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South Korea-U.S. FTA to benefit engineering, R&D

Posted: 09 Apr 2007 ?? ?Print Version ?Bookmark and Share

Keywords:free trade agreement? engineering and R&D sector? South Korea-U.S. FTA?

The South Korean Ministry of Science and Technology said it expects the free trade agreement (FTA) reached with the U.S. to assist the active exchange in the engineering and R&D sector between the countries, according to a Korea Herald report.

In trade negotiations for the science and technology sector, the agreement included a provision requiring U.S. local presence in engineering services in South Korea, mutual recognition of engineers and partial opening of R&D. The nuclear energy industry and regulations on strategic technology and materials were not included in the FTA deal.

South Korea's engineering service sector, which requires high-skilled and experienced engineers, also expected to see vast improvement because advanced services will be transferred to the country from the U.S., the ministry said. However, the sector will only be open to the U.S. companies when they establish a branch or a joint company with a local firm in South Korea.

In trade negotiations, both countries also agreed to mutually recognize the qualifications of their engineers and to establish a working group to make the mutual recognition feasible, the ministry said.

When Korean engineers' qualifications can be internationally recognized, they will have more opportunities not only to enter the U.S. market but also other overseas markets with the same level of qualifications as U.S. engineers, the ministry said.

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