South Korea to ratify EU free trade deal soon

August 26, 2009 by Infowars Ireland

www.expatica.com

EU member states have given broad backing to the agreement but are still to fully endorse it, said diplomats in Brussels.

Seoul – South Korea’s parliament will swiftly ratify a free trade agreement (FTA) with the European Union, its Speaker Kim Hyong-O said on Wednesday.

“I want the South Korea-EU FTA to be ratified at the earliest possible date,” he told journalists.

“When the government calls for the ratification of the deal, the National Assembly will pass it much faster and with much less controversy than it has in the case of the FTA with the United States,” he said.

Swedish Prime Minister Fredrik Reinfeldt, whose country holds the EU’s rotating presidency until December 31, said in July the European side could finalise the pact before the end of the year.

EU member states have given broad backing to the agreement but are still to fully endorse it, diplomats in Brussels said last month.

The two sides in March reached a deal on most points but follow-up talks failed to settle two outstanding issues—duty drawback and rules of origin.

South Korea wants permission to refund import tariffs to manufacturers that use imported materials to make products for export. Brussels says this would give them an unfair advantage.

On rules of origin, South Korea wants items made at a Seoul-funded industrial complex in North Korea to be treated as South Korean goods.

Also, since South Korean manufacturers import many parts from China and elsewhere, the two sides are trying to agree what percentage of a finished item must be locally made. Read full article…