RoK promotes trade with ASEAN through free trade agreement
The Republic of Korea (RoK) is promoting negotiations to improve the Free Trade Agreement (FTA) with the Association of Southeast Asian Nations (ASEAN) to further benefit businesses.
The Port of Busan - the largest port in the Republic of Korea. (Photo: AFP/VNA)
Seoul (VNA)🔯 – The Republic of Korea (RoK) is promotingnegotiations to improve the Free Trade Agreement (FTA) with the Association ofSoutheast Asian Nations (ASEAN) to further benefit businesses.
The RoK’s Ministry of Trade, Industry, and Energy announced thatthe 20th Korea-ASEAN Free Trade Agreement Implementing Committee meeting washeld in Jakarta, Indonesia from March 12 to 13. As part of the meeting, the RoK and ASEAN member countries reviewedthe outcomes of past joint research projects and discuss measures for anupgrade of the bilateral FTA through a workshop. Both sides have been conducting joint research to reflectchanges in the situation following the Regional Comprehensive EconomicPartnership (RCEP) Agreement signed in 2020, and to upgrade the Korea-ASEAN FTA. Based on the discussions in the workshop, there are plans toengage in substantive discussions to improve the Korea-ASEAN FTA, making itmore accessible for businesses and reflecting emerging trade issues such asdigital and supply chain. Director General of the ministry’s free trade agreementpolicy division Ahn Chang-yong said ASEAN is an important partner in theIndo-Pacific strategy of the RoK. Therefore, the country will continue tostrengthen economic cooperation with ASEAN through the Korea-ASEAN FTA andRCEP./.
As trade competition between China and the US continues to intensify, the Association of Southeast Asian Nations (ASEAN) is rapidly emerging as the Republic of Korea (RoK)’s global manufacturing base and an important export market.
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Nearly 100 one-on-one business meetings between Vietnamese importers and enterprises from Gyeongbuk and Chungbuk provinces of the Republic of Korea (RoK) have been arranged during a recent trade exchange programme in Hanoi, said the Korea Trade-Investment Promotion Agency in Hanoi (KOTRA Hanoi).
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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The Port of Busan - the largest port in the Republic of Korea. (Photo: AFP/VNA) 
