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PACIFIC WATCH

South Korea

September 30, 1991|From Times Staff and Wire Reports

Seoul, Beijing Appear Closer to Trade Pact: China and South Korea say they hope soon to move closer to reaching a trade agreement that would eliminate Chinese tariffs on Korean products. South Korean officials said they want to conclude an accord with Beijing by November. The two governments began negotiations on the issue last August. South Korean officials contend that the tariffs are a form of tax discrimination against their country's products. They predict a sharp rise in sales to China if a trade pact is reached. The South Korean government hopes to find new markets for Korean exports to reduce the nation's trade deficit, which could climb to $11.1 billion by the end of 1991, according to projections by the private Daewoo Research Institute.

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