Seoul to sign trade deal with ASEAN
Daily Chosunilbo, Korea
Seoul to Sign Trade Deal with ASEAN
30 November 2005
Korea is expected to sign a framework agreement for free trade with the Association of Southeast Asian Nations in mid-December. The Foreign Affairs and Trade Ministry says the accord will be signed when President Roh Moo-hyun attends the ASEAN plus three summit in Kuala Lumpur, Malaysia beginning December 12.
The agreement is a basic framework for a formal FTA that’s expected in the fist half of next year and roughly outlines the scope and timetable of tariff reduction. Both sides still need to finalize details like the list of products that will be exempt from trade liberalization. The South Korea-ASEAN FTA aims to liberalize 90 percent of traded goods by 2010.
Korea currently has free trade pacts with Chile, Singapore and the European Free Trade Association.
Arirang News
