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
Photo: Joe Mabel / CC BY-SA 3.0
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.
South Korea and Southeast Asian nations have reached a free trade deal on services, raising the possibility of finalizing free trade talks by the end of this year.
Thailand has found a way to settle a dispute over rice with South Korea, allowing it to eventually join a free-trade deal between fellow Southeast Asian countries and Seoul, officials said Thursday.
Korean investors want more liberal trade between South Korea and the Philippines through a regional free trade agreement with the Association of Southeast Asian Nations as a meeting among economic ministers in the region approaches.
The Ministry of Finance has issued new tariffs imposed on goods imported from the Republic of Korea (RoK) following the ASEAN-RoK Free Trade Agreement (AKFTA) coming into effect on June 1.