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BILATERAL TRADE NEGOTIATIONS COUNTERPRODUCTIVE: UK JOURNALIST.
SEOUL, Feb 28 Asia Pulse - While South Korea's recent ratification of a free trade agreement (FTA) with Chile can be viewed as the South Korean government's attempt to push for market reform, the bilateral agreement itself is counterproductive in the long term, a British journalist said Saturday.
Attending a two-day international conference to mark the first anniversary of the administration of President Roh Moo-hyun, Victor Mallet, Asian main editorial chief of the Financial Times, said, "A bilateral FTA is silly when multilateral trade negotiations like the World Trade Organization should be pursued."
South Korea's parliament ratified the nation's first FTA with Chile on Feb. 16 at the fourth attempt after months of delays due to opposition from farmers and their parliamentary representatives, who fear cheap agricultural imports from Chile will threaten their livelihood.
The deal with Chile will give South Korea tariff benefits primarily on exports of automobiles, cellular phones, computers and television sets, while it will be obliged to lower tariffs on more than 250 Chilean agricultural products.
"Through the (bilateral) FTA you are discriminating against countries other than Chile," Mallet said. "It is very counterproductive and complicated for businessmen who will have to follow different regulations under different FTAs."
The editorial chief ...
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Source: HighBeam Research, BILATERAL TRADE NEGOTIATIONS COUNTERPRODUCTIVE: UK JOURNALIST.