A senior South Korean official said Thursday that the country’s ongoing negotiations with China for a bilateral free trade agreement (FTA) may require more time, adding the country is more concerned about what the FTA will look like than when it is signed.
“Our basic stance is that when the negotiations will be concluded is also important, but that what will be contained in the FTA is more important,” Moon Jae-do, vice minister of trade, industry and energy, told reporters.
The remarks came about one month after the two countries held their 13th round of FTA negotiations, with South Korean negotiators later saying “the gap between the two sides continues to remain wide.”
South Korean Trade Minister Yoon Sang-jick earlier said he thought the September round could be the last with the Chinese side, expressing hope for an early conclusion of the FTA negotiations, before the Asia Pacific Economic Cooperation summit in Beijing next month.
Moon said the countries have not even set a date for the next round of FTA talks.
They, he said, “are negotiating to find a balance between their interests,” adding there still are a “few remaining issues.”
The negotiations for the Korea-China FTA began in May 2012.
Turning to other issues, the vice trade minister urged the country’s parliament to swiftly ratify the country’s separate bilateral FTAs with Australia and Canada, noting the countries were also moving to sign or implement similar trade deals with Japan, one of South Korea’s largest competitors in the global market.
Moon said it was important for the country to implement the two FTAs before the year’s end if it is to establish a foothold in those markets before Japan.
Japan and Australia signed a de facto FTA, called an economic partnership agreement (EPA), in July, and are expected to implement their bilateral trade pact in the near future.
South Korea, on the other hand, concluded its bilateral FTA talks with Australia in April, and submitted a government bill for the ratification of the deal to the National Assembly last month.
The ratification bill, along with a separate bill on the ratification of the Korea-Canada FTA, was signed on Sept. 22, but has not even been referred to the parliamentary committee on foreign affairs, the vice minister said. (Yonhap)
