S. Korea, ASEAN reach agreement on investment

SEOUL, April 9 (Yonhap) -- South Korea and the Association of Southeast Asian
Nations (ASEAN) reached an agreement on bilateral investments, an issue that has
hampered progress on a free trade deal, Seoul officials said Thursday.
South Korea and ASEAN have been in negotiations to complete free trade talks on
four accords, pertaining to merchandise, services, investment and dispute
settlement.
Officials said both sides will proceed with related procedures to conclude the
deal soon.
An agreement on merchandise took effect last year, and the deal on services will
be enforced from May.
In February this year, Thailand, an ASEAN member, joined the free trade deal
after being left out of the process due to disagreements.
ASEAN is South Korea's fifth-largest trading partner, with bilateral trade
reaching US$53.5 billion in 2005.
South Korea currently has free trade agreements with Chile, Singapore, and the
European Free Trade Association. A free trade deal with the United States is
awaiting parliamentary ratification.
Seoul is also seeking similar trade deals with the European Union, Canada, India
and Mexico.
sam@yna.co.kr
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