- About bilaterals.org
- How to participate
- Key issues
- Texts of agreements
S. Korea, ASEAN sign FTA on services
Korea Times | 11-21-2007
S. Korea, ASEAN Sign FTA on Services
By Kim Yon-se
Korea Times Correspondent
SINGAPORE — South Korea signed an agreement on the services sector with the 10-member Association of Southeast Asian Nations (ASEAN) here Wednesday.
Following the summit between President Roh Moo-hyun and 10 ASEAN leaders, Trade Minister Kim Jong-hoon and 10 commerce ministers from the Southeast Asian countries signed the services free trade deal.
The deal is the third part of a four-step process to reach a ``full’’ Korea-ASEAN FTA by next year.
The two sides signed an agreement on ``basic items’’ and ``goods’’ in August 2006 (first step) and an agreement on ``dispute resolution systems’’ in December 2005 (second step). The agreements went into effect in June 2007.
They are scheduled to sign the last-step accord on ``investment’’ next year.
``The government believes in the importance of the Southeast Asian bloc _ South Korea’s fifth-largest trade partner,’’ an aide to President Roh said. ``Concluding an early FTA is needed because ASEAN is also seeking deals with our major trade competitors.’’
The government believes the two sides agreed on a high level of liberalization, saying that it will free up to 97 percent of all items of goods, while tariffs for 90 percent will be eliminated in stages by 2010.
The agreement will also create a market of 548 million people with a combined economy of more than $1.4 trillion.
A kind of joint declaration signed between leaders from each side, the framework agreement forms the basic structure of the South Korea-ASEAN FTA which would also benefit goods made in the inter-Korean industrial park in the North Korean border city of Gaeseong.
Aside from the signing of the services deal, Korea and the 10 Southeast Asian countries signed a memorandum of understating (MOU) on establishing the Korea-ASEAN Center, which will be built in Seoul.
Through the center, the two sides will seek expansion of trade volume, promotion of tourism and cultural exchanges.
Before the signing of the FTA, Roh and 10 ASEAN leaders agreed to cooperate in resolving the North Korean denuclearization issue and to expand ties in various fields such as regional security.
Roh also discussed countermeasures against environmental and climate issues during the third East Asian Summit (EAS) which includes leaders from India, Australia and New Zealand.
``The EAS leaders exchanged views on sustained regional development, global disasters and cooperation on environmental crises,’’ said Roh’s spokesman Cheon Ho-seon.
News from the movements
28-Mar-2015 Huffington PostIn Chevron’s massive international arbitration directly against the government of Ecuador, it has gotten everything it has asked for from the panel of arbitrators — until last week.
23-Mar-2015 Public CitizenQuestions and answers on investor-state dispute settlement (ISDS) that pertain to incorrect claims being made by the Office of the US Trade Representative.
23-Mar-2015 ContreLaCourLe 10 mars dernier, les gouvernements européens ont donné leur accord à la publication du mandat de négociation du TiSA. Malheureusement, ce mandat reste peu fourni et très inaccessible pour les non-initiés au droit du commerce international.
18-Mar-2015 Confédération paysanneLa Confédération paysanne, les Amis de la Terre, Attac et l’Union syndicale Solidaires annoncent leur retrait du Comité de suivi stratégique mis en place par le gouvernement français.
16-Mar-2015 GetUp! AustraliaThe Abbott Government can still refine or reject parts of the deal that aren’t in the public interest; but without public pressure, there’s little hope of hearing about, much less putting a stop to, the devil in the detail.
13-Mar-2015 ALAINETLos odhams, pueblo que conserva la tierra pese al despojo y el olvido del Estado
9-Mar-2015 ScoopThousands of New Zealanders turned out in protests across the country Saturday against a Pacific-wide free trade deal claimed to be “selling out” the people’s future.
Las 9 líneas rojas que los colectivos sociales marcan al Europarlamento para aprobar un tratado con EEUUMás de 370 colectivos han remitido una carta a todos los grupos del Parlamento Europeo con las ’líneas rojas’ que no deben ser traspadas a la hora de firmar los acuerdos de libre comercio con EEUU y Canadá que negocia actualmente la Comisión Europea.
bilaterals.org is a collaborative space to share information and support movements struggling against bilateral trade and investment deals which serve corporations, not people. Multilingual. Global. No one owns it. Open publishing. Join us.