Newsnomics AJAY ANGELINA reporter |
The Republic of Korea and Chile have launched another round of talks on upgrading a bilateral free trade agreement in line with changing global trade circumstances, said the Trade, Industry and Energy Ministry on Tuesday May 30, 2023.
South Korea and Chile has started negotiating on FTA policy between the two countries to make strategic co-
operative bond to negotiate a wide range of relevant topics, including goods, intellectual property, trade facilitation, environment, labor, and gender equality.
Ahn Chang-yong, the FTA Policy Planning Director of the Trade, Industry and Energy Ministry headed the Korean delegation towards Santiago for the seventh round of official negotiations to upgrade a free trade agreement (FTA) with Chile on May 22-24, 2023.
Subsequently, the seventh round of negotiations were launched to follow-up consultations between the Republic of Korea and Chile when Korean Prime Minister Han Duck-soo visited Chile in last October 2022.
Director Ahn, Prior to negotiations, stated that “the Korea-Chile FTA signed in 2003 was Korea’s first FTA, and since then, bilateral trade has grown five fold and largely contributed to trade expansion,"
“We will make the utmost efforts so that the Korea-Chile FTA can become a new cooperation platform for responding to supply chain, energy, resource cooperation, digital trade and other facets of the changing trade landscape,” he added.
This seventh round has broken the two-year hiatus, as the sixth round was held in October of 2021.
