Seoul (VNA) – The Republic of Korea (RoK) and the Association of Southeast Asian Nations (ASEAN) are to hold the first official round of negotiations to upgrade their bilateral Free Trade Agreement (FTA) from June 8-12 in Seoul, marking a significant step towards modernising their trade framework in response to rapid changes in the global economic and trading landscape.
The ASEAN-Korea FTA, which entered into force in 2007, has played a key role in expanding trade and investment ties between the RoK and Southeast Asian countries over the past two decades.
However, the rise of the digital economy, shifts in global supply chains and growing demand for strategic resources have highlighted the need to update and broaden the scope of cooperation.
At the ASEAN-Korea Summit in October last year, leaders agreed to launch negotiations on upgrading the agreement. The initiative gained further momentum in April this year when the first meeting of the ASEAN-Korea Joint Committee approved a work plan and committed to accelerating the negotiation process.
The first round of talks will focus on 13 areas of cooperation, including sectors regarded as key drivers of future growth such as the digital economy, critical minerals, supply chains and other areas linked to long-term competitiveness.
Alongside the negotiations, the two sides will convene the second meeting of the ASEAN-Korea FTA Joint Committee to review progress across specialised working groups. Delegates are also expected to discuss approaches to resolving outstanding issues and advancing key areas of negotiation where necessary.
Ahead of the talks, Park Geun-oh, Director General for FTA Policy at the RoK’s Ministry of Trade, Industry and Energy and chief negotiator for Seoul, said the opening round marks the formal start of the FTA upgrade process.
He noted that the RoK will actively engage in negotiations to secure meaningful outcomes in areas directly linked to future business competitiveness, particularly the digital economy, critical minerals and supply chain resilience.
Experts believe the upgraded agreement will not only boost trade and investment flows between the RoK and ASEAN but also strengthen regional supply chain resilience and create new opportunities for cooperation in high-tech industries and the rapidly expanding digital economy./.
