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Deadline for FTA with US extended

31
Mar '07
The US and South Korea FTA are in its final stage and both sides have worked hard to reach a mutual platform before its deadline today.

However, the officials reported that both sides had agreed to extend the deadline by 48 hours, so as to resolve any prevailing issues.

Ambassador Kim Jong-hoon informed at a press meet, “So far, South Korea and the US have made sincere efforts to strike a free trade deal. The decision to extend talks was based on a consensus that further talks are necessary to resolve remaining outstanding issues. If the remaining outstanding issues are smoothly resolved by 1:00 a.m. April 2 (Seoul time), the US administration will notify its intention in time."

Industry sources said that leaders had taken this decision when they continued to face same obstacles on Friday.

This FTA aims to reach trade policies satisfactory to US and S Korea. There were several chief differences.

Nevertheless, South Korean Deputy Commerce Minister Lee Jae-hoon has reported, “The textile talks are in the final stage and we will make our utmost efforts."


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