In their letter, the organisations said the implementation of the trade deals is urgently needed as the RoK faces unfavourable conditions and fear that its economic growth rate could sink to below 3 percent this year.
They added once the FTAs with the three countries come into force, RoK companies will be able to benefit from reduced tariffs on two separate occasions – on the implementation date and January 1 of next year.
The RoK inked the bilateral trade deal with New Zealand in November last year, its FTA with Vietnam was signed in early May this year and the pact with China was signed one month later.
Exports, the RoK's key growth engine, have dropped for the seventh straight month this year, affecting the fourth biggest economy in Asia amidst a global economic slowdown, global oil price nosedive and currency fluctuations.
They added once the FTAs with the three countries come into force, RoK companies will be able to benefit from reduced tariffs on two separate occasions – on the implementation date and January 1 of next year.
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Exports, the RoK's key growth engine, have dropped for the seventh straight month this year, affecting the fourth biggest economy in Asia amidst a global economic slowdown, global oil price nosedive and currency fluctuations.
