S Korea, ASEAN reach free trade pact on services
Tuesday, 9 October 2007
SEOUL, Oct 8 (AFP): South Korea and Southeast Asian nations have reached an agreement on services, the foreign and trade ministry said today, raising hopes for a comprehensive free trade deal by year's end.
Asia's third largest economy and nine of the 10 members of the Association of Southeast Asian Nations (ASEAN) have been negotiating to complete free trade talks on services and investment by December 31.
The deal on services was agreed to in talks with ASEAN in Laos last week, the ministry said in a statement.
In June this year, their free trade deal on merchandise came into force. The proposed full agreement consists of accords on merchandise, services, investment and dispute settlement.
Thailand was left out of the merchandise deal due to differences over a proposed rice market opening. But it returned to the negotiation table with South Korea in April, the ministry said.
South Korea's trade with ASEAN, its fifth-largest trading partner, reached 53.5 billion dollars in 2005.
Seoul has free trade agreements with Chile, Singapore and the European Free Trade Association. A pact with the United States is awaiting legislative approval in both countries.
Asia's third largest economy and nine of the 10 members of the Association of Southeast Asian Nations (ASEAN) have been negotiating to complete free trade talks on services and investment by December 31.
The deal on services was agreed to in talks with ASEAN in Laos last week, the ministry said in a statement.
In June this year, their free trade deal on merchandise came into force. The proposed full agreement consists of accords on merchandise, services, investment and dispute settlement.
Thailand was left out of the merchandise deal due to differences over a proposed rice market opening. But it returned to the negotiation table with South Korea in April, the ministry said.
South Korea's trade with ASEAN, its fifth-largest trading partner, reached 53.5 billion dollars in 2005.
Seoul has free trade agreements with Chile, Singapore and the European Free Trade Association. A pact with the United States is awaiting legislative approval in both countries.