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S. Korea, EU in FTA talks next week

SEOUL, May 1 (UPI) -- South Korea is hoping to clinch a free trade agreement with Europe on the back of a similar agreement with the United States.

South Korea's economy-related ministers met Tuesday to announce their plan to open formal talks with the European Union next Monday. The talks will be aimed at tearing down trade barriers between the two sides.

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South Korean Trade Minister Kim Hyun-chong and his counterpart, European Commissioner for External Trade Peter Mandelson, plan to officially announce the first round of FTA negotiations in Seoul Sunday, officials said.

The two sides will focus mainly on commodities, service and investment, sustainable development dispute settlement and other issues such as copyright and government procurement, they said.

The EU was South Korea's second-largest trading partner in 2006 -- after China -- with $79.4 billion. South Korea and the United States reached a free trade agreement last month.

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