South Korea Nears Free Trade Pact With EU - by Tina Wang
South Korea is inching closer toward a historic free trade pact with the European Union, which means that the spotlight will be on Barack Obama's administration to figure out what it wants to do with its own stalled trade deal with Seoul. Seoul and the E.U. have worked out a "provisional" agreement to remove most tariffs on bilateral trade over the next five years, both sides' negotiators said Tuesday. A deal would offer some salve for South Korea's export-reliant economy, which is on the verge of its first recession on over a decade, as the E.U. is South Korea's second-largest trading partner and bilateral trade totaled $98.4 billion in 2008.Some details still have to be resolved by the G-20 meeting on April 2 in London, and success is "not guaranteed," the E.U. chief representative Ignacio Garcia Bercero said.
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