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Trade in Goods - ASEAN-KOREA FTA

The Agreement on Trade in Goods between ASEAN and Korea (“the Agreement”) provides for the substantial reduction or elimination of tariffs and other barriers to establish the ASEAN-Korea FTA by 2010 under various tracks namely Normal Track (2006 – 2010) and Sensitive Track (2012 – 2016). In normal track, ASEAN-6 and Korea will progressively eliminate tariffs by 2010, Vietnam by 2016, and rest of ASEAN Member States (Cambodia, Lao PDR, and Myanmar) by 2018. Modality for tariff reduction and elimination for tariff line placed in the Normal track are found in Annex 1 of the Agreement.

 

Further reduction or elimination of tariff is also allowed under the AKFTA. A party can unilaterally accelerate or improve tariff commitments under the Agreement. Provisions related to the acceleration of tariff commitments are found in the Second Protocol to Amend the Agreement of Trade in Goods between ASEAN and Korea.


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