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1994-05-02
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<text>
<title>
Asian Economic Group Encourages North American Trade
</title>
<article>
<hdr>
Foreign Broadcast Information Service, March 12, 1992
South Korea: Economic Group Encourages North American Ties
</hdr>
<body>
<p>[Seoul YONHAP in English 0257 GMT 9 Mar 92]
</p>
<p> [Text] Seoul, March 9 (YONHAP)--The government will
encourage enterprises to build a distribution network
stretching across the European Common Market and will strengthen
economic ties with North American countries to positively cope
with the worldwide trend toward economic blocs, Economic
Planning Board [EFB] officials said Monday.
</p>
<p> EPB officials said the emergence of economic blocs in Europe
and North America would have a considerable impact on South
Korea's exports and imports.
</p>
<p> In Europe, the success of the Maastricht summit and the
signing of the Maastricht Treaty in February will bring about
the integration of the 12-member European Community and
seven-member European Free Trade Association into the European
economic area next year.
</p>
<p> In North America, the United States, Canada and Mexico
agreed on signing the North American Free Trade Agreement
(NAFTA) in February last year and it will go into effect early
next year.
</p>
<p> Korean companies will be encouraged to build Europe-wide
distribution networks and make greater investments in Europe,
the officials said.
</p>
<p> The advancements of banks, securities firms and other
financial institutions into Europe will be promoted. In the
manufacturing sector, large enterprises will be advised to make
inroads into Europe together with small- and mid-sized part
suppliers to cope with the European system, under which firms
must use parts made there.
</p>
<p> The government will strengthen trade diplomacy toward
nations in North American to prevent NAFTA from having a
disadvantageous impact on Korea regarding certificates of origin
and investment conditions.
</p>
<p> South Korean companies will be asked to make more
investments in Mexico and to seek detour exports to the United
States in such fields as textiles, automobiles, electronics and
footwear.
</p>
<p> The government will hear grievances from Korean firms in
Europe and North America and ease restrictions on their
overseas investments and acquisitions of real estate, the
officials said.
</p>
</body>
</article>
</text>