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Joint working party for Korea-Vietnam FTA to be launched

Arirang | MAR 23, 2010

Joint Working Party for Korea-Vietnam FTA to be Launched

The governments of Korea and Vietnam plan to launch a joint committee to study the possibility of an FTA with the first meeting scheduled for early May in Seoul.

The creation of the FTA study group was agreed in a meeting between Korean Trade Minister Kim Jong-hoon and his Vietnamese counterpart, Vu Huy Hoang during Kim’s visit to the Southeast Asian country which is a member of the Association of Southeast Asian Nations.

An FTA between Korea and ASEAN went into effect in June 2007.

But a bilateral trade deal is expected to provide a higher level of market liberalization for trade between the two countries.

Vietnam was Korea’s tenth largest export destination as of last year at over seven-billion US dollars.

 source: Arirang