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South Korea Signs Trade Pact On Services With ASEAN

by Mary Swire, for LawAndTax-News.com, Hong Kong

22 November 2007


It emerged this week that the Korean authorities have signed a new Free Trade Agreement (FTA) with the Association of Southeast Asian Nations (ASEAN), covering services.

The Agreement on Trade in Services under the Framework Agreement on Comprehensive Economic Cooperation among the Governments of the member countries of ASEAN and the Republic of Korea, was signed at the 11th ASEAN-Republic of Korea Summit, in addition to a Memorandum of Understanding on Establishing the ASEAN-Korea Centre.

Speaking to the AFP news agency with regard to the deal, a spokesman for the South Korean authorities explained that:

“Through the latest FTA deal with ASEAN, South Korea will be able to secure substantial opening of ASEAN markets for communications, construction and marine transportation."

The newest agreement marks another step towards a comprehensive Free Trade Agreement set between the 10 ASEAN nations and Korea, which is expected to be in place sometime in 2008.


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