Development, Trade and Foreign Affairs
This section provides information and legal documents related to ASEAN-Korea FTA.
(Picture: Korea Times)
ASEAN Member States and Republic of Korea have signed the Joint Declaration on Comprehensive Economic Partnership in Lao PDR, on 30 Nov 2004, to deepen and widen their cooperation on a wide range of issues, including political and security matters, economic relations, narrowing the development gaps, education, science and technology, etc. During ASEAN-Korea Summit in November 2004 in Vientiane, Leaders of ASEAN Member States and Korea acknowledged the recommendation under the Report of the Joint Study on Comprehensive Closer Economic Relations between ASEAN and Korea done by the ASEAN-Korea Experts Group. The recommendation is to establish a Free Trade Area between ASEAN Member States and Republic of Korea. The negotiations on the ASEAN-Korea FTA (AKFTA) therefore kicked off in early 2005 and subsequently the Framework Agreement on Comprehensive Economic Cooperation between ASEAN-Korea was signed by ASEAN and Korea on 13 December 2005. The Parties to AKFTA currently includes Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, and Korea, Republic of.
Trade in Goods
To achieve the objectives of the Framework Agreement, ASEAN Member States and Republic of Korea have signed Agreement on Trade in Goods in Malaysia, on 24 Aug 2006, excepting Thailand. However, Thailand at the later stage acceded to the AKFTA in October 2009. Since then, this agreement has been amended three times, first time in 2010, second time in 2012, and third time in 2015. The following is the key documents of ASEAN-Korea FTA on Trade in Goods:
Trade in Services
Following the Trade in Goods Agreement, the ASEAN-Korea Trade in Services Agreement was concluded and signed on 21 November 2007.
Agreement on Investment of ASEAN and the Republic of Korea, in Jeju-do, 02 Jun 2009
Agreement on Dispute Settlement Mechanism among ASEAN and Korea, in Kuala Lumpur, 13 December 2005