Korea, Chile to renegotiate FTA

Economy

Korea, Chile to renegotiate FTA

Published: 29 Nov. 2023, 10:19

KIM JU-YEON
kim.juyeon2@joongang.co.kr

Korea and Chile will launch another round of talks on revising their free trade agreement in response to changing global trade circumstances. Pictured are Chile's lithium deposits, which the nation holds the most of in the world. [AP/YONHAP]

Korea and Chile will hold another round of talks on revising their free trade agreement (FTA) in response to changing global trade circumstances, the Industry Ministry said Wednesday.

The eighth round of negotiations to upgrade the FTA, which went into effect in 2004, will begin later in the day in Seoul and continue until Friday, according to the Ministry of Trade, Industry and Energy.

During the upcoming meeting, the ministry said the two sides will discuss upgrading rules on a wide range of sectors, including goods trading, trade facilitation, intellectual property, labor and the environment, as well as energy and minerals.

"We've reached a consensus in some fields. The focus of the talks will be how to boost cooperation on intellectual property, the environment, energy and supply chains of minerals, among other sectors," chief negotiator Ahn Chang-yong said.

Chile is rich in natural resources and holds the world's largest lithium and copper reserves.

Chile was Korea's first free trade deal partner, and the agreement has served as a springboard for Korean firms seeking to tap into the Central and South American markets, officials said.

This year marked the 20th anniversary of signing the bilateral FTA, and two-way trade has surged more than five-fold from $1.5 billion in 2004 to around $8.3 billion last year, according to government data.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]