Asia-Pacific

Seoul to seek more trade with emerging countries

(Xinhua)
Updated: 2010-12-29 11:16
Large Medium Small

SEOUL - South Korea will seek more free trade agreements with emerging and developing economies in an effort to reinforce diplomatic ties with them, the Ministry of Foreign Affairs and Trade said Wednesday.

Related readings:
Seoul to seek more trade with emerging countries Trade between S. Korea, Russia surges 52-fold
Seoul to seek more trade with emerging countries No separate channel for talks over US beef imports: ROK
Seoul to seek more trade with emerging countries Trade up between S China's Guangxi and ASEAN
Seoul to seek more trade with emerging countries Trade surplus with US exaggerated

"We will expand free trade negotiations with countries in Africa, the Middle East and Central and South America, as their emergence brings a global economic shift," the ministry said in its 2011 policy plan reported to President Lee Myung-bak. The ministry added that it aims to achieve a "Global Korea" with its efforts.

Seoul has free trade pacts in effect with 16 nations. South Korea is also in talks with 12 other nations over free trade accords.

Earlier this month, South Korea and the United States hammered out a revised free trade deal, ending a three-year stalemate over US demands for wider access to the South Korean auto market.

The ministry also said more efforts will be made to create favorable conditions for free trade agreements with neighboring countries.