South Korea remains optimistic regarding its on-going global trade negotiations with the United States. Last Monday, South Korea's finance minister stated that his country and the US have established a strong ground for the proposed free trade agreement (FTA) between the two countries. During a meeting, Minister of Finance and Economy Kwon O-Kyu said that the two parties have established a strong ground that would pave the way for the successful conclusion of their global trade negotiations. According to the South Korean official, the government wanted to focus its efforts in completing the FTA talks and closing an agreement with the US soon. He also said that the government was planning to increase public awareness regarding the proposed free trade agreement. According to him, South Korea would implement a scheme that would protect local industries from being affected by the FTA. The proposed trade agreement is expected to improve the productivity of companies and industries in South Korea.

The FTA has been aimed at expanding global trade between the US and South Korea. Although negotiations have progressed in many areas, the two parties still need to resolve certain issues affecting the progress of the FTA talks. It must be noted that the previous rounds of FTA talks between the US and South Korea had faced a strong opposition on the part of South Korea farmers. The protesters have feared that the proposed FTA would seriously affect South Korea's rice industry. US beef exports have also been among the issues that impeded the progress of the FTA talks. Although beef is not included in the scope of the proposed agreement, the rejection of initial beef shipments from the US still affected negotiations between the two countries. In fact, the US warned that the proposed FTA might not be approved by the Congress if South Korea failed to resolve the matter.

The US described the seventh and latest round of FTA talks with South Korea as the most successful round. The global trade talks between the two countries started in June 2006. Other key issues that must be resolved by both sides include South Korea's tariff and non-tariff barriers in pharmaceutical and automotive industries. The eighth round of FTA negotiations between the US and South Korea is scheduled to take place from March 8 to 12 in Seoul. According to reports, trade ministers from South Korea hinted that a ninth round would be held in order to close the global trade pact.