The government of South Korea and nine members of the Association of South-East Asian Nations (Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, and Vietnam) signed an FTA together in May 2006, which took effect in July 2006.
Due to concerns about agriculture, particularly the deal’s provisions on rice and livestock, Thailand negotiated separate arrangements with the Korean government to join the pact in early 2009. Korea is also interested in a separate, higher level FTA with Malaysia.
last update: May 2012
Korea and Vietnam have agreed to start formal talks toward a free trade agreement. Seoul and Hanoi already have a preliminary FTA, because Korea signed a trade pact with ASEAN. But Korea’s key exports — cars, components and IT products — are not included in the pact with ASEAN, so Seoul is now seeking separate FTAs with each ASEAN member country.
Korea is stepping up efforts to seal high-level bilateral free trade pacts with some members of the Association of Southeast Asian Nations in a bid to further boost trade volume, Seoul’s Trade Ministry said Sunday.
South Korea has proposed to Malaysia to have a dedicated free trade agreement (FTA) with that country, Deputy Prime Minister Tan Sri Muhyiddin Yassin said today.
In 2007, South Korea launched an FTA with the 10-member Association of Southeast Asian Nations (ASEAN), which includes Malaysia, but Seoul hopes for a higher-level separate FTA with the country, one of South Korea’s major economic partners.
ASEAN and South Korea completed their Framework Agreement on Comprehensive Economic Cooperation with the signing of the ASEAN-Korea Investment Agreement in Jeju Island, Tuesday.
South Korea will move closer to a full free trade deal with Southeast Asian nations when an agreement on opening up the services sector comes into force on 1 May.
Thailand is ready to sign the Asean-South Korea free trade agreement at the Asean Summit in Chiang Mai next month if the plan wins endorsement from Parliament today.
The free trade agreement between Thailand and South Korea will be submitted for cabinet approval today, paving the way for the two countries to officially sign the pact at the Asean economic ministers’ meeting scheduled for Aug 25-27 in Singapore.
Thailand has concluded free trade talks with South Korea under the Asean-Korea free trade agreement (AKFTA) after almost a year of negotiations. Under the deal, Thailand will be given more flexibility in cutting and/or waiving its tariffs compared to other Asean nations.
The deal is the third part of a four-step process to reach a "full" Korea-ASEAN FTA by next year.