EFTA and Korea convene for third Joint Committee meeting

Published 16-03-2012
Delegations from the EFTA States and the Republic of Korea met in Seoul on 13 and 14 March 2012 to review the implementation and discuss the further development of the free trade agreement (FTA) between the two sides.

The FTA between the four EFTA States and Korea has been in force since 2006. Delegates noted that it was functioning well and benefiting economic operators.

Among the main topics addressed by the Committee were the implementation and possible further development of the FTA in the areas of rules of origin, trade facilitation and technical barriers to trade. A dialogue between the two sides on future improvements to the FTA will also be pursued on other topics of interest.

The EFTA team was headed by Ambassador Didier Chambovey from the Swiss State Secretariat for Economic Affairs, while Mr Yun-young Lee, Director-General in the Ministry of Foreign Affairs and Trade, led the Korean delegation. 

Total merchandise trade between the EFTA States and Korea stands at about USD 7 billion. Among EFTA’s leading exports to Korea are machinery, pharmaceutical products, watches, mineral fuels, medical instruments, fish, and iron and steel products. Trade in services and foreign direct investments are also substantial between the parties.