By Kim Hyun-cheol
Staff Reporter
South Korea's chief trade official said the country plans to finalize free trade agreements (FTAs) with Peru and a regional organization of Middle East countries this year.
``So far, noticeable progress has been made in negotiations with Peru although the two countries need to iron out differences over issues involving farm products,'' Trade Minister Kim Jong-hoon told Yonhap Monday.
``An FTA with the Gulf Cooperation Council (GCC) requires some compromise in petrochemical parts. I expect a final conclusion to be made this year,'' Kim said.
Completion of the Korea-Peru FTA would likely to give impetus to Korea's FTA talks with Colombia. ``Korea definitely will benefit from the Peru FTA as the country is rich in mineral and energy resources. It will also be a solid foothold in signing more trade agreements with other Latin American countries, including Colombia,'' Kim said.
Negotiations with Peru began last March, eight months after the FTA talks with the GCC. Founded in 1981, the GCC has six member countries, including Saudi Arabia and the United Arab Emirates.
The minister also said Korea should give the U.S. more time for the ratification of the KORUS FTA although he said the accord itself should not be revised.
Joint research on agreements with Japan and China will be launched later this month for a preparatory meeting later, he added.
He also hopes the Doha Development Agenda of the World Trade Organization will be concluded by March.
Korea's latest trade deal is with the European Union, which was tentatively signed in October. Service and investment sectors of the trade pact with the Association of Southeast Asian Nations (ASEAN) were also put into force in May and September, respectively. An FTA on merchandising went into effect in June 2007.
A Comprehensive Economic Partnership Agreement (CEPA) with India starts this month. The country is currently in trade negotiations with Canada, Mexico, Australia and New Zealand.