Korea and ASEAN member countries are meeting in Jakarta, Indonesia, on March 12 to assess the implementation of the Free Trade Agreement (FTA) and discuss measures for upgrading the agreement.
The Ministry of Trade, Industry, and Energy announced that it will host the Korea-ASEAN Free Trade Agreement (FTA) Implementing Committee meeting in Jakarta, Indonesia from March 12 to 13.
Korea will be represented by Ahn Chang-yong, the director general of the ministry’s free trade agreement policy division, and from the ASEAN side, the minister for Trade and Industry of Singapore will participate as chief representative. Delegations from Korea and all 10 ASEAN member countries are also expected to attend.
As part of the meeting, Korea and ASEAN member countries will be reviewing the outcomes of past joint research projects and discussing measures for an upgrade of the bilateral FTA through a workshop on the Korea-ASEAN FTA upgrade and digital trade joint research. Both sides have been conducting joint research to reflect changes in the situation following the Regional Comprehensive Economic Partnership (RCEP) Agreement signed in 2020 and to upgrade the Korea-ASEAN FTA.
Based on the discussions in the workshop, there are plans to engage in substantive discussions to improve the Korea-ASEAN FTA, making it more accessible for businesses and reflecting emerging trade issues such as digital and supply chain dynamics.
At the meeting, Vietnam will be briefing its completion of domestic procedures for the ratification and entry into force in November 2023 of the 3rd Amendment Protocol of the Korea-ASEAN Free Trade Agreement (AKTIGA). Vietnam had previously delayed its ratification, citing errors in its own schedule of concessions and commitments, but with the protocol now in effect there are expectations for stable application of FTA tariffs. Furthermore, it is also significant in that it will lay the foundation for bilateral discussions on upgrading the Korea-ASEAN FTA.
On our side, we plan to hold separate meetings with the ASEAN Secretariat during the meeting to discuss plans for contributions to the RCEP fund and economic cooperation measures.