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About AKFTA - ASEAN-KOREA FTA


About ASEAN-KOREA FTA

Overview

Korea is the second Dialogue Partner with whom ASEAN has forged a free trade agreement. In 2005, ASEAN and Korea signed the Framework Agreement on Comprehensive Economic Cooperation (Framework Agreement), and subsequently, signed four (4) more agreements that form the legal instruments for establishing the ASEAN-Korea Free Trade Area (AKFTA).

The establishment of the AKFTA creates an opportunity for the 670 million people of ASEAN and Korea with a combined GDP of USD 2.9 trillion through a more liberal, facilitative market access, and investment regimes among the Parties of the AKFTA.

Seven Important Facts of ASEAN-Korea Economic Relations


Parties

Parties to the ASEAN-Korea FTA are Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, The Philippines, Singapore, Thailand, Vietnam and Korea. 


Entry into Force

Three major Agreements under the ASEAN-Korea FTA have been entered into force and implemented by ASEAN andKorea.

  1. The ASEAN-Korea Trade in Goods Agreement entered into force in June 2007
  2. The ASEAN-Korea Trade in Services Agreement entered into force in May 2009
  3. The ASEAN-Korea Investment Agreement entered into force in June 2009

 


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