EFTA and Korea hold fourth Joint Committee meeting under Free Trade Agreement

Published 27-11-2013
On 25 and 26 November 2013, delegations from the EFTA States and the Republic of Korea met in Geneva to review the functioning and discuss possible further development of the Free Trade Agreement (FTA) between the two sides.

Seven years into the operation of the FTA, the Committee notably addressed issues related to rules of origin; market access for industrial, agricultural and fisheries products; trade in services; technical barriers to trade; sanitary and phytosanitary measures; and procedures for the implementation of Joint Committee Decisions.

Ambassador Didier Chambovey from the Swiss State Secretariat for Economic Affairs was EFTA’s spokesperson in the Joint Committee, while Deputy Director General Seong-Ho Lee from the Ministry of Trade, Industry and Energy headed the Korean delegation. 

Total merchandise trade between the EFTA States and Korea stands at USD 9.1 billion. Among EFTA’s leading exports to Korea are mineral fuels, machinery, pharmaceutical products, watches, and medical instruments. Trade in services and foreign direct investment are also substantial between the two sides.