Even as the free-trade agreement between Korea and Chile sits ungratified in the National Assembly, the Korean government said it would push ahead with talks for FTAs with Japan and singapore 'at the fastest pace possible'.

Officials at Korea Ministry of Foreign Affairs and Trade said yesterday that the industrial studies on FTAs with Japan and singapore were completed Oct 2 and Oct 7 respectively and that they are now preparing for the next step.

"We hope to announce the start of

FTA negotiations with Japan during the Asia-Pacific Economic Cooperation (APEC) coming up midOctober in Thailand, and begin real talks early next year," a ministry official said.

The government also hopes to begin negotiations with singapore within the year.

"The biggest obstacle to FTAs with Japan and singapore will be the uncertainties surrounding the Korea-Chile FTA, which is still pending in the National Assembly. But the government has decided not to link the Chile bill to future FTAs with other countries," the official said.

The ministry has stressed the

importance of Korea forming free trade accords with foreign markets, especially considering the nation growing dependence on trade for its economic growth. The nation now depends on trade for 67 per cent of its growth.

According to the just-finished industrial report by a joint Korea-Japan FTA study group -- comprising industrial, academic and state representatives -- a Korea-Japan FTA will help improve Korea trade balance with Japan in the long run, despite short-term shocks to the Korean economy.