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

President Donald Trump; Courtesy: White House

Textiles | On 23rd Jan 2017

US textile industry eager to work with President Trump

The US textile industry is eager to work with President Donald Trump...

Textiles | On 23rd Jan 2017

LyondellBasel expands Texas plant ethylene capacity

US based producer of petrochemicals and speciality chemicals...

Textiles | On 23rd Jan 2017

China’s cotton imports down 39% in 2016

China’s total cotton imports declined by 39.1 per cent to ...tons in...

Interviews View All

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Priyanka
Studio Priyanka Rajiv

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

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Larry L Kinn
Suominen Corporation

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silvia Venturini Fendi
Fendi s.r.l

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search