On the 21st, Jeollanam-do Holds This Year's First Briefing Session... Nationwide Expansion
Container ships and oil tankers waiting outside the Port of Long Beach, California, USA. (Image source=Reuters Yonhap News)
[Sejong=Asia Economy Reporter Moon Chae-seok] The government announced on the 20th that it plans to negotiate free trade agreements (FTAs) this year with the Southern Common Market (Mercosur, a customs union of Brazil, Argentina, Paraguay, and Uruguay), the Philippines, and Uzbekistan.
The Ministry of Oceans and Fisheries stated that starting from the 21st, it will explain these key trade negotiation trends in the fisheries sector to fishermen in Jeollanam-do. After Jeollanam-do, it plans to hold briefing sessions nationwide, including in Gyeongnam, Chungcheong and Jeonbuk, Gangwon and Gyeongbuk, and the Gyeongin region.
First, it will introduce major countries among the 57 nations with which Korea has FTAs, as well as countries with potential for future FTA negotiations. In November last year, Korea signed the Regional Comprehensive Economic Partnership (RCEP), a mega FTA with the 10 ASEAN countries, China, Japan, Australia, and New Zealand. The current status of seafood exports and imports with these countries will also be shared. RCEP is the world's largest FTA, accounting for about 30% of global GDP, totaling 26.2 trillion dollars (29,242 trillion won), and is expected to have a significant impact on Korea's fisheries industry.
Additionally, as imported seafood competing with Korea's fisheries industry inevitably increases, the ministry will explain adjustment tariffs applied to certain items and domestic supplementary measures related to FTAs.
Choi Guk-il, Director of Trade Cooperation at the Ministry of Oceans and Fisheries, said, "We will use various methods to promote understanding of fisheries trade negotiations among fishermen and help them quickly grasp government support measures."
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