Home / Knowledge / News / Trade avenues opened to boost economy
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.

Must ReadView All

Textiles | On 29th May 2017

Special package creates 7,50,000 jobs in garment sector

The special garment package of Rs 6,000 crore that was introduced by...

Md Siddiqur Rahman, president, BGMEA, addressing a press conference with other dignitaries. Courtesy: BGMEA

Apparel/Garments | On 29th May 2017

BGMEA asks govt for 5% incentive for 2 years in Budget

The Bangladesh Garment Manufacturers and Exporters Association...

Textiles | On 29th May 2017

Tintex, Bruckner bring new effects to knitted fabric

The textile company Tintex has joined hands with the system supplier...

Interviews View All

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search