Trade group urges swift Korea-EU FTA approval

The head of Korea’s largest trade organization urged the country’s National Assembly Monday to quickly ratify the free trade agreement with the European Union.

SaKong Il, chairman of the Korea International Trade Association, said the Korea-EU FTA is the key to boosting the country’s annual trade volume to over $1 trillion for the first time in its history.

“The Korea-EU FTA is expected to provide more benefits to us than any other FTA the country has signed so far,” the KITA chairman said while meeting with Rep. Kim Moo-sung, floor leader of the ruling Grand National Party, and also Rep. Nam Kyung-pil of the ruling party, who heads the parliamentary committee on foreign affairs, trade and unification.

“The Korea-EU FTA will be a steppingstone on the country’s path to becoming the world’s ninth nation to reach a trade volume of over $1 trillion,” SaKong added.

The Korea-EU FTA was signed late last year and was ratified by the European Parliament last month.

Seoul is pushing the country’s parliament to quickly ratify the deal as the country and the European Union have agreed to enact their trade pact at the beginning of July.

“We do not have much time until July 1, so the National Assembly must ratify the agreement as soon as possible to allow our firms make necessary preparations,” the KITA chairman said. 

(Yonhap News)