Korea and Vietnam agreed Tuesday to forge a high-level and comprehensive free trade pact between the two countries as part of efforts to strengthen economic ties, Seoul's trade ministry said.
Wrapping up a two-day meeting that started in Seoul on Monday, both sides agreed that the bilateral free trade agreement should cover goods, services, investment and intellectual rights, among others.
Korea already has a free trade pact on merchandise with the 10-member Association of Southeast Asian Nations (ASEAN), which took effect in 2007. Similar deals on services and investments also come into effect in 2009.
Vietnam is a member of ASEAN, but South Korea and Vietnam have been seeking to seal a bilateral free trade pact.
Earlier this month, the two countries agreed to launch free trade talks. Korea and Vietnam finalized a joint study on the feasibility of an FTA between them in October of last year.
Vietnam is a fast-emerging country whose economy is growing at an annual rate of 5-8 percent on average. Vietnam was South Korea's 15th-largest trading partner last year, according to the ministry.
Korea's exports to Vietnam stood at US$13.55 billion last year, up 40 percent from a year earlier, and imports also surged 53 percent to reach $5.08 billion over the cited period, the ministry said. (Yonhap)