South Korea, ASEAN Hold Inaugural Joint Committee Meeting To Discuss Upgrading Bilateral FTA
SEOUL, April 8 (Bernama-Yonhap) -- South Korea and the Association of Southeast Asian Nations (ASEAN) on Wednesday held the inaugural meeting of a joint committee designed to discuss improvements to their bilateral free trade agreement (FTA).
Yonhap News Agency reported Trade, Industry and Resources Ministry said that trade delegations from the two sides held the meeting virtually, about six months after South Korea and ASEAN agreed to commence talks to improve the existing FTA in a bid to further expand cooperation on emerging issues, such as the digital economy, supply chains and critical minerals.
South Korea and ASEAN signed an FTA on goods in 2006, followed by agreements on services in 2007 and investment in 2009. ASEAN is currently the third-largest trading partner for South Korea, with the latter having exported some US$122.5 billion worth of goods to the ASEAN region last year.
The ministry said it will work to incorporate new trade rules on the digital economy, supply chains and critical minerals into the bilateral trade pact that will support future innovative industries, such as artificial intelligence (AI) and electric vehicles, amid growing uncertainties in the global trade environment stemming from the spread of trade protectionism and supply chain instability.
-- BERNAMA-YONHAP
