Korea seeks FTAs with emerging markets

Korea will seek free trade agreements with emerging markets this year, including Latin American and Middle Eastern countries, in an effort to expand its export markets, a high-ranking government official said Wednesday.

“One of three key FTA policy directions this year is to push for FTA talks with emerging markets, whose trade with Korea has increased or will further increase,” Vice Trade Minister Moon Jae-do said in a meeting with business leaders in Seoul.

The emerging markets to be targeted for a new FTA vary from Latin American countries to Middle Eastern economies and central Asian countries.

The vice trade minister listed six Middle Eastern countries ― Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman ― as candidate nations for trade negotiations.

The FTA policy direction is a follow-up to the 2015 economic policy coordination meeting presided over by President Park Geun-hye in January.

Park urged economic ministers to further expand the nation’s FTA network beyond trade pacts with global economic superpowers and into emerging markets.

Korea has already concluded FTAs with major countries, including the U.S., the EU and China.

Moon said Korea will push for a mega-FTA where more than three countries join and invest in upgrading existing FTAs to raise effectiveness.

By Seo Jee-yeon (jyseo@heraldcorp.com)