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Wohoo~! Singapore and Korea, great news!


clock03-29-2010, 12:41 AM
Yorum: #1
*~~Korea Signs Free Trade Pact With Singapore~~*



By Seo Jee-yeon

Staff Reporter



South Korea Thursday signed a free trade agreement (FTA) with Singapore, its second FTA after the one signed with Chile.



The agreement was signed by Korea’s Foreign Affairs and Trade Minister Ban Ki-moon and his Singaporean counterpart Lim Hng Kiang in Seoul.



With reduced tariffs, Korea expects its trade will expand with the city state, Korea's 10th-largest trading partner, the ministry said. Korea’s trade with Singapore reached $10.1 billion in 2002.



``Most of all, Korea could benefit from the second FTA, particularly in such areas as services, logistics and finance where Singapore has global competitiveness,’’ the ministry said.



The Korea-Singapore FTA is a comprehensive one covering not only goods but also services and investment.



Under the accord, Singapore will abolish tariffs on all imports from Korea, while Korea will gradually eliminate import duties on 91.6 percent of Singaporean products over the next 10 years.



The trade pact is the first FTA containing what is called the ``Kaesong provision,’’ which is aimed at helping North Korea export goods produced in the Kaesong Industrial Complex in the North. It is one of inter-Korean economic projects.



The provision allows products made in the North Korean industrial park to have the same status as those produced in South Korea, which will give lower tariffs benefit to companies that invest in the industrial park.



The nation’s second FTA will take effect as early as next year after gaining approval from the National Assembly in September.



Korea, the world’s 11th largest economy, has sought to sign free trade accords with countries around the world to bolster its export-driven economy.



The country concluded its first FTA with Chile in April this year. It recently signed a preliminary free trade pact with the European Free Trade Association, a four-nation free trade bloc comprising Switzerland, Norway, Iceland and Liechtenstein.



It is currently in FTA talks with the Association of Southeast Asian Nations (ASEAN), Canada and Japan.



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This is great news.. i hope this increases trade and cooperation between these two great asian countries!



For photo, go here ---> http://times.hankooki.com/lpage/2005...0514312810.htm
clock07-07-2012, 05:54 PM
Yorum: #2
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