Korea favors free trade by 2020

Korea favors free trade by 2020

SYDNEY (Reuter): South Korean President Kim Young-sam will
support a deal to create a free trade zone in the Asia Pacific
Economic Cooperation (APEC) region in the next century, The
Australian newspaper reported yesterday.

"I will support the recommendation to complete free trade by
2020 in Bogor (Indonesia)," Kim was quoted as saying in an
interview with the newspaper.

APEC leaders are expected to consider a proposal to aim for
free regional trade by 2020 or earlier at their second summit at
Bogor, Indonesia on Nov. 15.

"Fresh from talks with China's Premier Li Peng, he also gave
the strongest indication yet that China would not stand in the
way of APEC's free trade goals, saying that he expected China
would play a constructive role in APEC," the newspaper said.

China and Malaysia indicated last month they remained cautious
about signing a binding free trade deal and cautioned that APEC
may be developing too fast.

On Friday, Australian Trade Minister Bob McMullan said he was
confident the APEC leaders would agree to a non-binding free
trade deal with a target date of 2020 or earlier.

Kim told The Australian that South Korea was also strongly
committed to supporting free trade in the region on a non-
discriminatory or most favored nation (MFN) basis, which means
trade barriers would be lowered to all nations, not just those
inside APEC.

"It wouldn't be desirable to introduce a kind of
discriminatory treatment into the free trading system," Kim was
quoted as saying.

"I think the best option is to maintain multilateralism."

The Bogor summit will be attended by leaders from Australia,
the United States, Canada, Mexico, Japan, China, Hong Kong,
Taiwan, South Korea, Indonesia, Brunei, the Philippines,
Malaysia, Singapore, Thailand, Papua New Guinea and New Zealand.

APEC's members account for just over half of world production
and 46 percent of world exports. Chile is due to join APEC at
Bogor.