The Republic of Korea’s trade ministry has launched talks with ASEAN to upgrade their free trade agreement (FTA) and further lower trade barriers, as the country seeks to diversify its trade portfolio and expand its presence in Southeast Asia.
Senior Officials of ASEAN and the Republic of Korea participate in the 22nd ASEAN-RoK Dialogue in Seoul on June 21, 2018. (Photo: asean.org)
Seoul (VNA) – The Republic of Korea’s trade ministryhas launched talks with ASEAN to upgrade their free trade agreement (FTA) andfurther lower trade barriers, as the country seeks to diversify its tradeportfolio and expand its presence in Southeast Asia.
Officials from the two sides held a virtual meeting todiscuss ways to expand their bilateral economic ties, the Ministry of Trade,Industry and Energy said on July 27.
The RoK, Asia's fourth largest economy, and ASEANimplemented their FTA in 2007.
ASEAN currently stands as the second-largest trading partner of the RoK, with their transactions reaching 143.8 billion USD in 2020, morethan doubling from 61.8 billion USD tallied in 2006.
Outbound shipments to ASEAN stood at 89 billion USD lastyear, also rising from 32.1 billion USD tallied in 2006.
The RoK and ASEAN have agreed to further lower tradebarriers in 2016, but related talks have been delayed as they decided to focuson clinching the Regional Comprehensive Economic Partnership (RCEP).
The RCEP covers ASEAN and its dialogue partners – the RoK,China, Japan, Australia and New Zealand. The participants currently await theofficial launch of the deal, which was signed in November 2020. The signatoriesexpect the trade deal will enter into force on January 1, 2022.
The latest move comes in line with the RoK's efforts todiversify its trade portfolio and cope with the growing protectionism aroundthe globe.
The country currently depends on China and the United Statesfor around 40 percent of its exports./.
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Senior Officials of ASEAN and the Republic of Korea participate in the 22nd ASEAN-RoK Dialogue in Seoul on June 21, 2018. (Photo: asean.org)
