Korea will have a lot to gain from closer ties with Singapore,s advanced service and financial sectors.
While Singapore can capitalize on Korea,s efficient logistics systems following the inking of the bilateral free-trade agreement, a Singaporean business representative said yesterday.
There is always been a healthy level of trade between Korea and Singapore, the addition of the FTA gives a stronger push for further investment and trade, mainly in 1 sector of manufacturing, services, finance and real estimate.
Korea and Singapore finalized the Free-Trade deal to end 11 months of negotiations. A Formal signing ceremony is scheduled for December.
Korea and 10 member countries of ASEAN will begin talks early next year on an kOREA-ASEAN free-trade agreement by 2007. At the ASEAN summit this week, they also agreed to abolish tariffs on at least 80 percent of products until 2009.