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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).
 
Description
-   ASEAN-Korea Trade in Goods Agreement: provides for progressive reduction and elimination of tariffs by each country on almost all products. Korea is scheduled to complete the tariff elimination by 2010. The tariff elimination schedules for Brunei Darussalam, Indonesia, Malaysia, Philippines, Singapore and Thailand will be completed by 2010, with flexibility for 5% of products to have their tariffs eliminated in 2012. Viet Nam and Cambodia, Lao PDR and Myanmar are scheduled to finalise their tariff elimination by 2016 and 2018, with flexibility for 5% of products to have their tariffs eliminated. in 2018 and 2020, respectively.
-   ASEAN-Korea Trade in Services Agreement: to reaffirm the 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.
-   ASEAN-Korea Investment Agreement: aims for progressive liberalized and transparent investment regime, and protection of Korean investors in ASEAN, vice versa.
 
-   The Memorandum of Understanding (MOU) between the Republic of Korea and the Member Countries of the Association of Southeast Asian Nations on Establishing the ASEAN-ROK Centre was signed on the sidelines of the 11th ASEAN-ROK Summit on 21 November 2007 in Singapore. The Centre will serve as a centre to promote and increase trade volume, accelerate investment flow, invigorate tourism and enrich cultural exchanges between ASEAN and ROK.
Agreement on Trade in Goods Under the Framework Agreement on Comprehensive Economic Cooperation
Chapter
-      Article 1: Definitions
-      Article 2 National Treatment on Internal Taxation and Regulation
-      Article 3: Tariff Reduction and Elimination
-      Article 4: Transparency
-      Article 5: Rules of Origin
-      Article 6: Modification of Concessions
-      Article 7: WTO Disciplines
-      Article 8: Quantitative Restrictions and Non-Tariff Barriers and Sanitary and Phytosanitary Measures
-      Article 9: Safeguard Measures
-      Article 10: Measures to Safeguard the Balance of Payments
-      Article 11: General Exceptions
-      Article 12: Security Exceptions
-      Article 13: Regional and Local Government
-      Article 14: Institutional Arrangments
-      Article 15: Review
-      Article 16: Annexes and Future Legal Instruments
-      Article 17: Amendments
-      Article 18: Relations to Other Agreements
-      Article 19: Dispute Settlement
-      Article 20: Depositary
 
Annexes
-      Annex 1: Modality for Tariff Reduction and Elimination for Tariff Lines Placed in the Normal Track
-      Annex 2: Appendix 1 - Sensitive List
-      Annex 2: Appendix 2 - Highly Sensitive List
-      Annex 2: Modality for Tariff Reduction or Elimination for Tariff Lines Placed in the Sensitive Track
-      Annex 3: Appendix 1 - OCP for the Rules of Origin
-      Annex 3: Appendix 2 - Product Specific Rules
-      Annex 3: Appendix 3 - Explanatory Notes to Annex 3
-      Annex 3: Attachment to Appendix 1 to Annex 3 (CO Form AK & Overleaf) ASEAN Version
-      Annex 3: Rules of Origin
Letter of Understanding for the Amendment of Product Specific Rules (Implemented by Singapore on 19 Nov 2009)
 
Trade in Services
-   Agreement on Trade in Services Under the Framework Agreement on Comprehensive Economic Cooperation Among the Governments
-   Annex on Financial Services
-   Annexes to Thailand's Accession Protocol to the Trade in Services Agreement
-   Letter of Understanding Among the Parties to the Agreement on Trade In Services
-   Notice of Ratification
-   Schedules of Specific Commitments
    *    Brunei Darussalam
    *    Cambodia
    *    Indonesia
    *    Korea
    *    Laos
    *    Myanmar
    *    Philippines
    *    Singapore
    *    Thailand
    *    Viet nam
Agreement on Investment under the Framework Agreement on Comprehensive Economic Cooperation Among ASEAN Member Countries and the Republic of Korea
 
Protocol on the Accession of the Kingdom of Thailand to the Agreement on Trade in Goods Under the Framework Agreement on Comprehensive Economic Cooperation Among the Governments of the Member Countries of the Association of Southeast Asian Nations and the Republic of Korea
   -   Annexes to Thailand's Accession Protocol to the Trade in Goods Agreement


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