FTA Between Korea and EFTA Expected In July

The Ministry for Trade under the Ministry of Foreign Affairs and Trade announced on April 10 that a Free Trade Agreement (FTA) between the European Fair Trade Association (EFTA), made up of Switzerland, Norway, Iceland, and Liechtenstein, and Korea is expected to be settled in the fourth round of talks in July.

The announcement came from the outcome of the second round of talks held in Seoul from April 4 to April 8 in which the two sides completed an integrated draft after agreeing to considerable parts of major issues, including product trade, customs procedure, and the origin of a product.

The EFTA decided to abolish tariffs on industrial products and marine products right after the FTA comes into effect.

In addition, the EFTA showed its positive attitude regarding accepting products produced in the Gaesung complex as South Korean products.

The two sides further agreed to establish a wider range of opening and liberalization regarding services and intellectual property rights.

The Korean government asked the EFTA for a delay in the opening timing for some products prone to opening.

The EFTA was set up in 1960 and includes the four countries that don’t belong to the European Union.

Eun-Woo Lee libra@donga.com