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Trade avenues opened to boost economy
22
Jan '08
Observing the fruitful high-level visits and contacts with Gulf Cooperation Council (GCC), South Korean experts suggest that a free trade agreement will boost the economic condition of the region by 0.54 percent.

The Ministry of Foreign Affairs and Trade is mulling over the signing of an accord regarding free trade negotiations by April this year with GCC states comprising of Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Oman and Kuwait.

Preparing for ground works for the FTA, a study was conducted, which shows that this step will enhance the exports of South Korea by manifolds. Shipment of textile products, machinery and manufactured goods to the region is likely to rise by 4.9 percent, where as the country can import oil and gas.

South Korea, which earlier used to be a closed country, is now trying to shed this image by opening up trade avenues for other countries in the region.

Since 2004, the country has inked trade deals with Chile, Singapore, Switzerland, Norway, Ireland and Liechtenstein, and the Association of Southeast Asian Nations. Last year, it has signed a pact with US and is now planning the same with Canada, the European Union, Mexico and India.


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