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ASIA: "Indian Specialty Chemicals: When will growth return?" article. 4-page article by Tata Strategic Management Group.
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backASIAtalk June, 2009
Korea, EU Closer to Free Trade Deal
South Korea and the European Union (EU) are close to clinching a free trade deal, but it remains uncertain whether both sides will strike the pact later this month, Seoul's top trade official said Monday.
In March, the two sides said they had reached a "provisional" agreement on the trade pact, but would let their trade ministers resolve remaining issues such as duty drawback and rules of origin regulations, citing the "political nature" of those issues.
"The negotiations are in a final stage, and both sides will be able to resolve the remaining issues," South Korean Trade Minister Kim Jong-hoon was quoted as saying in a keynote speech at an international forum by Yonhap News Agency. But he said it is unclear whether both sides will reach an agreement on the remaining issues at a South Korea-EU summit in Seoul on May 23.
Duty drawback, which would allow South Korea to return import tariffs to its companies that import raw materials from overseas to make goods for exports, appears to be one of few remaining obstacles in a proposed free trade deal between Seoul and Brussels.
South Korea has repeated that it would maintain its position on duty drawbacks, saying that if the scheme is rejected, it severely undermines the effect of tariff reductions.
Brussels opposes the provision, saying it would favor South Korean exporters. The EU does not allow duty drawbacks under its existing free trade accords with Mexico and Chile.
The EU was South Korea's second-largest trading partner after China last year, with two-way trade reaching more than $98 billion.
If the pact is finalized, it will boost South Korea's exports by $11 billion and gross domestic product by 3.08 percent, according to a forecast by the Korea Institute for International Economic Policy.
Source: The Korea Times - GAI
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