EFTA and Korea convene for second Joint Committee meeting

Published 25-01-2010
The EFTA States and the Republic of Korea met in Geneva on 20 and 21 January 2010 to review the implementation and further development of their Free Trade Agreement (FTA).

In their second Joint Committee meeting since the entry into force of the FTA in 2006, the EFTA States and the Republic of Korea noted with satisfaction the good functioning of the FTA and the benefits it is bringing to their economic operators.

The Joint Committee adopted a decision which will further liberalise trade in precious metals and vehicles between the parties. The parties also reviewed the possibility of deepening their commitments in a number of fields. In this regard, further work will be undertaken between the two sides. 

Total merchandise trade between the EFTA States and South Korea stands at about USD 4.9 billion. Among the leading exports from EFTA to Korea are machinery, mechanical appliances, pharmaceutical products, clocks and watches, optical and medical surgical instruments, fish and crustaceans, and iron and steel products. Trade in services and foreign direct investment are substantial between the parties.