In 2008, Korean government will focus on concluding the free trade agreement negotiations that have already been started. Meanwhile, Korea will continue to seek free trade agreements with emerging markets that possess high growth potential.

The ratification of the Korea-U.S. (KORUS) FTA is considered to be the most important task for the year. According to a report published by the Korea Chamber of Commerce in 2007, the opportunity cost for one-year delay in the ratification of the KORUS FTA amounts to 15.2 trillion Korean won, which is equivalent to $16,050 million. In addition, Korea plans to do its utmost for an early conclusion of the FTAs currently under negotiation with the EU, Canada, India, Mexico, and ASEAN.

After completing the necessary domestic procedure, Korea will also begin FTA negotiations with the Gulf Cooperation Council (GCC), a six-nation economic bloc with high potential for growth which consists of Saudi Arabia, Kuwait, UAE, Bahrain, Oman and Qatar. When the president-elect Lee Myung-bak takes office, the new administration will also explore the possibility of launching FTA negotiations with China as well as resuming FTA talks with Japan in the context of reviewing a broader FTA policy.

The 21st Korea-ASEAN FTA Trade Negotiating Committee   
  
The 21st Korea-ASEAN FTA Trade Negotiating Committee was held from January 14 to January 18 in Baguio  City, Philippines.The Korean delegation was led by Choi Kyung-lim, the Deputy General for FTA Policy, and consisted of 24 representatives from other ministries such as the Ministry of Foreign Affairs and Trade, the Ministry of Finance and Economy, the Ministry of Justice, the Ministry of Commerce, Industry and Energy, and the Ministry of Maritime Affairs and Fisheries, while the ASEAN delegation was led by David Chin, the Co-Chair for ASEAN, and consisted of 50 delegates. 

At this meeting, and ASEAN agreed to conclude the Agreement on Investment within this year, which has been delayed until now. Also, both sides agreed to apply the principle of sub-national treatment to regional governments, which will contribute to the acceleration of the negotiations.
    
Both sides also temporarily agreed upon the drafts of protocols legally enabling to join the Korea-ASEAN Agreements on Goods and Services. The protocols will be signed in May 2008 at the Korea-ASEAN Economic Ministers’ Meeting after confirmation from Korea and ASEAN member states.

The 22nd round of negotiations will be held on April 8~11, 2008 in Korea.