Beef Deal Key to Korean FTA

The Ministry of Foreign Affairs and Trade is holding a Conference on "Strengthening Economic and Trade Cooperation with Latin America and the Caribbean" this week.
calendar icon 14 February 2008
clock icon 2 minute read

The Conference will be attended by around 30 experts in the Latin American and the Caribbean affairs from the academic circle, relevant industries and organizations for discussions on ways to strengthen economic and trade cooperation with Latin America and the Caribbean.

Latin America and the Caribbean has been emerging as Korea's major partner for trade and investment.

The participants will have discussions under the themes "Economic Prospects for Latin America and the Caribbean in 2008" and "Business in the Field of Resources vis-a-vis Latin America and the Caribbean".

The Ministry of Foreign Affairs and Trade will introduce "Major Achievements in Korea's Diplomacy vis-a-vis Latin America and the Caribbean in 2007 and Main Projects for 2008" and gather various suggestions and comments at the conference for future reference in the establishment of policies for strengthening economic and trade cooperation with Latin America and the Caribbean.

Meanwhile, South Korea's parliament is reported to have started a debate on a free trade deal with the United States.

However, the future of the free trade agreement could hang on the outcome of the delicate negotiations between the US and South Korea over the restart of US beef exports to the country.

At the recent annual convention of the US National Cattlemen's Beef Association, representatives of the US Meat Export Federation and trade analysts were optimistic that the beef trade would reopen this year.

At present South Korea only accepts boneless beef from cattle aged under 30 months. A restriction imposed because of concerns over BSE. The US exporters and government is arguing for the trade to be opened to bone in carcase beef and negotiations over the free trade agreement could falter unless a beef deal is reached.

South Korea and the United States struck a deal in April 2007 that analysts say would raise their two-way, $78 billion annual trade by about $20 billion.

However, the South Korean Foreign Minister Song Min-soon is reported to have said that if South Korea ratifies the FTA first then the US would come under pressure.

TheCattleSite News Desk

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