asem S. Korea, Europe Seek FTA Conclusion in 2008

By Lee Hyo-sik

Staff Reporter

Europe wants to conclude a free trade agreement (FTA) with South Korea by the year's end to further boost bilateral economic ties, European Commissioner Joaquin Almunia said in an interview with The Korea Times.

He came to the southern resort island of Jeju to attend the 8th ASEM Finance Ministers' Meeting to discuss a range of economic issues with finance ministers and other delegates in the region.

Almunia said the Korea-EU FTA will create a win-win situation for both Europe and South Korea. ``The EU is currently engaged in negotiations for the free trade agreement with Korea and since the launch of these negotiations in spring 2007, progress has been made. There is now agreement on a broad range of issues and we consider that it would be desirable to conclude such negotiations before the end of the year,'' he noted.