December 9.

The two sides will exchange opinions on the range and structure of negotiations, to decide on the terms of reference (TOR), the ministry said.

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The leaders of the two nations met on the sidelines of an APEC leaders meeting in November, 2008, where they shared views on the need for settling a free trade pact.

South Korea and Columbia have already finished a joint private analysis on the effect of the FTA, according to the ministry.

Bilateral trade reached US$1.23 billion in 2008, with South Korea's exports to the South American country reaching US$1.09 billion, the ministry said.

If settled, the bilateral pact will expand the market for South Korean exporters, such as those in auto, electronics, and chemical industries, and strengthen bilateral ties in energy resources and infrastructure construction, the ministry added.

South Korea has settled free trade pacts with Singapore, the EFTA and the 10-nation Association of Southeast Asian Nations, and initialed a similar deal with the European Union.

A free trade pact between Korea and the United States was signed in 2007, although awaiting ratification in the legislatures of both countries.