Korea and the European Union are set to embark on the eighth and possibly last round of free trade talks in Seoul on Monday and Tuesday.
During nearly two years of negotiations they have agreed on most issues, including auto rules and tariff elimination on manufactured goods. Car tariffs will be abolished over the next three years which is drawing major opposition in Europe.
So instead, Korea has conceded the technical standards that the European auto industry has been demanding for. Barriers for other products will also be removed within five years and import duties on wines are to be immediately eliminated when the official announcement is made.
Still remaining on the table are issues like rules of origin, agriculture and customs refund.
Slashing tariffs on European pork should be a hotly debated topic with the Korean government wanting to delay the abolishment after 2014. Reports say that the two sides are expected to tackle major issues during this round and officially announce their trade deal at the G-20 meeting in London, early next month.
Choi Won-young, Arirang News.
MAR 23, 2009
|
|
 |
in Business News |
|
|
Arirang Town
Tuesday, FEB 09, 2010, (KST) 
