Representatives of the EFTA States and the Republic of Korea met in Seoul on 27 and 28 May for the first time to review the implementation of their Free Trade Agreement, 18 months after its entry into force.
The first Joint Committee meeting of the four EFTA States (Iceland, Liechtenstein, Norway and Switzerland) and the Republic of Korea was held in Seoul, under the auspices of their Free Trade Agreement (FTA) on 28 May 2008. Mr Kyong-lim Choi, Director General of the FTA Policy Bureau in the Korean Ministry of Foreign Affairs and Trade, chaired the meeting, and Ms Marie-Gabrielle Ineichen-Fleisch, Ambassador, Switzerland, was the spokesperson for the EFTA delegation. The EFTA-Korea FTA entered into force on 1 July 2006.
The Parties agreed that the FTA has been functioning well since its entry into force and is contributing to increasing bilateral trade. The Joint Committee endorsed five decisions which will update the Agreement in customs and rules of origin matters. The Committee also established its rules of procedure. In addition, the Parties discussed certain issues regarding the practical application of the Agreement.
In preparation for the Joint Committee meeting, customs and origin experts met on 27 May to discuss the planned updates of the Agreement and exchange information on current customs issues. To continue its work, the Sub-Committee agreed to reconvene in the autumn.