South Korea and Chile are set to hold talks in Seoul on upgrading their bilateral free trade agreement(FTA).
According to the trade ministry, the eighth round of negotiations on revisions to the FTA, which went into effect in April 2004, will be held from Wednesday to Friday as the sides seek to reflect new norms and take into account changes in the trade environment over the past 20 years.
In the meeting, the countries will discuss commodities as well as upgrades to rules for diverse sectors, including energy and minerals, trade facilitation, intellectual property, the digital economy, labor and the environment.
The government expects that South Korea will benefit from a smoother supply of mineral resources after negotiations are completed with Chile, a country rich in mineral resources and home to the world’s largest lithium and copper deposits.
Seoul’s chief negotiator, Ahn Chang-yong, said that the two sides have reached a consensus in some fields and the planned talks will focus on tariff concessions, intellectual property, the environment and cooperation in energy and minerals.