Guide to Understanding the ASEAN-Korea FTA (AKFTA)

27/08/2015    283

ASEAN Member States and the Republic of Korea signed the Framework Agreement on Comprehensive Economic Cooperation on 13 December 2005 in Kuala Lumpur, Malaysia to strengthen and enhance economic, trade and investment cooperation among ASEAN Member States and Korea.

The ASEAN-Korea Trade in Goods Agreement, the main objective of which is to eliminate tariffs on almost all products being traded, was signed on 24 August 2006 and took into effect in June 2007.

Following the Trade in Goods Agreement, the ASEAN-Korea Trade in Services Agreement, a legal framework to liberalize trade in services among ASEAN Member States and Korea in various services sectors, was signed on 21 November 2007.

The ASEAN-Korea Investment Agreement, a legal framework to expand investment and afford better protection for both Korean and ASEAN investors was signed on 2 June 2009.

This Guide includes 7 parts:

PART 1: Guide to Understanding the ASEAN-Korea FTA 2

PART 2: Guide to Doing Business under the ASEAN-Korea FTA

PART 3: Actual Benefits of ASEAN-Korea FTA Utilization

PART 4: Dispute Settlement Mechanism

PART 5: Guide to Rules of Origin

PART 6: Frequently Asked Questions

PART 7: Glossary of Terms

The Guide is attached below