Significant progress made in Seoul-ASEAN FTA talks
Asia Pulse
SIGNIFICANT PROGRESS MADE IN SEOUL-ASEAN FTA TALKS
Monday September 12, 2005
SEOUL, Sept 12 Asia Pulse - South Korea and the Association of Southeast Asian Nations (ASEAN) have made substantial progress in their negotiations on a free trade agreement, the Foreign Ministry said Sunday.
During Sept. 6-9 talks here, the two sides reached agreements on a number of issues, including customs clearance and dispute settlement, laying a basis particularly for the conclusion of an agreement on liberalization of commodities by the end of this year as originally planned, the ministry said.
They agreed that South Korea can demand the ASEAN to scrap non-tariff barriers and take safeguard measures if local industries suffer damages from a sharp surge in imports from ASEAN countries while pushing for a free trade accord, according to the ministry.
The two sides, however, are still at odds over the timing and scope of liberalization of commodities and rules of origin of some products, said the ministry.
The sides plan to hold preliminary negotiations in Laos on Sept. 23 and try to reach an agreement on major issues there on Sept. 29 when their economic ministers are set to meet, the ministry added.
The members of the ASEAN, founded in 1967, are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
South Korea has so far signed free trade agreements with three nations in an attempt to continue to power its export-driven economy.
The country signed its first free trade treaty with Chile in April last year and virtually completed a similar accord with Singapore late last year.
In July, South Korea sealed a free trade accord with the European Free Trade Association, which is likely to go into effect in July next year.
South Korea is also pushing for free trade agreements with Japan and the United States.
(Yonhap)
