Seoul’s trade ministry announced that South Korea and the Association of Southeast Asian Nations (ASEAN) convened their first joint committee meeting on Wednesday. The primary agenda of this inaugural session was to discuss crucial improvements to their existing bilateral free trade agreement (FTA).
The virtual meeting, attended by trade delegations from both South Korea and ASEAN, marks a significant step, coming approximately six months after their initial agreement to begin these FTA improvement talks. According to the Ministry of Trade, Industry and Resources, these discussions aim to broaden cooperation across vital emerging sectors, including the digital economy, resilient supply chains, and critical minerals.
Historically, the trade relationship between South Korea and ASEAN was solidified with an FTA on goods in 2006, followed by comprehensive agreements on services in 2007 and investment in 2009. Reflecting its importance, ASEAN stands as South Korea’s third-largest trading partner. Last year alone, South Korea’s exports to the ASEAN region reached a substantial $122.5 billion.
