- FTA for Trade in Goods to be realised by 2012 for ASEAN-6, 2018 for Vietnam and 2020 for Cambodia, Lao PDR and Myanmar; and
- FTA for Trade in Services and Investment to be implemented within the timeframes to be mutually agreed between ASEAN and Korea, and cooperation in the areas of Customs Procedures, Trade and Investment Promotion, Small and Medium Enterprises, Human Resource Management and Development, Tourism, Science and Technology, Financial Services, Information and Communication Technology, Agriculture, Fisheries, Livestock, Plantation Commodities and Forestry, Intellectual Property, Environmental Industry, Broadcasting, Construction Technology, Standards and Conformity Assessment and Sanitary and Phytosanitary Measures, Mining, Energy, Natural Resources, Shipbuilding and Maritime Transport and Film.
Product Coverage
- Normal Track.
- All products except those listed in the Sensitive and Highly Sensitive Lists will be eliminated by 2010 for ASEAN-6. For Vietnam (0% import duty by 2016) while Laos, Cambodia and Myanmar have until 2018.
ASEAN-6 = Brunei Darussalam, Indonesia, Malaysia, Philippines, Singapore and Thailand
- Sensitive List
- Import duties for products in the Sensitive List for ASEAN-6 and Korea will be reduced to 20% not later than January 1, 2012 and subsequently reduced to 0-5% not later than January 1, 2016.
Trade in Services Agreement
- Negotiations for Trade in Services Agreement was concluded in October 2007. The ASEAN-Korea Trade in Services Agreement was signed by the Economic Ministers and Korea at the ASEAN-Korea Summit on 21 November 2007.
- The scope of offers is based on commitments under:
a) WTO Doha Round; and
b) selected sectors under the Fourth Package of ASEAN Framework Agreement on Services such as business services, computer related services, telecommunication services, construction, distribution, services, educational services, environmental services, financial services, tourism and related services and transport services.
Trade in Investment Agreement
- Negotiations on the Investment Agreement are on-going and targeted to be concluded in 2008.
Economic Cooperation
- Six projects were endorsed for implementation at the ASEAN-Korea Economic Ministers Consultations:
- Executive Training Programme for ASEAN SMEs;
- ASEAN - Korea Women SMEs Cooperation Network;
- study visit to Korea on four environmental areas:
- Solid Waste Management;
- Environmentally Sound Technology and Clean Production;
- Biodiversity; and
- Environmental Awareness and Education;
- project on Natural Gas Vehicles;
- FTA Negotiations Capacity Building for Cambodia, Laos, Myanmar and Vietnam; and
- ASEAN-Korea Cooperation Workshop for the Facilitation of Trade of Broadcasting Services in the Digital Economy.
Agreement Textc
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