|
|
|
|
|
|
 |
|
|
|
| [Comment]We Welcome FTA Signed Between Korean and Singapore |
| Name |
admin |
Date |
2004-12-03 |
Hit |
46066 |
We Welcome FTA Signed Between Korean and Singapore
President Roh Moo-hyun, who visited Laos to participate in a summit meeting of China, Japan, Korea, and ASEAN, had a meeting with Singapore Prime Minister Lee Hsien Loong on November 29, where they signed FTA (Free Trade Agreement) between two countries.
Bilateral free-trade agreement with Singapore is not expected to trigger the sudden trading increase between two countries like when we did with Chile because most of products traded with Singapore are duty-free and thus it is unlikely to see the conspicuous improvement of trading conditions that may stimulate the rise of trading amount. Nevertheless, signing on the FTA between Singapore and Korea is very meaningful to us.
Above all, as we signed the FTA with Singapore that has advanced systems in financial sectors and circulation, Korean enterprises can obtain a chance to enhance their competitiveness in terms of financing and circulation. In addition, with increasing possibility of attracting foreign investments, the Korean enterprises are also granted opportunities to share Singapore’s procurement market which amounts to 5.7 billion dollars per year, by the Singapore government. These are the most noticeable achievements in this agreement.
On top of that, with signing the FTA, we will be able to establish bridgehead to Southeast Asian countries’ market. Amid harsh competition among other countries for the investment in these countries, China and Japan already signed the FTA with other Southeast Asian countries with an aim to obtain favorable positions in this market. Considering these circumstances, it is desirable for Korea to sign the FTA with Singapore because it is expected to make it easier for Korean enterprises to make inroads into Southeast Asian market.
In addition to it, the agreement with Singapore is likely to pave a way for further agreements with other Southeast Asian countries. Ahead of the FTA negotiations with European nations, ASEAN, and Japan scheduled held in the next year, we produced a preferable case with Singapore that will accelerate the speed of FTA negotiations with other countries.
Meanwhile, the agreement is expected to play an important role in activating the business of Gaesong industrial complex because both sides agreed products made at this complex are endowed equal status as those made in South Korea through the negotiation. As a result, products made at the complex can also enjoy a benefit of duty-free measure. Such agreement with Singapore has also increased possibility that products made in the complex are regarded as made in South Korea in the future FTA negotiation with other countries next year.
Citizens United for Better Society welcomes the signing of FTA between Korea and Singapore. To make a step further, we hope that the Korean government makes continuous efforts to achieve the FTA with other countries with strategic plans. Considering the rapid increase of trading amount between countries which sign the FTA, this is overwhelming trend of world economy. Since Korea cannot be the exception of this trend, the Korean government should actively correspond to such trends of competitive international market by increasing the number of countries that are tied with Korea through the FTA.
Nov 30, 2004
Citizens United for Better Society
|
|
|
About CUBS
