RoK firms urge ratification of FTAs with Vietnam, China, NZ hinh anh 1Producing mobile phones at the RoK's Samsung Electronics Vietnam Co. Ltd in northern Thai Nguyen province (Photo: VNA)

Forty-two business associations of the Republic of Korea (RoK) sent a letter to the country’s National Assembly on August 30, calling for a quick approval of free trade agreements (FTAs) with Vietnam, China and New Zealand to help boost the RoK’s exports.

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.-VNA