- 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.
bilaterals.org and a new ISDS (investor-state dispute settlement) platform to be hosted at bilaterals.org seek to hire a coordinator for their work. This is a great opportunity for someone interested in working on a full-time, paid basis to support people’s struggles against so-called free trade and investment deals globally, through a job share for two separate but complementary projects.
Find out more.
News from the movements
28-Jul-2015 Maui NowA coalition of advocates for the environment, labor, health and native Hawaiians will gather on Kāʻanapali Beach, outside the negotiators’ hotel, to speak out against the Trans-Pacific Partnership.
27-Jul-2015 APWLDAsia Pacific Forum on Women, Law and Development have prepared a toolkit for groups that want to join the struggle against the Trans-Pacific Partnership.
25-Jul-2015 Malaysia KiniAs the negotiations for the Trans-Pacific Partnership Agreement (TPPA) enter what could be its last round, we as people living with HIV/Aids (PLHIV), urge the Malaysian government not to trade away our lives.
23-Jul-2015 Intenational Business TimesAnonymous claims responsibility for a cyber-attack conducted against a US government website because of TTIP and TPP talks
22-Jul-2015bilaterals.org and a new ISDS platform to be hosted at bilaterals.org seek to hire a coordinator for their work.
21-Jul-2015 MediapartCommunication faite par Jaques Berthelot le 14 juillet à Bruxelles au cours de l’audition du Parlement européen sur l’Accord de partenariat économique UE-Afrique de l’Ouest.
21-Jul-2015 Le MondeDes négociations secrètes menées à huis clos dans le seul intérêt des multinationales : la sombre étiquette qui colle au projet de traité transatlantique entre l’Europe et les Etats-Unis ne devrait pas sortir blanchie du rapport publié mardi 14 juillet par les ONG Corporate Europe Observatory (CEO) et SumOfUs.
21-Jul-2015 The Parliament MagazineThe EU’s well-oiled revolving doors are keeping corporate lobbying in the TTIP driving seat, argue Vicky Cann and David Lundy
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. Get involved.