Free Trade Pact With EU, India Next?

Deputy Prime Minister and Minister of Finance and Economy Han Duck-su revealed yesterday the possibility of a free trade agreement (FTA) with the European Union (EU), India, and Russia.

At a lecture at Lotte Hotel in Jung-gu, Seoul, Han said, “This year we will have preliminary negotiations with EU, and discuss an FTA in advance.”

He added, “Negotiation with India is already in progress, and talks with Russia will begin soon.”

Regarding Korea-U.S. FTA progress, Han remarked, “The productivity of the service industry and competitive power of the manufacturing industry can be increased. Complementary measures for the opening of the agricultural industry will be prepared.”

Explanations that, “When allowing financial trade between countries, we will take a cautious approach, such as listing the fields to open up,” followed.

“After analyzing the tendency of the real estate market and credit relationships, we will find a preemptive plan, if necessary,” Han said.

This can be interpreted as saying funds flowing into the real estate market could be cut off in advance, through actions such as reinforcing conditions for housing mortgage loans.

legman@donga.com