World

RoK, ASEAN to upgrade FTA

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.
RoK, ASEAN to upgrade FTA ảnh 1Senior 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./.
VNA
#Republic of Korea #RoK #ASEAN #free trade agreement #FTA #trade barriers #RCEP #trade portfolio #protectionism #Vietnam News Agency #Vietnamplus Korea (RoK) ASEAN
Follow VietnamPlus

Related News

Vietnam attends 25th ASEAN-RoK dialogue

Vietnam attends 25th ASEAN-RoK dialogue

Vietnamese Deputy Minister of Foreign Affairs Nguyen Quoc Dung has asked the Republic of Korea (RoK) to continue helping ASEAN countries improve their medical capacity at the 25th ASEAN-RoK Dialogue at the deputy foreign ministerial level held in the form of teleconference on July 6.
Vietnamese, RoK PMs hold phone talks

Vietnamese, RoK PMs hold phone talks

Prime Minister Pham Minh Chinh and his counterpart of the Republic of Korea Kim Boo-kyum held a phone talks on July 22 to discuss specific measures promoting bilateral strategic cooperative partnership, towards the 30th anniversary of bilateral diplomatic ties.

See more

Malaysia seizes over three tonnes of synthetic drugs. (Photo: Malay Mail)

Malaysia seizes over three tonnes of synthetic drugs

Preliminary investigations indicate the syndicate had been operating for several years, using sea routes across the East Sea as its main transport channel. The drugs were allegedly stored in containers at logistics facilities before being distributed to international markets.

The Tourism Authority of Thailand (TAT) promotes Thai culture and travel experiences at The Gypsy Travel Festival (TGTF) 2026 in Mumbai. (Photo: thailand.prd.go.th)

TAT showcases Thai culture at Mumbai travel festival

The effort was led by the TAT Mumbai Office and the ASEAN, South Asia, and South Pacific Market Division, under the direction of TAT Governor Thapanee Kiatphaibool, with support from Consul-General Donnawit Poolsawat and senior TAT executives. The festival was held last week at Jio World Drive and attracted a large audience from a high-spending travel segment.

Thailand: Bhumjaithai Party forms alliance with Pheu Thai

Thailand: Bhumjaithai Party forms alliance with Pheu Thai

Caretaker Prime Minister Anutin Charnvirakul emphasised that both parties share confidence in the capacity and experience of their personnel to steer Thailand towards long-term stability and sustainable development, adding that they had agreed to put aside past misunderstandings and differences in the national interest.

Malaysia seizes a record of nearly 20 million USD worth of methamphetamine (Photo: Bernama)

Malaysia busts largest-ever maritime drug trafficking ring

According to the MMEA, the operation took place on February 11 in waters off Pahang state, about 107 nautical miles northeast of Kuantan. Officers inspected the Thailand-flagged oil tanker Kamal Bangkok and discovered 76 sacks of methamphetamine that had been carefully concealed.

Laos moves to promotes sustainable coffee, tea farming

Laos moves to promotes sustainable coffee, tea farming

The coffee sector plays a vital role in Laos' socio-economic development. More than 80 domestic and foreign companies are currently investing in coffee production, processing and export, generating over 100 million USD in annual export value.

Department of National Defence (DND) Secretary Gilberto Teodoro Jr. (left) and Japanese Ambassador to the Philippines, Endo Kazuya (right), during the “ceremonial turnover” of five coastal surveillance radar systems to the country’s defence establishment on February 11. (Photo courtesy of the DND)

Japan hands over coastal surveillance radar to the Philippines

The equipment was provided under Japan’s Official Security Assistance (OSA) framework. The deal was finalised during the November 2023 visit to Manila by then Japanese Prime Minister Kishida Fumio, when the two sides exchanged notes for 600 million JPY (nearly 4 million USD) in OSA funding for the provision of coastal radar systems to the Philippine Navy.

Two Mahakam dolphins (Orcaella brevirostris) are seen swimming. (Photo: ANTARA)

Indonesia takes emergency solutions to save Mahakam dolphins

Based on the latest data as of early February, only 66 of these endemic Mahakam River mammals are estimated to remain in the wild. This situation has prompted Indonesian authorities to take concrete and decisive actions to prevent the species from slipping into extinction.

ASEAN boasts potential of world's battery

ASEAN boasts potential of world's battery

He stressed that the deployment of smart grids would demonstrate ASEAN’s collective commitment to climate mitigation and green initiatives, adding that the bloc has the potential to become a major energy provider, or “battery”, for the world.

Malaysia’s manufacturing sector expected to sustain growth into 2026

Malaysia’s manufacturing sector expected to sustain growth into 2026

RHB Investment Bank maintained an optimistic view on the sector’s prospects, forecasting IPI growth of 4.1% in 2026. Despite concerns over a global economic slowdown, higher tariffs and geopolitical volatility, industrial activity is expected to remain on a growth trajectory. For the whole of 2025, Malaysia’s IPI expanded by 3.6%, nearly matching the 3.7% increase recorded in 2024.