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
Under the deal, South Korea designated 200 agricultural products that will be exempt from tariff reductions due to their effect on local farmers
ASEAN’s free trade agreement (FTA) with South Korea would recognize products made in the Kaesong Industrial Complex, the inter-Korean project, as South Korean products. This is in stark contrast to the politically sensitive nature of Kaesong in concurrent negotiations for an FTA with the United States.
Member countries of the Association of Southeast Asian Nations expect to conclude a free trade agreement with South Korea in a meeting to be held in the Philippines next month, the Department of Trade and Industry said.
South Korea and the Association of Southeast Asian Nations (ASEAN) failed to agree on some details in the 10th round of their free trade agreement (FTA) talks this week, the country’s Agriculture Ministry said Friday.
Thailand said it had refused to sign a trade agreement between South Korea and ASEAN, insisting that rice be included on the list of goods facing tariff cuts.
The impending free trade agreement with the 10 members of the Association of Southeast Asian Nations is expected to mark yet another leap for Korea in its pursuit of extensive trade ties in strategic markets.
Korea has taken another step forward in its pursuit of free trade agreements by signing the framework agreement with ASEAN on Tuesday. It should provide new momentum toward launching or accelerating talks with more trading partners, including the United States, Japan and China.
The Korea-ASEAN FTA will include the free flow of goods, services and investments, but a stumbling block emerged with a dispute over rice imports from Thailand. The issue is a sensitive one when Korean farmers are protesting about the removal of trade barriers on farm products under the WTO.
South Korea and Southeast Asian nations on Tuesday inked a tariff-slashing Free Trade Agreement (FTA), with Thailand choosing to be excluded from the pact which does not include rice in its list of items.
With the preliminary Free Trade Agreement (FTA) negotiations with Asean, South Korea is expected to compete with China and Japan on a level playing field, a South Korean minister said Monday.