The ASEAN-Republic of Korea Free Trade Agreement
- ASEAN and the Republic of Korea consolidated their partnership by signing the
Framework Agreement on Comprehensive Economic Cooperation at the 9th ASEAN-Republic of Korea Summit on 13 December 2005, which, among others, provides for the establishment of the ASEAN-Republic of Korea Free Trade Area (AK-FTA).
- Under this Framework, three major agreements on Trade in Goods, Trade in Services and Investment were subsequently signed on 24 August 2006, 20 November 2007 and 2 June 2009 respectively.
ASEAN-Korea Trade in Goods Agreement
- The Agreement provides for progressive reduction and elimination of tariffs by each country on almost all products. Under the Trade in Goods agreement, ASEAN-6 including Brunei Darussalam and Korea has eliminated more than 90% of tariffs by 1 January 2010.
- In efforts to further strengthen the bilateral trade relations, ASEAN and Korea agreed to look into further liberalisation of the sensitive products in the Sensitive Track of the ASEAN-Korea Trade in Goods agreement pursuant to the decision of the Ministers at the 12th AEM-ROK Consultations in 2015.
ASEAN-Korea Trade in Services Agreement
- The signed Agreement reaffirms ASEAN member states and Korea's commitments to liberalise trade in services with substantial coverage, and enhance cooperation in services in order to enhance competitiveness and efficiency in the respective services regimes. The market access commitments of ASEAN member states and Korea appear in the Schedule of Commitments of each respective party.
ASEAN-Korea Investment Agreement
- The Investment Agreement aims for progressively liberalised and transparent investment regime, which will also ensure protection of ASEAN investors' investments in Korea, vice versa. ASEAN member states and Korea are currently negotiating the reservation lists to the Agreement which will contain the list of restrictions which are applicable to the selected sectors covered by the Agreement.
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