South Korea and China have made progress in their free trade talks with both countries agreeing on removing tariffs on products within 10 years after the implementation of their free trade accord, Seoul's trade ministry said Monday.
South Korea and Costa Rica agreed Tuesday to explore the possibility of a free trade agreement to build on their growing economic ties, the president's office said.
Who will catch a cold if China sneezes? As was recently shown, the U.S., European and other major economies are not insulated to a slowdown in the Chinese economy. South Korea is also not an exemption to this phenomenon with its exposure to the world's factory growing sharply over the past two decades.
Fears have risen over the future of Japan-South Korea economic relations in the wake of South Korean President Lee Myung Bak's visit Friday to the Takeshima islands.
South Korean consumers aren’t getting the full benefit of deals lowering trade barriers because distributors and wholesalers aren’t passing along the savings in import costs, the nation’s trade minister said.
Korea and Vietnam have agreed to start formal talks toward a free trade agreement. Seoul and Hanoi already have a preliminary FTA, because Korea signed a trade pact with ASEAN. But Korea’s key exports — cars, components and IT products — are not included in the pact with ASEAN, so Seoul is now seeking separate FTAs with each ASEAN member country.
The European Union is examining a request by France to require South Korea to give advanced warning of planned car exports to the EU, the first step towards the possible re-introduction of duties a year after a free-trade deal came into effect.