Regional Free Trade Deal Could Generate Nearly 20 Tln Won

Write : 2012-10-24 14:31:51 Update : 2012-10-24 17:28:41

Regional Free Trade Deal Could Generate Nearly 20 Tln Won

A Korean think tank projects that a proposed regional free trade agreement could generate nearly 20 trillion won in economic effects over the next decade.

A senior official at the Korea Institute for International Economic Policy made the forecast during a public hearing Wednesday regarding the Regional Comprehensive Economic Partnership (RCEP) agreement.

He said if the free trade pact involving 16 countries is signed, its economic effects over the next ten years will amount to roughly 19-point-four billion dollars. The 16 nations include the ten members of the Association of Southeast Asian Nations, South Korea, China, Japan, India, Australia and New Zealand.

The involved parties have a combined population of three-point-four billion people, a trade volume of more than ten trillion dollars and a nominal gross domestic product topping 19-point-seven trillion dollars.

The Foreign Ministry in Seoul will conclude next month domestic procedures to take part in the regional trade talks, including ministerial approval and a report to parliament.

The launch of negotiations is expected to be declared at the East Asia Summit, which opens in the Cambodian capital Phnom Penh late next month.

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