Asean-Korea FTA on Investment signed

Bernama | June 02, 2009

Asean-Korea FTA On Investment Signed

From Khairdzir Yunus

JEJU ISLAND (South Korea), June 2 (Bernama) — 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.

The signing of the agreement was held during the ASEAN-Republic of Korea Commemorative Summit which ended here Tuesday.

Minister of International Trade and Industry Datuk Mustapa Mohamed signed the Agreement on behalf of Malaysia.

The signing of the agreement at the Jeju International Convention Centre here was witnessed by Prime Minister Datuk Seri Najib Tun Razak, all the other ASEAN leaders and Korean president Lee Myung Bak.

Ministry of International Trade and Industry (MITI) in a statement here today said this Investment Agreement complements the Trade in Goods Agreement which was signed on Aug 26, 2006 and Trade in Services Agreement on Nov 21, 2007.

It will promote investment flows and create a liberal, facilitative, transparent and competitive investment regime in ASEAN and Republic of Korea through:

- progressively liberalising the investment regime;
- creating conducive environment for ASEAN and Republic of Korea’s investors and their investments;
- promoting cooperation on a mutually beneficial basis;
- encouraging and promoting the flow of investments and cooperation between ASEAN and Republic of Korea;
- improving transparency of investment rules; and
- providing for the protection of investments.

"The Agreement incorporates a review mechanism to improve the transparency of investment rules and to discuss progressive liberalisation of the investment regimes of ASEAN and Republic of Korea," it said.

It will come into force after at least one of ASEAN Member states and Korea have ratified and notified each other.

The Investment Agreement will facilitate and encourage investments between Malaysia and Republic of Korea, promote Malaysian outward investment to the region and further facilitate the integration of Malaysian companies into the regional economy.

According to MITI, Korean investments in Malaysia in the manufacturing sector amounted to US$55.5 million (RM184.8 million) in 2008 and US$325.2 million (RM1.2 billion) in 2007.

Malaysia’s investments as in Korea, as reported by Bank Negara Malaysia, was US$ 16.7 million (RM55.6 million) in 2008 compared with US$6.9 million (RM23.7 million) in 2007.

source: Bernama

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Comments

  • Asean-Korea FTA on Investment signed10-September-2012 | Mariana

    Hi,

    I’m working on an investigation about the FTA between South Korea and Colombia, and to reach the goal, I will like to have the agreement between Sputh Korea ans ASEAN. Specially how the tarif reduction is working on agricultural products.

    Reply to this message
  • Asean-Korea FTA on Investment signed14-December-2009 | lebinh

    i want to Korea-asean FTA signad

    Reply to this message
  • Asean-Korea FTA on Investment signed24-October-2009 |

    1Asean.
    Together as one.

    Reply to this message
  • Asean-Korea FTA on Investment signed4-June-2009 | Peter HO

    Dear Sir,

    I am working in Singapore and my responsibilities involve in the promotion of bilateral trade and investment relationship between Singapore and Taiwan. I am glad to hear that Asean-Korea FTA on investment was signed. In my opinion, I believe that the investment agreement will attract more Korean manufacturers or companies to conduct investment activities in ASEAN countries noting its importance of single market effective on 2015. There is no doubt that an effective way to revive the economy of ASEAN countries will heavily rely on foreign direct investment .

    It would be appreciated very much if you can kindly e-mail a copy of full text of the ASEAN-Korea Investment Agreement for my reference. Thank you for your help.

    Best regards!

    Reply to this message