Korea, ASEAN to discuss ways to improve FTA amid new trade issues
Employees of the Ministry of Trade, Industry and Energy enter its building at Government Complex Sejong, March 2022. Yonhap
Korea and the Association of Southeast Asian Nations (ASEAN) were set to hold talks Friday on improving their free trade agreement (FTA) to reflect recent changes in the global trade environment, Seoul's industry ministry said.
The Korean delegation to the talks, comprising officials from the industry, finance, environment and agriculture ministries, as well as other related agencies, will hold a virtual meeting later in the day with trade delegations from the 10 ASEAN member nations, according to the Ministry of Trade, Industry and Energy.
The 10 ASEAN member states are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Vietnam and Thailand.
Friday's meeting will discuss ways to improve the FTA by incorporating modern rules in new trade areas, such as supply chains and the digital economy.
Korea and ASEAN signed an FTA on the trade of goods in 2006, followed by subsequent agreements on services in 2007 and investment in 2009.