South Korea will seek to nurture the livestock
and medical equipment sectors as the country is set to sign a free trade deal with the European Union, officials said Wednesday.
The two sectors are expected to be hard hit by the free trade deal with the world's single largest economic bloc.
The government will help the local livestock industry secure stable sales networks, and remain competitive in overseas markets. Also, more support for R&D activities will be provided to the medical equipment sector, they said.
South Korea and the EU are expected to sign their bilateral free trade agreement (FTA) this month after concluding the deal in April of last year.
The pact awaits approval by South Korea's National Assembly and the heads of the EU's 27-member states before it takes effect.
If approved, the FTA with South Korea would be the EU's first free trade deal in Asia.
For years, South Korea, Asia's fourth-largest economy, has actively pushed to seal free trade deals with its trading partners, including the United States. A deal with the U.S. is awaiting approval from both nations' legislatures.