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Korea-Singapore Free Trade Pact Ready

Posted March. 02, 2006 03:12,   


The Free Trade Agreement (FTA) between Korea and Singapore will take effect on March 2.

The Korea Customs Service announced yesterday that once the FTA between the two countries takes effect, Korea will immediately remove tariffs on 59.7 percent of all its trading goods (6,724), and that it will expand the range of duty-free goods to 91.6 percent (1,0315) of its entire trade product line within the next 10 years.

Under the FTA, Singapore will directly lift tariffs on all goods and recognize the products manufactured in the North’s Gaesong Industrial Complex as Korean.

Keuk-In Bae bae2150@donga.com