ASEAN and the Republic of Korea are currently in the process of upgrading its existing free trade agreement, according to Satvinder Singh, the deputy secretary-general for ASEAN Economic Community.
Jakarta (VNA) - ASEAN and the Republic of Korea are currently in the process of upgrading its existingfree trade agreement,according to Satvinder Singh, the deputy secretary-general for ASEAN EconomicCommunity.
Singh revealed that two-way trade totalledalmost close to 200 billion USD in 2021. These figures made the RoK became ASEAN’sfifth-largest trading partner. In 2021, the RoK's foreign direct investment (FDI) inflows in ASEAN reached 7.1 billion USD. And an upgraded free trade agreement isexpected to pave the way for stronger economic ties.
Singh said at the 2023 ASEAN-Korea Trade & Investment Roundtable last week, many other free trade agreements between ASEAN and otherdialogue partners, including the RoK, are in the pipeline for upgrade and review.
He emphasised that the two sides arenegotiating some of these upgrades, where they will see the innovations thatcome in supporting region-to-region, as well as the strengthening of the globalsupply chain. This is an area where many the RoK’s conglomerates are looking todiversify from their current operations in Asia, North Asia.
Singh affirmed ASEAN’s readiness to help Korean firms to not only reorganise their global supply chain fordiversification but also to have a low carbon footprint.
In 2005, ASEAN and the RoK inked the FrameworkAgreement on Comprehensive Economic Cooperation. This led to the signing offour key agreements, including a deal on progressive tariff reduction andelimination, that became the legal instruments for the ASEAN-RoK Free TradeArea (AKFTA). The AKFTA came into effect in 2010.
ꦺ Besides the AFTA, the 10 ASEAN member statesand the RoK are also signatories of the Regional Comprehensive EconomicPartnership (RCEP) agreement. This is the world’s largest trade deal, with itssignees representing about 30% of the global gross domestic product (GDP)./.
Policy makers, scientists, scholars and experts from the Republic of Korea (RoK), Australia, and ASEAN countries exchanged knowledge and experience in administrative reform in service of national development post COVID-19, at a seminar in Hanoi on November 25.
The 15th annual council meeting of the ASEAN-Korea Centre (AKC) will take place in Seoul on February 16-17, marking the first in-person gathering after three years between the two sides’ high-level officials to discuss measures to boost bilateral partnership.
ASEAN and the Republic of Korea (RoK) have reaffirmed commitment to further advancing their partnership and enhancing cooperation, at the 10th ASEAN-RoK Joint Cooperation Committee (JCC) meeting.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative image (Photo: Internet) 
