27 February 2017 | 04:17 pm GMT +7
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  • Establishing Free Trade Areas

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    • ASEAN-Korea Free Trade Area

           

      South Korea is a high-income developed economy located at the northeast of Asia.  Its GDP reached over US$ 1 trillion in 2011, making it among the world’s top 15 economies.  South Korea’s rise to the world radar is boost, among others, by its success stories in the mobile and electronics sectors.

      In 2005, ASEAN and Korea signed the Framework Agreement that led to the signing of legal instruments establishing the ASEAN-Korea Free Trade Area (AKFTA). These legal instruments include the following:

      • ASEAN-Korea Trade in Goods. Involves tariff reduction and elimination for all tariff lines over a transition period. 
      • ASEAN-Korea Trade in Services Agreement.  Seeks to expand market access for service providers in ASEAN and Korea by easing restrictions on a wide range of service sectors. 
      • ASEAN-Korea Agreement on Investment. Provides for fair and equitable treatment, full protection and security, and transfer of funds relating to covered investments. Also has provision on compensation in the event of nationalisation or expropriation. 
      Quick Look on AKFTA
      Market and GDP
      ASEAN and Korea has combined population of over 650 million people.  Combined GDP reached US$ 3.3 trillion
      Trade Value
      Korea is ASEAN’s 5th largest trading partner, with trade valued at US$ 124.5 billion as of 2011
      Foreign Direct Investment
      FDIs from Korea to ASEAN were at US$ 2.4 billion (in 2011) and totaled to US$ 7.7 billion from 2009 to 2011.
       
  • Establishing Free Trade Areas

    ASEAN continues to reach out beyond its borders as it aims to gain from the strengths of the economies surrounding it. Through ASEAN’s individual free trade agreements (FTAs) with China, Korea, Japan, Australia and New Zealand, and India, investors are provided opportunities to access, linked with, and do business with some of the world’s most high-potential markets.

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    Air Travel

    Air Travel

    The move towards an ASEAN Single Aviation Market boosted infrastructure investment and aviation development plans in the region. Growth is also attributed to the proliferation...

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