Service FTA with 6 ASEAN nations to take effect Friday

SEOUL, April 30 (Yonhap) -- A free trade agreement (FTA) between South Korea and
six member countries of the Association of Southeast Asian Nations (ASEAN) on the
service sector will take effect on May 1, officials here said Thursday.
The five countries are Vietnam, Myanmar, Singapore, Malaysia, the Philippines and
Brunei. The service FTA with four other ASEAN countries is expected to go into
effect soon when the countries complete their internal procedures, they said.
South Korea and the 10 member states of ASEAN, excluding Thailand, reached a
merchandise free trade agreement in 2006, aimed at liberalizing merchandise trade
by 2010. This month, both sides reached an agreement on bilateral investment.
Two-way trade volume reached US$90.2 billion in 2008, accounting for 10.5 percent
of South Korea's total trade.
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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