South Korea'S Influence On Preventing The Sino Korean Free Trade Agreement From Affecting The Local Textile Industry
In February 13th, before agreeing to sign a free trade agreement with China (FTA), the ROK government will consider the potential impact of free trade agreements on domestic industries, including the textile industry.
Pu Taihao, South Korean trade minister, said
government
We will hear all the views that may be affected by South Korea's opening up to China.
The minister said that there is a need to formulate a policy framework for the entry of Korean goods into the Chinese market, because China's domestic market is growing rapidly.
He added that the free trade agreement will be in other competing countries.
China
Before standing firm, Korea provides advantages.
At the same time, on the one hand, it is necessary to sign a free trade agreement with China. On the other hand, the Korean textile industry federation (KOFOTI) urges the government to take various safeguards to stop China's low-priced products from rushing into Korea, and also to prevent unfair trade practices from damaging the local enterprises.
Li Donggen, vice president of the KCCI chamber of Commerce, said South Korea - China is free.
Trade
The agreement will be signed sooner or later, because China is the second largest economy in the world and the largest importer of Korean products.
However, Mr. Li stressed that the government should make some concessions from China to protect vulnerable industries in China, especially those that are mainly SMEs.
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