YONHAP NEWS

S. Korea-EU FTA to beef up bilateral economic ties: presidential aide

SEOUL, Feb. 18 (Yonhap) -- A free trade deal between South Korea and the European Union (EU) will play a key role in enhancing bilateral economic cooperation, a top aide to President Lee Myung-bak said Thursday.

   "The EU is one of South Korea's very important partners. The South Korea-EU free trade deal will play a decisive role in strengthening bilateral economic cooperation," said Kim Sung-hwan, the top presidential adviser on security issues.

   His remarks came at a meeting hosted by the European Union Chamber of Commerce in Korea (EUCCK).

   South Korea and the EU will sign the free trade deal in April and implement the accord before the end of the year, Seoul's trade ministry said on Feb. 10.

   Both sides initialed the free trade deal in September last year, three months after concluding negotiations.

   The EU was South Korea's second-biggest trading partner after China and its largest foreign investor in 2008.

   In 2008, two-way trade between South Korea and the EU stood at US$98.4 billion, while a study by the South Korean government predicted the deal would eventually boost bilateral trade by 20 percent.

   At Thursday's speech, Kim also said that North Korea should have all-out dialogue with South Korea in political and military areas and improve ties with the South, if the North wants to stabilize its regime and overcome its economic troubles.

   "The (South Korean) government is always open to talks and joining hands (with North Korea)," Kim added.

   ksnam@yna.co.kr
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