South Korea has come one step closer to implementing a full Free Trade Agreement (FTA) with the Association of Southeast Asian Nations (ASEAN), after a deal to open up the service sector came into force on May 1.
According to Korea's Trade Ministry, the Korea-ASEAN FTA in services will only affect six out of the ten total ASEAN countries - Brunei, Malaysia, Myanmar, the Philippines, Singapore and Vietnam.
The ratification process with the remaining four countries (Cambodia, Indonesia, Laos and Thailand) is currently incomplete, but is expected to be finalized in the near future.
An FTA for goods came into force in June 2007, and is working to phase out the tariffs levied on around 97% of Korean goods sold in ASEAN countries by 2010. Trade between Korea and the ASEAN has increased significantly as a consequence.
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