S. Korea, ASEAN To Begin Talks On Upgrading FTA
SEOUL, June 8 (Bernama-Yonhap) -- South Korea and the Association of Southeast Asian Nations (ASEAN) are set to commence official talks on upgrading their free trade agreement (FTA) as part of ongoing efforts to expand bilateral cooperation in emerging areas such as the digital economy and critical minerals, Seoul's trade ministry said on Monday.
According to Yonhap News Agency, the first round of official negotiations is scheduled to take place this week in Seoul. Park Geun-oh, director-general for trade agreement policy at the Ministry of Trade, Industry and Energy, will lead the South Korean delegation, while the ASEAN side will be represented by Alpana Roy, ASEAN's director-general for international trade.
This week's talks will focus on expanding cooperation in 13 areas, including the digital economy, critical minerals and supply chains, according to the ministry.
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 South Korea's third-largest trading partner, with Seoul exporting some US$122.5 billion worth of goods to the 11 member states in 2025.
The two sides have sought to further upgrade their FTA after the matter was discussed during the annual Korea-ASEAN Summit last year. They also agreed to increase annual trade volume to US$300 billion by 2029.
-- BERNAMA-YONHAP
