Korea to Join Trade in Services Agreement
Korea to Join Trade in Services Agreement
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2013.06.11 20:18
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SEOUL, KOREA - Korea will join negotiations on a multilateral Trade in Services Agreement currently promoted by 21 countries worldwide including the United States, the EU, and Australia. A high-ranking government official said on June 9, "In order to participate in TISA negotiations, we will report in the National Assembly within the end of this month."
 
The talks, begun early last year initiated by the United States and Australia, seek to open up services markets. This is in response to the lackluster progress in the Doha Development Agenda, the current trade negotiation round of the World Trade Organization which commenced in 2001.
 
Once the agreement is made next year at the earliest, Korea will be able to sell service offerings to other TISA member countries, including financial services, communications, construction, education, medical services, and cultural services.
 
For example, Pemex, the Mexican state-owned petroleum company, has won several billion dollars of oil-related projects in its own country for the past few year. In contrast, Korean contractors have had no track record in the North American country. That's because the Mexican government allows state-commissioned biddings to those companies of countries with which it has an FTA relationship.
 
If Korea successfully joins in the TISA framework in which Mexico is a member, Korean companies will be able to overcome such trade barriers. The service market size of the 22 TISA member countries is estimated at US$6.1 trillion (73% of total). If China and Brazil join the club, the market size is expected to get much bigger.

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