ASEAN and South Korea to Benefit from Free-Trading Soonest

ASEAN leaders and the Republic of Korea would meet at the Jeju island, South Korea in June 1 and 2, 2009 in a summit to commemorate 20th anniversary of trade relations between ASEAN and ROK, this was stated by the Secretariat of ASEAN as obtained by Business News by E-mail Friday [29/15].

This meeting, under the theme of Partnership to be Materialized and Friendship for Good Cause, was hoped to give the opportunity to the leaders to review the dialogue link while finding ways to foster cooperations in politics, security, economy, finance and socio cultural matters this meeting would also discuss the present global recession and find ways for solutions.

ASEAN-ROK Commemorative Summit was held every six months before ASEAN-ROK realized The Free Trade Asean in January 1, 2010, ASEAN products exported to ROK would benefit from free maintenance because ASEAN and ROK abolished import duties to around 90% of products traded with ASEAN nations. Korea’s export to ASEAN, particularly 6 ASEAN states: Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand, also benefit from free maintenance 90% of the products from these states to ROK. With the realization of ROK-ASEAN Free Trade Area in 2010, consumers in ASEAN and ROK would have access to low cost products originating from the Free Trade Zone.

With application of ASEAN-ROK Trade Agreement in May 2009, economic cooperation between ASEAN and ROK could be enhanced to higher level, such as by expanding prefensial trading to services business, which were regarded as the important elements of production and distribution of goods. By this agreement, access to the market and maintenance status were applicable for both ASEAN states and ROK.

Among the highlights at the Commemorative Summit were signing of Investment Agreement under the comprehensive Economic Cooperation between the Governments of ASEAN states and ROK by the Minister of Economy of ASEAN and ROK. Signing of the Investment agreement enabled transparent, liberal, and facilitative governments, reflecting the strength of ASEAN and ROK, to build a strong and comprehensive partnership encompassing goods, services and investments fulfilling the mandate governed by ASEAN-ROK Framework Agreement on Comprehensive until 5 years after signing of this agreement in 2005.

Other documents which were waiting to be signed by the leaders of ASEAN states and president Lee Myung Bak at the ASEAN-ROK Commemorative Summit was the joint statement ASEAN-ROK Commemorative Summit.

In relation to the Summit, there would be an ASEAN-ROK CEO Summit on May 31 till June 1, together with Green Growth and Green Asia Exhibition on June 2.