South Korea Looks To FTAs To Support SMEs

17/03/2014 12:00 - 495 Views

South Korea's Deputy Prime Minister Hyun Oh-seok presided over a ministerial meeting on international economic affairs, which discussed measures to support small and medium-sized enterprises (SMESs) entering Southeast Asian markets by engaging in regional initiatives to lower tariff barriers to trade.

It was pointed out that, aside from China, Southeast Asian countries' manufacturing sectors are developing steadily, and that consumption is on the rise. Given their close geographic proximity and low wages, Southeast Asian countries should offer ample opportunities to SMEs, he said.

The Government has therefore decided that it will support the entry of SMEs into Southeast Asian markets with a package of measures. In addition to strengthening financial risk management by expanding export liability guarantees, assisting SME product marketing and developing new sales channels, it will continue to enter free trade agreements (FTAs) with Southeast Asian countries.

In that respect, it was confirmed that the Government will make a final decision on its participation in the expansion of the Trans-Pacific Partnership based on the outcome of preliminary talks with participating nations, and feedback from other stakeholders

Source: Tax News