By Na Jeong-ju
Staff Reporter
President Lee Myung-bak instructed the Cabinet Tuesday to study the possibility of a free trade agreement (FTA) with China, saying as a rapidly growing China changes the landscape of the global economy, South Korea should adapt itself to the shift quickly.
``Stressing that boosting economic ties was crucial for the country's future, Lee told ministers to review the possibility of an FTA,'' presidential spokesman Park Sun-kyoo told reporters following Lee's weekly meeting with ministers at Cheong Wa Dae.
``Lee noted that the global economy has become increasingly dependent on China so South Korea should adjust to the changing situation, effectively and flexibly.''
It's the first time that Lee has raised the need for a free trade deal with China although institutes have conducted feasibility studies on an FTA for the past few years.
In 2008, the two governments agreed on the need to push for the trade accord, but negotiations have never taken place partly due to geopolitical concerns over North Korea's nuclear program.
During an interview with The Washington Post in early April, the CEO-turned-President, renewing calls for an early implementation of the FTA between Korea and the United States, said Seoul can push for such a deal with Beijing.
``China's importance in the region is growing rapidly economically and militarily. It is just a matter of time before both sides open FTA negotiations,'' Lee said.
``China is the largest trade partner for us. South Korea is an important trade partner for China, too,'' Park said. ``Lee's emphasis on the Korea-China FTA reflects his willingness to help foster closer economic relations with China.''
The envisioned FTA is expected to top the agenda at Lee's summit with Chinese President Hu Jintao, slated for April 30 in Shanghai. Lee plans to attend the opening ceremony for the Shanghai World Expo.
Earlier, senior economic policymakers said Korea will seek talks on FTAs with China, Japan and other major trading partners, such as Australia, Canada and New Zealand this year.
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