1. Press releases
Signing of the ASEAN-Korea FTA's Trade-in-Goods Agreement
16 May 2006
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Signing of the ASEAN-Korea FTA's Trade-in-Goods Agreement
Minister for Trade and Industry Mr. Lim Hng Kiang is in Manila, the Philippines from 15-17 May 06 for the ASEAN Economic Ministers’ (AEM) Retreat. The AEM held talks with the Republic of Korea’s Trade Minister Kim Hyun-Chong on 16 May 06, and Minister Lim signed the Agreement on Trade in Goods under the ASEAN-Korea Framework Agreement on Comprehensive Economic Cooperation.
The Trade in Goods Agreement, together with the Annex on Rules-of-Origin is the key agreement governing the liberalization of trade in goods between ASEAN and Korea, and was finalized after 12 rounds of negotiations co-chaired by Singapore. Under the Agreement, the Republic of Korea and the ASEAN-6 will eliminate tariffs on 90% of their products by 2010, with flexibility until 2012 for a certain number of products. The Trade in Goods Agreement will come into force on 1 July 2006.
Ministry of Trade and Industry
16 May 2006