South Korea, fresh from tough talks with the United States for a free trade agreement, will launch similar negotiations this week with the European Union, the world's largest market in terms of gross domestic product (GDP), reported South Korean news agency "Yonhap" today. South Korean Trade Minister Kim Hyun-chong and EU Trade Commissioner Peter Mandelson today formally announced the start of free trade talks and exchanged greetings. The first round, to be held in Seoul, is scheduled to take place from Monday for five days. "The Korea-EU FTA will provide an excellent opportunity for Korea to become the hub of East Asia," the South Korean trade minister told reporters at a press conference with the EU's trade chief. Kim said the two sides agreed to make meaningful progress during the first round in order to conclude the FTA talks "as quickly as possible," emphasizing there is "no need to prolong the negotiations leading to practical results." Mandelson said a deal would boost the EU's foothold in Asia, where China and India are increasing their economic presence. -- SPA
